In order to accelerate the construction of wafer production capacity, BYD Semiconductor took the initiative to terminate the IPO
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Update time : 2022-11-17 11:00:00
In the evening of November 15, BYD issued an announcement, in order to accelerate the construction of wafer production capacity, the temporary termination of BYD semiconductor spin-off to the GEM listing application, the future will be an opportunity to start again BYD semiconductor spin-off listing work.
BYD announcement said, the company comprehensive consideration of industry development and future business strategy positioning, integrated arrangements for business development and capital operation planning, after full and careful study, decided to terminate the promotion of the spin-off listing, the initiative to withdraw the relevant listing application documents. The Company will accelerate the relevant investment and expansion, and will launch the spin-off of BYD Semiconductor again when the relevant investment and expansion is completed and the conditions are ripe
It is understood that BYD Semiconductor formally submitted its IPO application in June 2021, and its listing review period is the stage of explosive growth of demand in China's new energy vehicle industry. According to data from the China Passenger Association, from January to September 2022, China's domestic retail sales of new energy passenger vehicles reached 3.877 million units, an increase of 113.2% year-on-year, and annual new energy vehicle sales are expected to reach 6.5 million units in 2022. The high-speed growth trend of the new energy vehicle industry has led to a serious shortage of chip supply, making wafer capacity a bottleneck for vehicle-grade power semiconductor module capacity.
Under the inevitable trend of industry development, BYD Semiconductor has invested in the implementation of Jinan power semiconductor capacity construction project during the listing audit, which has been successfully put into production with good capacity climbing. However, in the face of the continuous growth of the new energy vehicle industry, the new wafer production capacity is still far from being able to meet the downstream demand. Therefore, BYD Semiconductor intends to seize the time window to carry out large-scale wafer capacity investment and construction. On the basis of the investment in the implementation of the Jinan project, further large investments are expected to have a large impact on BYD Semiconductor's future assets and business structure.
Relevant industry insiders said, as a spin-off listed company, BYD Semiconductor's standard operation, compliance management situation is beyond doubt. IPO for the enterprise is originally through the capital market to further seek development opportunities, but the core purpose is still to enhance the operation of the product market. In the current new energy vehicle industry development opportunities, BYD semiconductor choose to temporarily terminate the IPO in order to increase investment in the construction of wafer capacity is undoubtedly the right and reasonable decision. To grasp the development opportunity to consolidate sustainable competitive advantages and enhance sustainable profitability is, on the contrary, a manifestation of responsibility to investors.
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