Home / China News / News detail

BYD Semiconductor resumes IPO program

Monika From Gasgoo| September 07 , 2021 17:41 BJT

Shanghai (Gasgoo)- BYD Semiconductor, the semiconductor unit of BYD Company Limited (BYD), has recently resumed its IPO process, which was halted in mid-August due to a regulatory investigation into its advisory law firm, according to a local media outlet.

BYD Semiconductor resumes IPO program

Photo credit: BYD Semiconductor

BYD Semiconductor said it did not replace the advisor, namely, the Beijing-based Tian Yuan Law Firm, as its listing process restarted after the latter filed relevant documents required by the China Securities Regulatory Commission (CSRC).

Amid the industry-wide chip shortage, BYD Semiconductor is facing a good opportunity to go public. However, the company has not revealed when it will start share sale in the public market.

BYD banked 2.7 billion yuan ($418.222 million) from 34 external investors during two rounds of fundraising last year for BYD Semiconductor, previously known as BYD Microelectronics. Its ownership of the business fell to 72.3% as investors including Sequoia Capital China, Xiaomi, and Lenovo came on board. The funding rounds made BYD Semiconductor valued at 10.2 billion yuan ($1.58 billion), rising from the pre-investment valuation of 7.5 billion yuan ($1.162 billion).

Shenzhen Stock Exchange accepted BYD Semiconductor's IPO application for review in late June this year and made the first inquiry on July 25.

BYD

Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service:buyer-support@gasgoo.comSeller Service:seller-support@gasgoo.com

All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: autonews@gasgoo.com