Home Business BYD Semiconductor’s spin-off and listing was approved by the Hong Kong Stock Exchange, and the listing process was suspended again due to financial expiration-e-commerce-payment / financial technology

BYD Semiconductor’s spin-off and listing was approved by the Hong Kong Stock Exchange, and the listing process was suspended again due to financial expiration-e-commerce-payment / financial technology

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BYD issued an announcement stating that the Hong Kong Stock Exchange has agreed to spin off its subsidiary BYD Semiconductor Co., Ltd. and list it on the Shenzhen Stock Exchange’s Growth Enterprise Market, and agree to exempt the company from providing guaranteed quotas to the company’s shareholders.However, it is worth noting that according to the official website of the Shenzhen Stock Exchange, the current listing review status of BYD Semiconductor has been changed to suspended at the end of September. The financial information recorded in the IPO application documents has expired and needs to be supplemented. Suspend its issuance and listing review. After BYD Semiconductor has completed its financial information for the first half of this year, it is expected to resume its listing review.

The listing process of BYD Semiconductor is not smooth. At the end of June this year, the company was accepted by the Growth Enterprise Market, but in August because the issuer’s law firm Beijing Tianyuan Law Firm was investigated by the China Securities Regulatory Commission, the Shenzhen Stock Exchange suspended its listing. The issuance and listing review was resumed in early September.

BYD Semiconductor is the largest domestic manufacturer of automotive-grade IGBTs in China. The prospectus information shows that BYD Semiconductor’s revenue in 2018, 2019, and 2020 will reach 1.34 billion yuan, 1.096 billion yuan, and 1.44 billion yuan respectively; the net profit is showing a downward trend, which is 104 million yuan, 85.114 million yuan and 58.632 million yuan respectively. BYD Semiconductor stated that the reason for the decline in the company’s performance in 2019 was mainly due to the decline in subsidies in the new energy vehicle industry; the reason for the decline in performance last year was mainly due to the implementation of option incentives.

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BYD’s announcement this time shows that the spin-off will further enhance BYD Semiconductor’s multi-channel financing capabilities and brand effect, and will fundamentally improve BYD’s corporate governance and financial transparency. At the same time, BYD will not lose control of BYD Semiconductor due to this spin-off.

The prospectus shows that BYD currently holds 325 million shares of BYD Semiconductor, accounting for 72.30% of the total share capital before the issuance, and is its controlling shareholder. Wang Chuanfu is the actual controller.

In addition, BYD Semiconductor has also received a number of star investment and capital investment. Prior to this listing, BYD Semiconductor completed two rounds of financing. First, in May last year, the Series A financing introduced 14 investment institutions including Sequoia Capital China Fund, CICC Capital, and SDIC Innovation Sequoia Capital, and received a total of 1.9 billion yuan in financing.

Less than 20 days later, BYD Semiconductor quickly completed a 800 million yuan A+ round of financing, introducing South Korean SK Group, Xiaomi Yangtze River Industry Fund, CMB International, Lenovo Group, CITIC Industry Fund, SMIC, SAIC Industrial Investment , BAIC Industrial Investment, Shenzhen Huaqiang and other 30 strategic investors. In these two rounds of financing, BYD Semiconductor completed a total of 2.7 billion yuan in financing, and its post-investment valuation reached 10.2 billion yuan.

BYD Semiconductor’s listing on the Growth Enterprise Market this time will also plan to raise 2.686 billion yuan for new power semiconductor chip industrialization and upgrade projects, power semiconductor and intelligent control device R&D and industrialization projects, and to supplement working capital.

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