[News-Oxcart Network]
BYD announced yesterday that the Listing Committee of the Growth Enterprise Market of the Shenzhen Stock Exchange believes that BYD Semiconductor Co., Ltd. (the initial offering) meets the issuance conditions, listing conditions and information disclosure.
That is to say, BYD Semiconductor, which once suspended listing, is about to become the first listed company in China to have an on-board chip.
According to the previous prospectus disclosure, BYD Semiconductor plans to raise about 2 billion yuan in this IPO for the research and development project of key technology of power semiconductors, the research and development project of high-performance MCU (micro-control unit) chip design and test technology, and the research and development project of high-precision BMS (battery management system) chip design and test technology.
In April 2020, BYD announced that its subsidiary, BYD Microelectronics, completed its internal restructuring and changed its name to BYD Semiconductor Co., Ltd., and plans to introduce strategic investors to BYD Semiconductor by means of capital increase and share expansion;
Since then, in the A round and A+ round of financing, BYD Semiconductor has raised a total of 2.7 billion yuan. After the completion of the two rounds of financing, the valuation of BYD Semiconductor reached 10.2 billion yuan.
On July 2, the Shenzhen Stock Exchange officially accepted BYD Semiconductor's listing application on the ChiNext board; on August 18, the official information of the Shenzhen Stock Exchange showed that the review of the issuance and listing of BYD Semiconductor was suspended.
BYD Semiconductor has been making great strides, and the suspension is mainly implicated by its law firm , Beijing Tian Yuan Law Firm, as the issuer's law firm, was investigated by the China Securities Regulatory Commission. Only after the relevant circumstances of Tian Yuan Law Firm are eliminated, or the due diligence is completed within three months and the Shenzhen Stock Exchange is informed in a timely manner, BYD Semiconductor can resume the application for listing qualifications.
At that time, BYD responded that the company would promote some compliance reports as soon as possible, but "the specific time schedule is not known at present."
Obviously, the Shenzhen Stock Exchange did not let BYD Semiconductor wait too long.
The chairman of BYD Group said in an interview with the media before: "Subsidiaries only earn BYD's money, that is not called skill, dismantling out to earn market money is called skill, which means that the product is competitive." In the era of marketization 1.0, BYD's various parts businesses are "killed" in the form of business units and competed with peers; in the 2.0 era, it is to be listed.
"BYD Semiconductor is already on the way to the market, and there will be more business units listed in the future, batteries and motor drives are possible." This can further mobilize the enthusiasm of each business unit. ”
As the best core company in China, BYD Semiconductor undoubtedly made a sample for domestic core companies, but at present, BYD Semiconductor still relies on the reverse supply of BYD automobiles: from 2018 to the first half of 2021, BYD is bydili Semiconductor's largest customer, with sales accounting for 67.84%, 54.81%, 58.84% and 54.23% of its total revenue, respectively.
The first share of domestic core, there is a long way to go.