15 June 2020

KWM advises Sequoia Capital on its investment in BYD Semiconductor

BYD Company Limited (BYD, stock code: 002594,01211.HK) announced on 26 May, 2020 that its subsidiary BYD Semiconductor Co., Ltd. (BYD Semiconductor) had introduced strategic investors including Sequoia Capital and China Capital Investment Group (CCIG) by way of increase of capital and share. Prior to the investment, the company was valued at RMB 7.5 billion. The investment introduced this time amounted to RMB 1.9 billion in total. Sequoia Capital, as the lead investor in the project, contributed a total of RMB 500 million to BYD Semiconductor through two fund companies under its management.

Founded in February, 1995, BYD’s business covers a wide range of industries such as electronics, automobile, new energy and rail transit. As the semiconductor business segment under BYD, BYD Semiconductor is a leading manufacturer of independent and controllable automotive- grade IGBT products in China. The IGBT products of BYD Semiconductor are widely applied in industries. It plans to boost simultaneously its semiconductor business development in the areas of industries, consumption, etc., with a focus on automotive-grade semiconductors. This investment has drawn many renowned investment companies including Sequoia Capital, CCIG, State Development & Investment Corporation (SDIC), which will help BYD Semiconductor expand its upstream and downstream industry chain, and enrich its third party client resource. In addition, the investment will help BYD Semiconductor enhance its capability in industrial research, drive business growth, and strengthen its competitive advantage in talents as well as R&D capability in an all-round manner.

Acting as the legal counsel of Sequoia Capital , King & Wood Mallesons (KWM) has been deeply engaged in all the transaction stages throughout the project from kick-off to closing, and provided professional, efficient services to the client in due diligence, negotiation and revision of transaction documents, and closing of the project.

The project was led by partners Lai Jianglin and Mo Haibo.

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