The Shenzhen Stock Exchange released an announcement on Thursday stating that it had suspended the IPO review of BYD Semiconductor, as the required financial information in its application document had expired and needs to be updated.
BYD Semiconductor official responded today that the suspension of the company’s listing review is temporary and has had no bad impact for the company’s listing plan. At present, the company is trying to submit an updated financial plan to the stock exchange to resume its listing review.
BYD Corporation Limited is the controlling shareholder of BYD Semiconductor, directly holding 72.30% equity interest therein. From January to September 2021, BYD Semiconductor reported operating revenue of $210.5 million, up 171.22% from one year earlier. The firm’s estimated revenue for 2021 was 3.05 billion yuan – 3.2 billion yuan ($480 million – $504 million), up 111. 6% – 122.0% year-on-year.
BYD Semiconductor has previously secured two rounds of financing, raising about 2.8 billion yuan from Xiaomi Yangtze River Industry Fund, Sequoia Capital and CICC Capital.
On June 30 last year, BYD declared the proposed spin-off of BYD Semiconductor for listing on the Shenzhen Stock Exchange’s Growth Enterprise Market (GEM). On January 20, stock authorities published an announcement indicating that BYD Semiconductor was scheduled to be reviewed for an IPO on GEM on January 27.
The firm’s prospectus shows that BYD Semiconductor intends to raise 2.686 billion yuan through this IPO. The funds are reportedly to be used to ensure a stable supply of wafers through self-built production lines and capacity expansion, to achieve independent control of key production steps of power semiconductors and intelligent control ICs, and to consolidate and enhance the company’s market position and comprehensive competitiveness under tight supply of global automotive-grade semiconductor wafers.
Across the sectors of industry, home appliances, new energy and consumer electronics, BYD Semiconductor has mass produced IGBT, IPM, MCU, CMOS image sensors, embedded fingerprint sensors, electromagnetic sensors, power IC, LED lighting and display products.