On the evening of November 15, BYD issued an announcement stating that the company's board of directors and the board of supervisors reviewed and passed the "Proposal on Terminating the Listing of its subsidiary BYD Semiconductor Co., Ltd. to the GEM", agreed to terminate the promotion of the spin-off listing of BYD Semiconductor Co., Ltd., and agreed to terminate the spin-off listing of BYD Semiconductor Co., Ltd. to the Shenzhen Stock Exchange GEM and withdraw the relevant listing application documents. When conditions are ripe, the company will start BYD Semiconductor's spin-off listing again.
BYD stated that the company's voluntary withdrawal of the application was a prudent decision made by the company after fully proof of factors such as market prediction and urgency of project construction. The company's withdrawal of the application was paved for the healthy and rapid development in the future, and also an adjustment and effort to maximize the equity of all shareholders.
data shows that BYD Semiconductor was established in 2004 and is an efficient, intelligent and integrated semiconductor supplier. Its main business is the research and development, production and sales of power semiconductors, intelligent control ICs, intelligent sensor and optoelectronic semiconductors. It has 5 subsidiaries: Ningbo BYD Semiconductor , energy-saving technology, Changsha BYD Semiconductor, Xi'an BYD Semiconductor, and Jinan BYD Semiconductor.
In the automotive field, relying on the company's deep accumulation in the research and development and application of automotive-grade semiconductors, the company has mass-produced IGBTh, SiC devices, IPM, MCU, CMOS image sensors, electromagnetic sensors, LED light sources and display products, and is used in important fields such as automobile motor drive control systems, vehicle thermal management systems, body control systems, battery management systems, vehicle on-board image systems, lighting systems, etc.
In the fields of industry, home appliances, new energy and consumer electronics, the company has successfully mass-produced IGBT, IPM, MCU, CMOS image sensor, embedded fingerprint sensor, , electromagnetic sensor, power supply IC, LED lighting and display, mastering advanced design technology, and continuously innovating and upgrading the products.
Especially in the field of IGBT module that is necessary for electric vehicles , BYD Semiconductor claims to have 17 years of R&D experience and has the operational capabilities of the IDM model of the entire industry chain. According to institutional data, in the domestic IGBT field, BYD Semiconductor ranked second in the world among new energy passenger car motor driver manufacturers for two consecutive years in 2019 and 2020, and ranked first among domestic manufacturers, with a market share of 19%, second only to Infineon . In terms of performance, according to the prospectus updated by BYD Semiconductor on April 29, from 2019 to 2021, BYD Semiconductor's revenue was 1.096 billion yuan, 1.441 billion yuan and 3.166 billion yuan respectively; the corresponding net profit was 85.1149 million yuan, 58.6324 million yuan and 395 million yuan respectively.
In the first quarter of this year, BYD Semiconductor's revenue is expected to be 1.115 billion to 1.185 billion yuan, with increasing by 1.11.72%-125.01% year-on-year compared with ; net profit attributable to shareholders is 61 million to 80 million yuan, an increase of 1.03%-32.50% year-on-year.
prospectus stated that the operating income is expected to achieve a significant increase in the first quarter of this year compared with the same period last year, mainly due to the downstream new energy vehicle sales maintaining a good growth momentum, and the company's automotive-grade product sales revenue has increased significantly. At the same time, in order to ensure the safety of the supply chain, downstream home appliances, industrial control and other customers have increased their procurement efforts for domestic chip manufacturers, including the company, and the company's sales to external customers have increased significantly. The smaller increase in net profit is because the company actively expands capacity in 2021, and the scale of fixed asset investment is large, resulting in an increase in fixed expenses such as depreciation and amortization, interest expenses, and operating expenses.
has been suspended four times before. IPO
BYD Semiconductor launched its IPO plan in June 2021. On August 18, 2021, the Shenzhen Stock Exchange suspended the review of BYD Semiconductor's issuance and listing because the issuer's lawyer, Beijing Tianyuan Law Firm, was investigated by China Securities Regulatory Commission. On September 1, 2021, after Beijing Tianyuan Law Firm issued a review report, the Shenzhen Stock Exchange resumed the issuance and listing review of BYD Semiconductor.
On September 30, 2021, BYD Semiconductor once again suspended the issuance and listing review of BYD Semiconductor because the financial information recorded in the IPO application documents has expired. On November 30, 2021, BYD Semiconductor completed the update of its financial information, and the Shenzhen Stock Exchange resumed its issuance and listing review again.
On January 27 this year, the GEM Listing Committee held the 5th review meeting in 2022. The review results show that BYD Semiconductor Co., Ltd. (first offering): meets the issuance conditions, listing conditions and information disclosure requirements.
However, after successfully passing the IPO of BYD Semiconductor, it has not been submitted for registration.
On March 31, the Shenzhen Stock Exchange GEM issuance and listing review information disclosure website showed that the BYD Semiconductor IPO review status was "suspended" because the financial information recorded in the BYD Semiconductor IPO application documents has expired and need to be submitted additionally.
In addition, BYD Semiconductor has been questioned many times for its "deep association with its parent company BYD business", and it also involves spin-off independence, major asset purchases, etc.
htmlOn September 30, the Shenzhen Stock Exchange information disclosure showed that BYD Semiconductor Co., Ltd. had to submit additional submissions because the financial information recorded in the IPO registration application documents has expired and it needs to be submitted additionally. According to the relevant provisions of Article 29 of the "Regulations on the Registration Management of Initial Public Offering of the ChiNext (Trial)", its issuance registration procedure was suspended.BYD responded: It is actively promoting related work, completing the update of financial information as soon as possible, and resuming the issuance and registration procedures. BYD pointed out that this suspension is a normal operation in the listing review process and has no adverse impact on all the work to be listed. For specific details and subsequent progress, please pay attention to the Shenzhen Stock Exchange GEM Issuance and Listing Review Information Disclosure Website.
Edit: Xinzhixun-Linzi
