BYD Semiconductor confirms spin-off to GEM listing

On June 16, BYD announced that in the shareholders’ meeting, shareholders voted to spin off its subsidiary BYD semiconductor Co., Ltd. and list it on the Growth Enterprise Market.

According to the previous announcement, BYD Co., Ltd. plans to spin off its holding subsidiary BYD Semiconductor to be listed on the GEM of the Shenzhen Stock Exchange. After the spin-off is completed, the shareholding structure of BYD shares will not change due to the spin-off, and will still maintain control over BYD Semiconductor (holding 72.3%).

This means that the independent listing of BYD Semiconductor has officially kicked off. BYD hopes that through this spin-off, BYD Semiconductor’s investment and financing capabilities and market competitiveness will be further enhanced, which will help listed companies highlight their main business, enhance their independence, and help improve BYD’s overall profitability.

BYD Semiconductor is mainly engaged in the research and development, production and sales of Power semiconductors, intelligent control ICs, intelligent sensors and optoelectronic semiconductors. In fact, BYD Semiconductor is currently in a leading position in China.

According to public information on the Internet, BYD Semiconductor is the largest IDM vehicle-grade IGBT manufacturer in China, and its vehicle-grade IGBT is the core component of new energy vehicle Electronic control, which has achieved mass production and vehicle application.

As of December 2020, BYD’s IGBT-based vehicle-grade power devices have accumulated more than 1 million vehicles, and the domestic vehicle-grade IGBT market share has reached 18%.

According to the unaudited financial data released by BYD Semiconductor earlier, its net profit in 2020 was 32 million yuan, and its net assets at the end of 2020 were 3.187 billion yuan.

According to the Tianyancha APP, BYD Board Semiconductor received a number of financings last year, and it received 1.9 billion yuan in financing from Sequoia Capital, China CICC Capital, SDIC Innovation and Himalaya Capital in its Series A financing on May 27; On March 15, it received 800 million A+ round of financing from dozens of investment companies such as SK China, Xiaomi Group, CMB International Capital, and Lenovo Group.

Also in August last year, BYD Semiconductor obtained equity financing from more than ten investment companies including China Unicom CICC, CEC CICC, Shangqi Capital, and Bohua Capital. As of last year, the post-investment valuation of BYD Semiconductor has exceeded 100 million yuan. billion.

BYD is mainly engaged in the automobile business including new energy vehicles and traditional fuel vehicles, mobile phone components and assembly business, rechargeable batteries and photovoltaic business, and actively expands the urban rail transit business.

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