On March 31, the Shenzhen Stock Exchange’s GEM issuance and listing review information disclosure website showed that the IPO review status of BYD Semiconductor Co., Ltd. (hereinafter referred to as BYD Semiconductor) was displayed as “suspended”, because the financial information recorded in BYD Semiconductor’s IPO application documents The information has expired and needs to be supplemented. According to the relevant regulations of the “Shenzhen Stock Exchange’s GEM Share Issuance and Listing Review Rules”, Shenzhen Stock Exchange suspends its issuance and listing review.
access:
Alibaba Cloud’s “Shadowless Cloud Computer” supports enterprises to quickly realize home office
Image source: Shenzhen Stock Exchange GEM Issuance and Listing Review Information Public Website
On April 1, the relevant person in charge of BYD Semiconductor said in an interview with the “Daily Economic News” reporter: “The Shenzhen Stock Exchange is only temporarily suspending the company’s issuance and listing review. At present, the company is actively promoting relevant work and reporting to the Shenzhen Stock Exchange as soon as possible. Submit the listing application documents with updated financial information and resume listing review.”
It is reported that this is not the first time that BYD Semiconductor’s IPO review has been suspended by the Shenzhen Stock Exchange. According to the Shenzhen Stock Exchange’s GEM issuance and listing review information disclosure website, the earliest suspension of BYD Semiconductor’s listing review occurred in August 2021.
On August 8, 2021, BYD Semiconductor was suspended from the issuance and listing review because the issuer’s lawyer, Beijing Tianyuan Law Firm, was investigated by the China Securities Regulatory Commission. On September 1, 2021, Beijing Tianyuan Law Firm issued a review report, and the Shenzhen Stock Exchange resumed the issuance and listing review of BYD Semiconductor.
Less than two months later, because the financial information recorded in the IPO application documents has expired, BYD Semiconductor was again suspended from the issuance and listing review on September 30, 2021. Since then, on November 30, 2021, BYD Semiconductor completed the update of its financial information, and the Shenzhen Stock Exchange resumed its issuance and listing review.
This is the third time that BYD Semiconductor has been suspended from listing review by the Shenzhen Stock Exchange in the past eight months. “This is a normal operation in the listing review process, and it has no adverse impact on the work related to the listing.” The above-mentioned person in charge of BYD Semiconductor said.
Qixinbao data shows that BYD Semiconductor was formerly known as Shenzhen BYD Microelectronics Co., Ltd. with a registered capital of about 300 million yuan. The company name was updated on January 21, 2020, and the reorganization was completed in April of the same year. Its main business covers power semiconductors, intelligent control The R&D, production and sales of IC, smart sensors and optoelectronic semiconductors are integrated to operate the entire industrial chain. The core technology of automotive-grade IGBT (that is, insulated gate bipolar transistor) is the core business of BYD Semiconductor.
On April 15, 2020, BYD announced that BYD Semiconductor is seeking an appropriate opportunity to go public independently. Subsequently, on June 30, 2021, BYD Co., Ltd. announced on the Shenzhen Stock Exchange that it planned to spin off its subsidiary BYD Semiconductor Co., Ltd. and list it on the Shenzhen Stock Exchange’s Growth Enterprise Market. In January this year, BYD Semiconductor’s spin-off listing application was successfully held. “The spin-off and listing will help BYD Semiconductor to expand financing channels, accelerate customer diversification, and enhance the independent and controllable capabilities of the domestic new energy vehicle industry chain.” BYD said.
BYD Semiconductor’s prospectus shows that from 2018 to 2020, BYD Semiconductor achieved operating income of about 1.34 billion yuan, 1.096 billion yuan, and 1.441 billion yuan respectively.
Image source: BYD Semiconductor Prospectus
Judging from the above data, BYD Semiconductor’s operating income in 2020 has increased compared with 2019, but BYD Semiconductor’s net profit has shown a continuous downward trend. From 2018 to 2020, BYD Semiconductor’s net profit was about 104 million yuan, 85 million yuan, and 59 million yuan, respectively.
In terms of R&D investment, BYD Semiconductor is increasing the proportion of investment year by year. BYD Semiconductor’s prospectus shows that from 2018 to 2020, BYD Semiconductor’s R&D investment accounted for 8.2%, 8.87%, and 9.42% of its operating income, respectively.
BYD said that in the future, BYD Semiconductor will strengthen its resource integration capabilities and product research and development capabilities to form a sustainable competitive advantage, and is committed to becoming an efficient, intelligent and integrated new semiconductor supplier.