According to the announcement, investors in this round plan to add about 800 million yuan to BYD semiconductor according to the target companys pre investment valuation of 7.5 billion yuan. Among them, about 32.0211 million yuan is included in the newly increased registered capital of BYD semiconductor, and about 768 million yuan is included in the capital reserve of BYD semiconductor. Investors in this round will obtain about 7.84% of the equity after the capital increase and share expansion of BYD semiconductor.
Photo source: visual China
The reporter learned that the two financing funds of BYD semiconductor are all used for the main business, including replenishing working capital, purchasing assets, employing personnel, R & D and other purposes recognized by the investor.
BYD said that after the completion of the above capital increase and share expansion, the registered capital of BYD semiconductor is about 408 million yuan, BYD holds about 72.3% of the equity of BYD semiconductor, and BYD semiconductor is still included in the scope of the companys consolidated statements.
According to qixinbao data, BYD semiconductor had a registered capital of about 300 million yuan when it was founded, formerly Shenzhen BYD Microelectronics Co., Ltd., updated the companys name on January 21, 2020, and completed the reorganization in April. Its main business covers the whole industry chain of integrated operation, including R & D, production and sales of power semiconductor, intelligent control IC, intelligent sensor and photoelectric semiconductor. Among them, the core technology of IGBT (insulated gate bipolar transistor) is the core business of BYD semiconductor.
Photo source: screenshot of qixinbao official website
BYD semiconductors spin off and listing is regarded as the opening work of independent marketization of BYD subsidiary. BYD semiconductor will play an exemplary role after its listing. According to the person in charge of BYD, BYD may take this as the standard to promote the independent marketization process of other business sectors.
The power battery sector is also preparing to go public
As a leading enterprise in the domestic new energy automobile industry, BYD has been deeply involved in the new energy industry chain for a long time, mastering the core technologies of power battery and electric vehicle IGBT. But for a long time, whether it is the power battery or IGBT core technology of new energy vehicles, BYD is mainly self-sufficient internally, and the proportion of export sales is relatively low.
Photo source: Zhang jianphotographed by every journalist (information map)
Guohai Securities believes that the financing of BYD semiconductor has opened the prelude to the independent marketization of BYDs subsidiaries. In the future, it is expected to usher in the independent marketization of other business sectors (such as power battery), further stimulating the growth space of BYD.
In fact, in addition to splitting and listing the semiconductor business, BYD has planned to separate its battery business from the separate listing since 2018. At the end of 2018, Wang Chuanfu, chairman of BYD, revealed in an interview with the media that BYD plans to separate its battery business from independent listing by 2022 to raise funds for development.
On June 5 this year, Li Yunfei, deputy general manager of sales of BYD automobile, said in an interview with the reporter of daily economic news that the company is steadily pushing forward the separation and listing of its power battery business.
Photo source: by Li Xing, a journalist
As an important layout of opening and sharing, the establishment of Fudi company marks that the parts business of BYD has changed from market-oriented product to market-oriented enterprise version 2. According to the plan, BYDs total power battery capacity is expected to reach 60gwh by 2020, expanding by five times the capacity of 12gwh last year.
With the increase of production, the power batteries produced by BYD began to be exported. In addition to the cooperation with Toyota and Changan Automobile, Zhao Changjiang, general manager of BYD Automobile Sales Co., Ltd., once disclosed that BYD and ideal automobile have reached a cooperation to provide power batteries for ideal automobiles vehicles.
Not only that, for the blade battery produced by the company, Li Yunfei also revealed in an interview with reporters, all the automobile brands you can think of are discussing with us the cooperation scheme based on blade battery technology.
Guohai Securities Analysis said that BYD listed the power battery business independently. On the one hand, based on the existing volume, the independent power battery business can bring more flexibility, and the operating efficiency is expected to significantly improve; on the other hand, the independent business means self financing, driving from domestic supply to export-oriented, and realizing market-oriented competition
From the current process of BYDs splitting and listing of semiconductor and power battery business sectors, BYD semiconductor may finish the listing before the battery sector.
In the view of Cao he, President of all in vehicle Investment Management (Beijing) Co., Ltd., BYD semiconductor, as one of the few professional automotive chip suppliers in China, has a positive significance for improving the supply situation of domestic automotive chips, whether to obtain capital increase or to seek listing.
In fact, for a long time in the past, the dominant power of domestic semiconductor market has been controlled by foreign enterprises such as Infineon, especially in the field of IGBT for vehicles.
IGBT is a modular semiconductor chip which is packaged by insulated gate bipolar crystal chip and freewheeling diode chip (FWD) through special process. Due to the complex manufacturing process, only a few big brands have the ability to manufacture such chips among many new energy vehicle brands.
Photo source: visual China
Benefiting from the strong support of China for the development of new infrastructure, new energy and other industries, as well as the goal of independent control of domestic semiconductors, Chinese semiconductor enterprises begin to usher in the window period of domestic substitution. As an independent and controllable leading manufacturer of IGBT, BYD has broken the monopoly of international manufacturers on IGBT market by using its R & D accumulation in semiconductor field and large-scale application of new energy vehicles.
According to the public data, Infineon shipped 630 thousand sets of IGBT in 2019, accounting for 58% of the market share. BYD shipped 190000 units, accounting for 18% of the market, ranking second.
Not only that, BYDs deep-rooted semiconductor field is seen as the next blue ocean for all kinds of capital competing. The demand of automobile enterprises for chips, driven by the market and capital, all make the domestic chip industry present the trend of rising water and ship. It is understood that Huaweis Hubble Technology Investment Co., Ltd. has invested in 10 semiconductor related enterprises continuously since its establishment. Before Xiaomi Group invested in BYD semiconductor, it began to invest in semiconductor enterprises frequently. In addition, some domestic enterprises with technical strength, including Huawei, have also started to cross-border into the field of IGBT. Up to now, Huawei has not only started to develop IGBT, but also started to supply motor control system, three in one charging and distribution unit and intelligent driving system of IGBT to the mass production vehicles of SAIC and other vehicle enterprises. Icinsights, a market research firm, predicts that by 2021, automotive semiconductors will be the strongest end market in the chip industry. Source: editor in charge of daily economic news: Yang Bin_ NF4368
Not only that, BYDs deep-rooted semiconductor field is seen as the next blue ocean for all kinds of capital competing. The demand of automobile enterprises for chips, driven by market and capital, all make the domestic chip industry present the trend of rising water and ship.
It is understood that Huaweis Hubble Technology Investment Co., Ltd. has invested in 10 semiconductor related enterprises continuously since its establishment. Before Xiaomi Group invested in BYD semiconductor, it began to invest in semiconductor enterprises frequently. In addition, some domestic enterprises with technical strength, including Huawei, have also started to cross-border into the field of IGBT.
Icinsights, a market research firm, predicts that by 2021, automotive semiconductors will be the strongest end market in the chip industry.