BYD Chip Unit IPO Stalled as China Regulator Probes Adviser
- Shenzhen Stock Exchange says it’s suspending review of IPO
- Setback comes weeks after bourse accepted IPO application
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The Shenzhen Stock Exchange said it’s suspended reviewing a share-sale application by BYD Co.’s chip unit following a regulatory probe of an adviser to the proposed initial public offering.
Beijing-based Tian Yuan Law Firm is being investigated by China Securities Regulatory Commission, according to an update dated Aug. 18 on the bourse’s website. The board of the Shenzhen-based electric-vehicle maker approved the spin-off of BYD Semiconductor Co. in May, while the exchange accepted the IPO application for review in June.