BYD on Thursday won preliminary approval from the Shenzhen stock exchange for the initial public offering of its semiconductor arm, which could raise as much as RMB 2 billion ($314.4 million). BYD Semiconductor, the chip spin-off of the electric vehicle giant, filed an application to list in Shenzhen last May, but suspended the listing plan in August due to a regulatory probe into the law firm advising the company on the deal. The company expected net profit to jump by up to 574% year-on-year to RMB 395 million for 2021 thanks to an explosive growth in EV sales amid a global chip shortage. [BYD release, in Chinese]
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