AutoBeta(AutoBeta.net)08/22 Report--

According to the gem listing audit information public website, because the issuer law firm Beijing Tianyuan Law firm was filed for investigation by the China Securities Regulatory Commission, the Shenzhen Stock Exchange suspended the listing examination of BYD Semiconductor according to the relevant regulations.

It is understood that the suspension of the listing process of BYD Semiconductor is based on Article 64 of the rules on the examination and approval of Stock issuance and listing on the growth Enterprise Market of the Shenzhen Stock Exchange: the sponsor or signed sponsor representative of the issuer, the securities service agency or the relevant signatory is suspected of violating the law due to the initial public offering and listing, the issuance of securities by listed companies, mergers and acquisitions Or other businesses suspected of violating laws and regulations and having a significant impact on the market are being filed for investigation by the China Securities Regulatory Commission. In other words, the suspension of the listing of BYD Semiconductor was caused by the law firm, not the enterprise. The Beijing Tianyuan Law firm hired by BYD Semiconductor needs to eliminate the relevant situation on the same day, or complete due diligence within three months and inform the Shenzhen Stock Exchange in time before BYD can resume the listing process.

I learned from the gem that because Beijing Tianyuan Law firm was filed for investigation by the China Securities Regulatory Commission, in addition to BYD Semiconductor was affected, 14 other companies planning to list were also affected and suspended.

Data show that BYD Semiconductor was founded in 2004, the main business is power semiconductors, intelligent control IC, intelligent sensors and optoelectronic semiconductors research and development, production and sales, mainly engaged in power semiconductors, intelligent control IC, intelligent sensors, photoelectric semiconductors, semiconductor manufacturing and services, covering the optical, electrical, magnetic and other signal induction, processing and control. Products are widely used in automotive, energy, industrial and consumer electronics and other fields.

On May 11, BYD issued an announcement announcing the preliminary plan for the listing of its subsidiary BYD Semiconductor to the growth Enterprise Market. On June 29, BYD Semiconductor's gem listing application has been accepted. On July 25, BYD Semiconductor received its first round of inquiries. BYD Semiconductor went public smoothly and quickly, completing the spin-off and two rounds of financing in just over two months, and advancing the listing plan to the inquiry stage.

According to the audit report, BYD Semiconductor achieved revenue of 1.34 billion yuan, 1.096 billion yuan and 1.441 billion yuan respectively, and net profit of 104 million yuan, 85.1149 million yuan and 58,632,400 yuan respectively. In other words, although BYD semiconductor can be profitable for three years, net profit continues to decline, falling 18% in 2019 compared with 2018 and 31% in 2020 compared with 2019.

In addition, BYD Semiconductor's main customer is BYD. According to the sales of the top five customers during the reporting period, BYD Semiconductor's main customer is BYD Group, which accounts for more than 50% of revenue from 2018 to 2019, mainly selling products such as power semiconductors to it, while other customers account for less than 5% of revenue. In other words, BYD Semiconductor actually depends on BYD Group, although it is spun off and listed, it is actually still a "father-son enterprise".

In response, BYD responded, "the company will now promote the review of materials as soon as possible, as for whether it will change places, we are not clear."

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