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Black Sesame Technologies (2533.HK), a leading provider of AI chips for smart vehicles, debuted on the Hong Kong Stock Exchange on August 8, 2024.

The company's stock price fell 27% to HK$20.45 on its first trading day, Thursday, compared to its IPO price of HK$28, giving the company a market capitalization of HK$11.6 billion (US$1.5 billion).

The firm's initial public offering (IPO) is the second under the local stock exchange's Chapter 18C rule, which eases requirements for specialist technology firms. Black Sesame raised HK$1.04 billion from the sale of 37 million shares, one of the biggest deals this year after tea shop chain Sichuan Baicha Baidao and plane assembler Cirrus Aircraft.

Founded in 2016, Black Sesame is a provider of automotive-grade intelligent vehicle computing chips and chip-based solutions. The company has established research and sales centers in Wuhan, Silicon Valley, Shanghai, Chengdu, Shenzhen, Chongqing, and Singapore.

Since its inception, Black Sesame Technologies has attracted substantial investment from major industry players such as Xiaomi, NIO, Tencent, Geely, and Bosch, raising nearly $700 million in total. The company has been actively implementing solutions for L2 and L3 level Advanced Driver Assistance Systems (ADAS) and autonomous driving perception systems

The company’s financial health is evident in its revenue growth over the past three years. In 2021, 2022, and 2023, the company reported revenues of 60.5 million, 165 million, and 312 million yuan, respectively. This represents a fourfold increase in revenue over three years.

The company’s customer base has also seen significant growth. By the end of 2023, Black Sesame Technologies had established partnerships with more than 49 automotive Original Equipment Manufacturers (OEMs) and tier-one suppliers, including industry leaders like FAW Group, Dongfeng Group, Jiang Auto Group, HiPhi, Ecarx Technology, Baidu, Bosch, ZF, and Marelli. As of June 30, 2024, the company had a backlog of approximately 160 million yuan in orders.

Editor：Vicky

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