快讯：据路透社10月27日报道，先正达计划在香港进行IPO，目标估值至少660亿美元，最高或达880亿美元，预计募资50亿至100亿美元，上市时间更可能为2027年初。

      先正达计划出售10%至20%的股份，所得资金将用于偿还债务，并加大对种子和作物保护产品的投资。公司估值的支撑因素包括现有植保产品组合，以及抗病、抗虫新品种研发管线。先正达由中国中化控股，曾于2024年撤回上海上市申请。

      译文：10月27日（路透社）——两位知情人士透露，瑞士—中国农化集团先正达（Syngenta）的顾问团队正以至少660亿美元的估值目标，推进该公司计划在香港进行的首次公开募股（IPO）。此次上市预计将在明年年初进行。

      知情人士表示，先正达IPO的两家保荐银行——瑞银（UBS）和中国国际金融股份有限公司（中金公司，CICC）——目前向投资者推介的估值水平，相当于该公司预计2026年核心收益（EBITDA，即息税折旧摊销前利润）的15至20倍。

      按照先正达2025年44亿美元的EBITDA计算，这一估值倍数对应的公司估值约为660亿至880亿美元，有望使此次发行跻身明年全球规模最大的IPO之列。

      先正达目前总部位于瑞士巴塞尔，主营种子和作物保护产品，控股股东为中国国有企业中国中化集团有限公司（Sinochem）。

      知情人士表示，这一估值反映了先正达正努力将自身定位从一家化学品生产商转向一家生物技术公司。其中一位人士补充称，公司强大的植保产品组合，以及正在研发的抗病、抗虫新品种管线，也为较高估值提供了支撑。

      另一位了解此次发行情况的消息人士表示，中信银行和美国银行也将担任此次IPO的保荐机构。

      先正达和瑞银拒绝对此置评。中金公司、中信银行和美国银行尚未回应置评请求。三位知情人士表示，此次IPO仍有可能在2026年底前完成，但更有可能于2027年初上市。

      其中一位人士表示：“我们有信心，1月份上市是可行的。”目前，相关银行家正在上海、香港和北京与投资者会面，随后计划前往法兰克福和伦敦开展市场推介。

      知情人士还表示，随着市场对人工智能相关股票的热情有所降温，部分亚洲投资者正重新关注更为传统的工业企业。先正达计划出售公司10%至20%的股份，并将募集资金用于降低债务水平，以及加大对作物保护产品和种子的投资。

      该公司此前已提交上市申请，此次IPO的募资规模预计为50亿至100亿美元。根据香港交易所的数据，2026年前九个月，香港IPO市场表现强劲，共有118家公司上市，募资总额达到3880亿港元（约合495亿美元），同比增长106%。不过，本月人工智能相关股票遭遇抛售，市场对估值水平以及人工智能投资回报的担忧随之升温，香港IPO市场情绪也有所转弱。常州微智能和江苏瘦西湖文化旅游公司均以市场环境为由，推迟了发行计划。

      2017年，中国化工集团有限公司以430亿美元收购先正达。这是迄今中国规模最大的海外收购交易。2021年，中国化工集团并入中国中化集团，后者由此成为全球最大的工业化学品企业。此次先正达赴港上市，将重新启动中国中化推动先正达上市的计划。此前，先正达曾计划在上海上市，但于2024年撤回了相关申请。

      原文：IPO advisers market Syngenta at 15-20 times forecast EBITDA

      Hong Kong IPO could raise up to $10 billion Listing expected to take place early next year

      ZURICH, Oct 27 (Reuters) - Syngenta's advisers are targeting a valuation of at least $66 billion in the Swiss-Chinese agrochemicals group's planned Hong Kong listing, which is ‌likely to take place early next year, two people familiar with the matter told Reuters.

      UBS (UBSG.S), opens new tab and China International Capital Corp (CICC), two of Syngenta's IPO sponsor banks, are marketing the basel-based maker of seeds and crop-protection products at 15 to 20 times expected 2026 core earnings (EBITDA), the people said.

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      That would value Syngenta, which is controlled by Chinese state-owned firm Sinochem (600500.SS), opens new tab, at $66 billion to $88 billion, based on its 2025 EBITDA of $4.4 billion, placing the offering among the largest global IPOs expected next year.

      The valuation reflects Syngenta's efforts to position ⁠itself more as a biotechnology company than as a chemicals producer, the people said. One of them added that a strong product lineup in crop protection and a development pipeline for new seed varieties resistant to disease and pests supported a high valuation.

      China CITIC Bank and Bank of America are also sponsors of the IPO, said a separate source with knowledge of the offering.

      Syngenta and UBS declined to comment. CICC, China CITIC Bank and Bank of America did not respond to requests for comment.Three people said the IPO could still take place before the end of 2026, but an early-2027 debut was considered more likely.

      "There's confidence a January window is feasible," said one.The bankers are meeting investors in Shanghai, Hong Kong and Beijing ahead of planned marketing in Frankfurt and London.

      Some Asian investors are also showing renewed interest ‌in more ⁠traditional industrial companies as enthusiasm for AI-related stocks cools, the people added.

      Syngenta plans to sell a stake of 10% to 20% and use the proceeds to reduce debt and invest in crop-protection products and seeds.

      The company has already filed for the flotation, which could raise $5 billion to $10 billion.

      Hong Kong's IPO market is booming, with 118 newly listed companies raising HK$388.0 billion ($49.5 billion) in the first nine months of 2026, up 106% from a year earlier, according to HKEX data.

      Sentiment ⁠weakened this month, however, after a selloff in AI-related stocks raised concerns over valuations and returns on AI spending. Changzhou Microintelligence and Jiangsu Slender West Lake Culture and Tourism postponed their offerings, citing market conditions.

      ChemChina Group acquired Syngenta for $43 billion in 2017 in what is China's largest foreign takeover to date, before the group itself ⁠was merged into Sinochem in 2021 to create the world's biggest industrial chemicals company.

      Syngenta's IPO would revive Sinochem's efforts to take the company public after it withdrew a proposed Shanghai listing in 2024.