Black Sesame Intelligence is officially listed on the Hong Kong Stock Exchange with the stock code "02533" and an offering price of HK$28 per share. Located at the lowest end of the issuance range of HK$28 to HK$30.3, 37 million shares were sold, raising a total of HK$1.036 billion. The Hong Kong public offering was oversubscribed 1.5 times, and the first-hand lot rate was 100%. Black Sesame Intelligence deducted the listing expenses payable of HK$85.2 million, and the net fund raised was HK$951 million. The company's opening price was HK$18.8, down 32.86% from the issue price. Based on the opening price, the company's market value was HK$10.7 billion.

What kind of company is Black Sesame Intelligence?

Black Sesame Intelligence was founded in 2016 and is headquartered in Wuhan. It is a supplier of automotive-grade smart car computing SoC and SoC-based solutions. It will begin mass production of Huashan A1000/A1000LSoC in 2022. As of December 31, 2022, Black Sesame Intelligence The total shipment volume of Smart’s flagship A1000 series SoC exceeds 25,000 units.

Black Sesame Intelligence is the first company to formally submit A-1 listing documents under the Hong Kong Stock Exchange's 18C Rules since they came into effect on March 31, 2023. This has become the first domestic autonomous driving computing chip stock in China. This is also another listed company born in Wuhan in 2024 after Lotus, Dameng, Xingjing Weiwei and Wuhan Organic.

Black Sesame Intelligence lost nearly 10 billion in three years

According to the company's annual report，in the past three years, the total profit for the year attributable to equity holders of Black Sesame Intelligence was -9.966 billion yuan, with losses of nearly 10 billion for three consecutive years. In 2021, 2022, 2023 and the first three months of 2024, the company's revenue was 60.504 million yuan, 165 million yuan, 312 million yuan, and 27.473 million yuan respectively, and the profits for the year attributable to the company's equity holders were - 23.57 billion, -2.754 billion yuan, -4.855 billion yuan, and 1.203 billion yuan. The adjusted net losses were 614 million yuan, 700 million yuan, 1.254 billion yuan, and 320 million yuan respectively. The net cash used in operating activities was 639 million yuan respectively. yuan, 755 million yuan, 1.058 billion yuan, 282 million yuan.

Black Sesame Smart Financing Current Situation

According to publicly available data，since its establishment, Black Sesame Intelligence has received investment from Northern Light Venture Capital, SAIC Motor, China Merchants Venture Capital, Ocean Pine Capital, Tencent, Boyuan Capital, Dongfeng Motor Group, Xiaomi Yangtze River Industry Fund, NIO Capital, Geely, Wu Yuefeng Capital, Bank of China Investment, SDIC Investment, Legend Venture Capital Dawu Venture Capital, Heyu Capital and other investments.

Black Sesame Wisdom’s B+ round of financing in 2021 is US$118 million, with a valuation of US$1 billion and a cost per share of US$2.3972; in July 2022, it will complete Series C financing of US$236 million, with a valuation of US$1.257 billion and a cost per share. It was US$3.0655; it completed the C+ round of financing of US$218 million in June 2023, with a pre-money valuation of US$2 billion and a cost per share of US$3.473268. So far, Black Sesame Intelligence has completed all rounds B+, C and C+ of financing, with a total scale of US$572 million.