Black Sesame Technologies goes public on Hong Kong Stock Exchange

Beijing (Gasgoo)- On August 8, Black Sesame Technologies officially went public on the main board of the Hong Kong Stock Exchange, under the stock code 02533.HK, becoming the first Chinese autonomous driving chip company to do so.

Photo credit: Black Sesame Technologies

According to an announcement from Black Sesame Technologies on August 7, the IPO price was set at HKD 28 per share. After deducting listing expenses of HKD 85.2 million, the net proceeds raised amounted to HKD 951 million.

The company further disclosed that the net proceeds from the IPO will be allocated to different business aspects.

Approximately 80% will be used for R&D over the next five years. Specifically, about 30% will be allocated to developing the R&D team for automotive-grade SoCs, 25% for developing and upgrading the company's intelligent automotive software platform, 20% for procuring materials, tape-out services, and software for SoC and automotive-grade IP cores, and 5% for developing autonomous driving solutions, such as the next-generation V2X edge computing solution and the next-generation commercial vehicle active safety system Patronus.

About 10% of the funds will be used to enhance the Black Sesame Technologies’ commercialization capabilities. Then, another 10% will be allocated to working capital and general corporate purposes, particularly for purchasing inventory for SoC mass production.

Founded in 2016, Black Sesame Technologies is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider. The company has launched the Huashan and Wudang series of cross-domain computing chips and is developing next-generation automotive-grade SoC products to meet the diverse and complex needs of advanced intelligent automotive functions. Additionally, Black Sesame Technologies is expanding its capabilities in automotive-grade chips, including further developing and commercializing the Wudang series of cross-domain SoC products.