By P.R. Venkat
BYD Co. said its semiconductor unit has received a 1.9 billion yuan ($266.3 million) cash injection from a group of 14 investors.
The investment in BYD Semiconductor Co. values the firm at CNY7.5 billion, BYD Co. said Tuesday.
The investors will collectively hold a 20.22% stake in the semiconductor unit, with the remainder held by BYD Co.
The investors include Shenzhen Sequoia Hanchen Equity Investment Partnership, Zhongjin Pucheng Investment, Unicom Zhongjin Innovative Industry Equity Investment and Advanced Manufacturing Industry Investment Fund.
The company will use the funds for working capital needs and research and development.
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