Syngenta Group has withdrawn its application for a stock-market listing in Shanghai, according to a notice on the stock exchange’s website.

The notice confirmed an earlier report from Bloomberg News.  

The Chinese-owned seed and pesticide giant could revive the initial public offering at a later date if market conditions improve, people familiar with the matter told Bloomberg earlier, asking not to be identified discussing private information. The move will allow Syngenta to keep building its business and talk to investors privately, they said.

The company first filed for an IPO in China’s financial hub in 2021, but its listing has been snagged by various issues. The most recent delay came in November, when the company said it would postpone its IPO until the end of 2024 because of volatile markets. That float would have raised 65 billion yuan . It also said it would explore alternative options for expanding its shareholder base.

Chinese equity markets, meanwhile, have foundered in recent months as the economy has slowed. The benchmark CSI 300 Index hit a five-year low in early February.

The Swiss company was bought by China National Chemical Corp, or ChemChina, in 2017 for US$43 billion, a record-breaking overseas acquisition for the country, and one that spoke to Beijing’s growing concerns around food security. Syngenta’s products, including genetically modified seeds, are important building blocks for improving the quality and quantity of China’s agricultural production.

ChemChina has since been absorbed into Sinochem Holdings Corp. 

  - Bloomberg