Semiconductor Company Halts IPO

China Business News, 7/03/08

Citing worsening market conditions, on July 2, BCD Semiconductor Manufacturing Limited (BCD) halted its plans to IPO in the United States. The company completed its second round of funding in 2002, and got a third round in April 2004 from Redpoint Ventures, Venrock Associates, and JAFCO. The company currently has USD 16.6 mln in debt, but earned USD 69.4 mln in the first three quarters of 2007, showing 40% growth over the previous year. The company's primary products target the fast-growing power management chip market.

In late January 2008, BCD applied to the US Securities and Exchange Commission (SEC) for permission to issue USD 6 mln in American Depository Shares (ADS), at a price of USD 9 to USD 11 per share.

Keywords: funding Venrock Associates JAFCO 2008 BCD Semiconductor hardware investment IPO Redpoint Ventures SEC semiconductor ADS

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