Shanghai (ZXZC)- BYD Semiconductor, the semiconductor unit of BYD Company Limited (BYD), has recently resumed its IPO process, which was halted in mid-August due to a regulatory investigation into its advisory law firm, according to a local media outlet.

Photo credit: BYD Semiconductor

BYD Semiconductor said it did not replace the advisor, namely, the Beijing-based Tian Yuan Law Firm, as its listing process restarted after the latter filed relevant documents required by the China Securities Regulatory Commission (CSRC).

Amid the industry-wide chip shortage, BYD Semiconductor is facing a good opportunity to go public. However, the company has not revealed when it will start share sale in the public market.

BYD banked 2.7 billion yuan ($418.222 million) from 34 external investors during two rounds of fundraising last year for BYD Semiconductor, previously known as BYD Microelectronics. Its ownership of the business fell to 72.3% as investors including Sequoia Capital China, Xiaomi, and Lenovo came on board. The funding rounds made BYD Semiconductor valued at 10.2 billion yuan ($1.58 billion), rising from the pre-investment valuation of 7.5 billion yuan ($1.162 billion).

Shenzhen Stock Exchange accepted BYD Semiconductor's IPO application for review in late June this year and made the first inquiry on July 25.