SHANGHAI :
China EV Maker BYD’s Chip Unit to Increase Share Capital, Introduce Investors for Independent IPO
Xu Wei
DATE:  Apr 15 2020
/ SOURCE:  Yicai
China EV Maker BYD’s Chip Unit to Increase Share Capital, Introduce Investors for Independent IPO China EV Maker BYD’s Chip Unit to Increase Share Capital, Introduce Investors for Independent IPO

(Yicai Global) April 15 -- Chinese new energy vehicle maker BYD’s wholly-owned Shenzhen BYD Microelectronics unit has finished an internal reorganization, rebranded itself BYD Semiconductor and now plans to introduce strategic investors via a share capital increase to seek an independent listing, it said in a statement yesterday.

BYD Microelectronics acquired a 100 percent stake in Ningbo BYD Semiconductor and Guangdong BYD Energy Saving Technology and took over the light-emitting diode light source and LED application businesses of Huizhou BYD Industrial through an internal reorganization. BYD Semiconductor will remain a BYD subsidiary after these long-haul investors come aboard.

BYD’s share price [SHE:002594] closed 5.39 percent up at CNY61.04 (USD8.67) at noon.

This indraft is still in the works, with no legally binding agreements signed as of yesterday, however. Shenzhen-based BYD did not announce a specific listing time or its plan for BYD Semiconductor, only saying that the latter is seeking to go public on its own at an appropriate time.

BYD Vice President Chen Gang will take over as chairman and general manager of BYD Semiconductor and focus on its business development.

BYD Semiconductor’s main activity is research and development, production and sales of power semiconductors, intelligent control integrated circuits, smart sensors and optoelectronic semiconductors. It boasts integrated management of the entire industry chain of chip design, wafer manufacturing, packaging testing and downstream applications.

The firm will use automotive-grade semiconductors as the core to simultaneously promote the development of microprocessors in the industry and consumer areas. It is committed to growing into an efficient, intelligent and integrated semiconductor supplier.

Editor: Ben Armour
 

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Keywords:   BYD,IPO,Semiconductor