In a recent development that underscores the ongoing challenges within China's equity markets, Syngenta Group has officially retracted its application for a long-awaited $9 billion initial public offering (IPO) in Shanghai.

This decision follows closely on the heels of Alibaba's(NYSE:BABA) cancellation of the listing of its logistics arm, Cainiao, marking a significant setback for the Chinese equity landscape.

Syngenta, a leading seed and pesticide conglomerate, announced on Friday its intentions to re-evaluate the IPO process, potentially targeting different global exchanges or seeking alternative funding methods when market conditions become more favorable.

The company, which initially filed for an IPO in Shanghai in 2021, cited volatile market conditions and strategic considerations for its decision to withdraw.