Chinese market regulators approve IPO of chip unit of automaker BYD

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Market regulators for China’s Shenzhen-based ChiNext board announced the approval of the pending initial public offering (IPO) of the semiconductor unit of Chinese automaker BYD Co Ltd.

The automaker originally filed for an IPO for BYD Semiconductor in Shenzhen in May 2021. However, in August, the company was forced to halt plans as a firm advising in its IPO process faced a regulatory probe.

BYD Semiconductor Co. Ltd. seeks to raise 2 billion yuan ($314 million) through the issuance of 50 million new shares, according to its prospectus.

BYD Semiconductor’s IPO comes as global supply chains face a chip shortage, which originated in the automotive sector.

The division makes and sells power semiconductors, intelligent control integrated circuits, intelligent sensors, and optoelectronic semiconductors, according to company filings.