Samsung has bought 52.3 million BYD shares for 449 million US dollars

Shanghai Samsung Semiconductor has bought 52.3 million BYD shares at 57.4 Yuan apiece in a private placement for a ‘smooth’ entry on Chinese EV market.

8/11/16 5:00 am chumakdenis 1

As reported earlier by Bloomberg, Samsung has bought plenty of BYD shares – plenty is kind of a word that probably doesn’t fit in here due to the fact that half a billion US dollars is hella lot of money.

Such a serious step was taken for an easier path to entry in selling EV batteries in China.

As far as you know, China has very specific and unique market and something that is incredibly popular in Europe and US might not interest anyone in the PRC.

Anyway, we are getting a little bit off-topic.

Let’s delve into details regarding Samsung and BYD.

Samsung and BYD agreement

Shanghai Samsung Semiconductor has bought 52.3 million BYD shares at 57.4 Yuan apiece in a private placement that raised 14.5 billion Yuan in total from six investors, according to a statement to Shenzhen stock exchange.

The fundraising will dilute billionaire Chairman Wang Chuanfu’s stake by about 1.9 percentage points to 18.8 percent.

Not approved by China

Samsung pursued a stake in BYD after its affiliate was among foreign battery makers left off a list of suppliers approved by China, where sales of electric vehicles are surging and the government has speed up construction of charging points. The world’s largest maker of phones and memory chips said last week investing in BYD would foster Samsung’s semiconductor business for cars.

BYD will use the proceeds from the placement to fund an expansion in battery production and research and development into the new-energy vehicles.

China’s government wants sales of electric vehicles to exceed 3 million units a year by 2025, after surpassing the U.S. last year to become the global market leader.

Filling the gaps

Electronics makers like Samsung are competing for a slice of automotive sales as carmakers use more electronic sensors and displays in their push for more automated vehicles. For Samsung, the foray into the automotive industry is also a way to help make up for declining growth in hardware businesses such as televisions and smartphones.

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Samsung formed an alliance with Volkswagen AG’s Audi unit to provide memory chips for the company’s dashboard, infotainment and advanced driver assistance applications.

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