BYD Semiconductor closes RMB1.9b Series A with a valuation of nearly RMB10b

BYD Semiconductor has introduced strategic investors. The funding round was led by Sequoia Capital China, CICC Capital and SDIC Venture Capital, with participation from Himalaya Capital and other renowned Chinese and foreign investment firms.

BYD Semiconductor has introduced strategic investors. The funding round was led by Sequoia Capital China, CICC Capital and SDIC Venture Capital, with participation from Himalaya Capital and other renowned Chinese and foreign investment firms.

Among them, SDIC Venture Capital and Himalaya Capital are existing shareholders of BYD Company Limited.

BYD claimed that after completing this capital increase, the company will speed up the independent listing of BYD Semiconductor.

According to the announcement, these investors injected totally RMB1.9 billion in BYD Semiconductor according to the target company’s pre-money valuation (RMB7.5 billion).This round of investors totals about 20.21% of the equity shares after BYD Semiconductor’s capital increase and expansion, thus the post-investment valuation exceeded 9.4 billion yuan.

Public record shows that BYD Semiconductor is a Chinese developer of integrated circuits and power devices, formerly known as Shenzhen BYD Microelectronics Co., Ltd. The company name was changed in January, 2020, and internal restructuring was completed in April. Its main line of businesses includes the R&D, production and sale of power semiconductors, intelligent controllers, smart sensors and optoelectronic semiconductors.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/29/byd-semiconductor-closes-rmb1-9b-series-a-with-a-valuation-of-nearly-rmb10b/.

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