Syngenta Group is considering an initial public offering in Hong Kong, according to people familiar with the matter, more than a year after it withdrew a plan for a $9 billion listing in Shanghai.

The Basel, Switzerland–headquartered agricultural technology company is holding preliminary talks with financial advisers and may list in the Hong Kong Special Administrative Region next year, the people said, asking not to be identified because the information is private.

In the lead up to the Hong Kong IPO, Syngenta may work on disposing of some non-core and unprofitable assets, the people said.

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Deliberations are ongoing and may not lead to a share sale, they said.

A spokesperson for Syngenta declined to comment. 

Syngenta had filed for an IPO in Shanghai in 2021 but pulled its application in March 2024, citing volatile markets.

First-time share sales in Hong Kong are heading for a four-year high this year, with proceeds potentially topping $40 billion, according to Bloomberg Intelligence estimates.

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A big chunk of the offerings come from Chinese mainland companies pursuing a second listing in the city to help support their overseas expansion. Those include battery maker Contemporary Amperex Technology Co Ltd and Jiangsu Hengrui Pharmaceuticals Co. There have also been IPOs including Zijin Mining Group Co’s international gold business.

As a wholly-owned subsidiary of Sinochem Holdings Corp Ltd, Syngenta Group employs 56,000 people across more than 90 countries and regions. Its businesses span seeds, crop protection, plant nutrition and digital agriculture, focusing on improving farm productivity and advancing sustainable agricultural practices.