BYD Semiconductor agrees CNY1.9 billion strategic financing
Fourteen investors committed equity capital to expand BYD Semiconductor’s chip business in May 2020.
BYD announced a CNY1.9 billion equity financing for BYD Semiconductor on 26 May 2020. Fourteen investment vehicles agreed to subscribe at a CNY7.5 billion valuation before the investment, receiving approximately 20.21% of the semiconductor company after the capital increase.
Subscribers included two Sequoia investment partnerships, CICC-related funds, the Advanced Manufacturing Industry Investment Fund and Himalaya Capital Investors. The financing was intended to expand capital, production capacity and research capabilities while supporting a wider customer base.
BYD Semiconductor develops power semiconductors, control chips and sensors for automotive and industrial applications. BYD retained control of the subsidiary under the agreed transaction.
Use of funds
Expand semiconductor business and customer base