The listing process of BYD Semiconductor, BYD's chip business, has recently resumed, after it was unexpectedly suspended by the Shenzhen Stock Exchange last month.
The information was shown on the official website of the Shenzhen Stock Exchange. The process was suspended on August 18 when Beijing Tianyuan Law Firm, which was serving BYD Semiconductor's listing process, was investigated by the China Securities Regulatory Commission.
BYD Semiconductor subsequently said it would move forward with the review as soon as possible, and was unsure at the time whether it would change law firms.
According to yicai.com on Monday, Tianyuan has issued a review report, so the Shenzhen Stock Exchange has resumed the review of BYD Semiconductor's IPO.
BYD Semiconductor can now move forward with the listing process and therefore did not change its law firm, according to the report.
According to the previous report, BYD Semiconductor may resume its application for listing only if the law firm's investigated status is removed or if it completes its due diligence within three months. The latest development is faster than expected.
BYD Semiconductor was established in October 2004, and BYD directly holds 72.30 percent of the shares and is the controlling shareholder of the company.
BYD announced on June 30 that the application to spin off its subsidiary BYD Semiconductor to ChiNext for listing was accepted by Shenzhen Stock Exchange.
BYD Semiconductor will continue to engage in the R&D, production and sales of power semiconductors, intelligent control ICs, intelligent sensors and optoelectronic semiconductors.
BYD Semiconductor will focus on automotive-grade semiconductors in the future and promote the development of semiconductor businesses in industrial, home appliance, new energy and consumer electronics, and is committed to becoming a new type of efficient, intelligent and integrated semiconductor supplier, the company said.
After last year's Series A and Series A+ financing, BYD Semiconductor has completed a total of RMB 2.7 billion in financing, and its overall post-investment valuation has reached RMB 10.2 billion.
(Photo source: BYD Semiconductor)