BYD’s board of directors approves public listing of BYD Semiconductor

Shanghai (Gasgoo)- BYD Company Limited (BYD) announced on June 16 its board of directors has agreed the public listing of its subsidiary BYD Semiconductor Co.,Ltd. on the Shenzhen Stock Exchange's ChiNext market.

According to an earlier announcement, the spin-off will not result in any changes in BYD's equity structure. Besides, BYD will still be the controlling shareholder of BYD Semiconductor.

BYD expects the spin-off to help BYD Semiconductor further improve its investment and financing capabilities and market competitiveness, and enhance the overall profitability for BYD.

Upon completion of the spin-off, BYD Semiconductor will continue working on the R&D, production and sale of power semiconductors, intelligent control units, intelligent sensors, and photoelectric semiconductors. While focusing on automotive-grade semiconductors, BYD Semiconductor will also develop semiconductor businesses for the spheres like home appliance, new energy, and consumer electronics in the future.

BYD announced on April 14, 2020 it had completed the internal restructuring of its wholly-owned subsidiary Shenzhen BYD Microelectronics Co., Ltd., which would seek to go public at an appropriate moment. In addition, the name of BYD Microelectronics changed to BYD Semiconductor in January 2020, according to the corporate data platform Tianyancha.  

BYD Semiconductor's full-year net profit attributable to shareholders of parent companies reached 103.887 million yuan ($16.165 million), 85.115 million yuan ($13.244 million) and 58.632 million yuan ($9.123 million) in 2018, 2019 and 2020 respectively.