Seeds planted for Syngenta IPO

Top banks including Citigroup, HSBC (0005), JPMorgan Chase and UBS are approaching international investors for Syngenta Group's 65 billion yuan (HK$70.7 billion) initial public offering in Shanghai after the mainland-owned seed giant won approval for the world's biggest potential listing this year.

The advisers have reached out to sovereign wealth funds in as Europe and the Middle East to gauge interest.

This came amid reports that medical devices firm Genesis MedTech is working with CITIC Securities, Goldman Sachs and Morgan Stanley on a potential IPO to raise up to US$500 million (HK$3.9 billion) in Singapore.

The listing could come as early as next year for a firm whose products include minimally invasive surgical devices, neurovascular devices for stroke prevention, diagnosis and treatment, and others in the cardiovascular and peripheral vascular fields.

Sichuan Kelun-Biotech Pharma (6990) rose 3 percent on its debut here, suggesting a paper gain of HK$190 per board lot of 100 shares.

The Merck-backed biotech has raised HK$1.26 billion in net proceeds after pricing its shares at HK$60.60 each, the lower end of its targeted range.

China's largest fitness platform Keep (3650) inched up 1 percent to HK$29.35 in Futu Securities' gray market ahead of its debut today. It has HK$192 million in net proceeds.