Caixin
Jan 29, 2022 08:37 PM
TECH

Sequoia-Backed Chinese Car Chipmaker Moves Closer to $300 Million Shenzhen IPO

BYD introduces its BYD IGBT 4.0 wafer chip in December 2018. Photo: Bydmicro.com
BYD introduces its BYD IGBT 4.0 wafer chip in December 2018. Photo: Bydmicro.com

The chipmaking subsidiary of Chinese electric-car giant BYD Co. Ltd. (002594.SZ) won the nod from the Shenzhen Stock Exchange on Thursday for its IPO, as Beijing pushes for greater self-sufficiency in semiconductors amid U.S. sanctions and a global chip shortage.

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

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