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BYD’s semiconductor unit drops IPO plan

 1 year ago
source link: https://technode.com/2022/11/16/byds-semiconductor-unit-drops-ipo-plan/
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BYD’s semiconductor unit drops IPO plan

by TechNode Feed Nov 16, 2022Nov 16, 2022

Major Chinese battery maker BYD said on Tuesday that it had dropped its plan for an initial public offering of its semiconductor unit on Shenzhen’s Nasdaq-style board ChiNext, a move the manufacturer says will ensure it can focus efforts on expanding wafer capacity amid surging demand. The company said it began construction of a new power semiconductor plant for automobiles in the eastern Chinese city of Jinan just as the listing application came under review, and will now “grasp the window of opportunity” by spending more cash on capacity expansion. The proposed listing was suspended repeatedly over the past two years after a series of setbacks, including the legal firm that advised on the IPO being subject to an investigation. [BYD filing, in Chinese]

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