(Yicai Global) Dec. 18 -- StarPower Semiconductor will build a production line for automotive semiconductor modules for CNY229 million (USD35.1 million) to meet new energy vehicles’ demand for semiconductor products, the firm announced.

The firm’s shares [SHA:603290] were up 0.19 percent at CNY270.57 (USD41.37) mid afternoon after jumping nearly 4 percent on the news this morning.

The company will put up the production line for silicon carbide power modules -- third-generation semiconductor power device -- in its existing plant. The new facility is set to go into operation within 24 months after its start, the power semiconductor chip and module developer based in Jiaxing just outside Shanghai said in an announcement yesterday.

A semiconductor power module refers to a module combination of power and electronic components.

The production facility will help the firm expand its NEV market and set a solid foundation for it to extend its market share, per the announcement.

The company listed on the Shanghai Stock Exchange in early February and its shares have been on the rise over the nearly 11 months since then. They are now up around 2,043 percent from its initial public offering price of CNY12.74 (USD1.95).

Editor: Ben Armour, Xiao Yi