BYD yesterday announced that its BYD Semiconductor Co., Ltd. successfully introduced strategic investors. Sequoia Capital, CIC Capital, Guotai Innovation Lead Investment, Himalaya Capital and other well-known domestic and foreign investment institutions participated in the subscription, and completed the Series A financing of 1.9 billion yuan.
The investors of this round of financing totaled 1.9 billion yuan according to BYD Semiconductor's pre-investment valuation of 7.5 billion yuan, and acquired a total of 20.2126% stake in BYD Semiconductor, thus the post-investment valuation exceeded 9.4 billion yuan.
BYD Semiconductor is a leading manufacturer of IGBTs (insulated gate bipolar transistors) in China, and has achieved large-scale mass production and complete vehicle applications.
BYD had disclosed on April 14 that it had completed the restructuring project of its wholly-owned subsidiary BYD Semiconductor and intended to bring in strategic investors.
Its main business is the development, production and sales of power semiconductors, intelligent control ICs, intelligent sensors and optoelectronic semiconductors. BYD, for its part, said that the semiconductor business is deeply polymerized and will actively seek an independent listing at the right time.
