Pengpai News reporter Sun Yan
BYD Semiconductor Co., Ltd. (referred to as "BYD Semiconductor") received inquiries from the China Securities Regulatory Commission.
htmlOn July 7, the China Securities Regulatory Commission disclosed the "Inquiry Questions on the Registration Stage of BYD Semiconductor Co., Ltd." on its official website. On the same day, the China Securities Regulatory Commission disclosed the "Inquiry Reply to BYD Semiconductor Co., Ltd.". In the inquiry response, BYD Semiconductor responded to the "Inquiry Questions on the Registration Stage of BYD Semiconductor Co., Ltd." released by the China Securities Regulatory Commission on May 12.
CSRC inquired again BYD Semiconductor
CSRC once again raised the registration stage inquiry questions about BYD Semiconductor.
During the inquiry, the CSRC asked the issuer to disclose two major matters: one is whether this spin-off complies with the requirements of independence in the "Rules for Split of Listed Companies (Trial)"; the other is whether the issuer's major asset purchases have a significant impact on future performance.
At the same time, on the one hand, the China Securities Regulatory Commission requested the sponsor, issuer lawyers and application accountants to verify and express clear opinions. On the other hand, it required the sponsor and issuer lawyers to verify in detail item by item in accordance with the requirements of independence in the "Rules for Split of Listed Companies (Trial)" and express special opinions in combination with the verification basis.
BYD Semiconductor responded to the previous inquiry
CSRC also disclosed BYD Semiconductor's response to the previous inquiry.
In the previous inquiry, the CSRC asked BYD Semiconductor to supplement the evaluation methods and evaluation process of related assets, the commercial rationality of large-scale investment in 8-inch wafer production equipment, and the impact of the subsidy reduction policy of the new energy vehicle industry on BYD Semiconductor's sustainable operation capabilities.
In this regard, in terms of the commercial rationality of large-scale investment in 8-inch wafer production equipment, BYD Semiconductor stated that first, 8-inch wafer equipment is suitable for automotive-grade semiconductor applications, and the growth rate of industry production capacity supply cannot match the rapidly growing market demand in downstream fields. Secondly, power semiconductor companies are still actively expanding their production capacity of 8-inch wafers. 8-inch wafer manufacturing equipment has long-term competitiveness in automotive power devices and does not face the risk of elimination. Finally, the 8-inch wafer manufacturing equipment was assessed for signs of impairment and did not face the risk of price decline.
In terms of the impact of the subsidy reduction policy in the new energy vehicle industry and other subsidy reduction policies on BYD Semiconductor's sustainable operating capabilities, BYD Semiconductor stated that the subsidy policy for new energy vehicles has declined, but the demand for new energy vehicles has grown strongly, and my country's new energy vehicle market has shifted from subsidy-driven to demand-driven. Judging from the overall sales data of the new energy vehicle industry, the subsidy reduction policy of the new energy vehicle industry has not had a significant adverse impact on the issuer's ability to continue operating.
In the previous inquiry, the CSRC also asked BYD Semiconductor to explain whether it has the ability to operate independently, whether there is a situation where the major shareholder transfers benefits to it, and conducts business with non-affiliated parties based on market-oriented negotiations.
In this regard, BYD Semiconductor stated that after comparison, BYD Group's purchase price from issuers under the same type of products is generally lower than the price purchased from other suppliers. The third-party suppliers are all foreign-funded manufacturers. The company's products have strong price advantages under the same specifications, and there is no situation where the major shareholders convey benefits to the issuers. The company has the ability to operate independently and will gradually improve its competitiveness in the future, expand its cost advantage in scale, have the ability to operate independently, and increase its market share.
In this reply, BYD Semiconductor also added whether the above matters have an impact on production and operation in response to the media reports of "suspended production and rectification of some production lines in Changsha BYD".
BYD Semiconductor stated that Changsha BYD is an issuer customer and is located in Yuhua District, Changsha. The business premises of its subsidiary Changsha Semiconductor are independent of Changsha BYD and are located in Changsha County, Changsha City and have not been affected by the above matters. "The issuer's operating entity has not been affected by the Changsha BYD matter. The procurement plan of BYD shares for the issuer remains unchanged, and sales of non-affiliated parties continue to improve. The issuer expects that the incident will have little impact on the company's production and operation.”
BYD Semiconductor’s Road to Listing
On June 30, 2021, BYD Co., Ltd. (BYD, 002594) announced on the Shenzhen Stock Exchange that it plans to split its subsidiary BYD Semiconductor Co., Ltd. to list on the Shenzhen Stock Exchange Growth Enterprise Market.
Shenzhen Stock Exchange checked the application report and related application documents for the initial public offering and listing of the Growth Enterprise Market submitted by BYD Semiconductor in accordance with relevant regulations. It was believed that the documents were complete and decided to accept it.
However, since then, BYD Semiconductor was suspended by the Shenzhen Stock Exchange several times because the issuer's lawyer, Beijing Tianyuan Law Firm, was investigated and the financial information recorded in the application documents has expired.
On May 12, 2022, BYD Semiconductor, which was submitted for registration, received an inquiry from the China Securities Regulatory Commission. On July 7, 2022, BYD Semiconductor once again received an inquiry from the China Securities Regulatory Commission.
According to the prospectus, BYD Semiconductor is a semiconductor supplier, mainly engaged in power semiconductors and intelligent control. Research, development, production and sales of IC, intelligent sensor and optoelectronic semiconductors. Since its establishment, the company has taken automotive-grade semiconductors as the core and simultaneously promoted the development of semiconductors in the fields of industry, home appliances, new energy, consumer electronics, etc.
According to the prospectus, from January to June 2021, BYD Semiconductor achieved revenue of 1.235 billion yuan and net profit of 184 million yuan.
Editor-in-charge: Wang Jie Photo editor: Jiang Lidong
Proofreading: Luan Meng
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