Goldman Sachs, JPMorgan and other western banks have spent months lobbying to work on one of China’s biggest-ever stock market listings.
The planned $9bn Shanghai listing of Swiss agricultural chemicals company Syngenta appears to be a dream ticket for the banks: a large international company that has existing relationships with global institutions.
But as rising geopolitical tension unravels the commercial ties between the US and China, the banks may not even be able to participate, reflecting the rapidly changing business landscape in the world’s second-largest economy.
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