Black Sesame Technologies' Listing in HKSE with mixed results and its business overview

TapTechNews August 8th news, The first domestic intelligent vehicle driving chip stock Black Sesame Technologies encountered a heavy setback when it was listed on the Hong Kong Stock Exchange. The opening share price was HK$28 (TapTechNews note: currently about RMB 26), and the closing share price dropped by 26.96% (currently HK$20.45), and the market capitalization fell to about HK$11.64 billion (currently about RMB 10.706 billion).

Before this IPO, Black Sesame Technologies had completed 10 rounds of financing, with a cumulative financing amount of about US$700 million (currently about RMB 5.02 billion), and the investors include Xiaomi, Tencent, Geely, SAIC Group, NIO Capital, etc.

The listing documents of Black Sesame Technologies show that in the past 3 years, the total profit of the equity holders of Black Sesame Technologies in the year is -RMB 9.966 billion.

In 2021, 2022, 2023, and the first three months of 2024, the revenues of Black Sesame Technologies were RMB 60.504 million, RMB 165 million, RMB 312 million, and RMB 27.473 million, respectively. The profits of the equity holders in the year were -RMB 2.357 billion, -RMB 2.754 billion, -RMB 4.855 billion, and RMB 1.203 billion, respectively. The adjusted net loss was RMB 614 million, RMB 700 million, RMB 1.254 billion, and RMB 32 million, respectively, and the net cash used in operating activities was RMB 639 million, RMB 755 million, RMB 1.058 billion, and RMB 282 million, respectively.

Black Sesame Technologies has currently launched the Huashan and Wudang series of cross-domain computing chips and has developed the next-generation automotive-grade SoC product. Black Sesame Technologies' Huashan A1000 chip has been installed on the Dongfeng Yipai eπ007 sedan.