Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
BYD Semiconductor Unit Gets Charged with Major New Investment

By Ding Yi / May 27, 2020 04:43 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese electric carmaker BYD has brought in a group of 14 strategic investors to charge up its newly reorganized semiconductor subsidiary with a major cash injection in exchange for a share of the company.

BYD said the investors will collectively inject 1.9 billion yuan ($266 million) into BYD Semiconductor, putting the company’s value at 7.5 billion yuan, according to a statement released Tuesday.

In exchange for their money, the investors will get 20.2% of BYD Semiconductor, while the remainder will be held by BYD, according to the statement.

The investors include Shenzhen Sequoia Hanchen Equity Investment Partnership, Zhongjin Pucheng Investment and Advanced Manufacturing Industry Investment Fund, according to the statement.

BYD Semiconductor will use the funds to supplement working capital, fuel research and development and hire employees.

Following the announcement, BYD’s Hong Kong-listed shares dropped by 2.9% as of 3 p.m. Wednesday.

In April, BYD, whose backers include billionaire investor Warren Buffett, reorganized its wholly owned subsidiary BYD Microelectronics and rebranded it BYD Semiconductor, whose major businesses involve developing, producing and selling power semiconductors, intelligent control integrated circuits and smart sensors.

BYD is also reportedly mulling plans to separately list BYD Semiconductor in due course.

Contact reporter Ding Yi (yiding@caixin.com)

Related: BYD Spins Off Semiconductor Business for Planned Share Listing


Share this article
Open WeChat and scan the QR code