GF Securities (Hong Kong) Helps Black Sesame Go Public in Hong Kong

2024-08-08 10:03 GF Securities (Hong Kong)

On August 8, 2024, Black Sesame International Holding Limited (stock code: 2533.HK) (hereinafter referred to as the "Company") was successfully listed on the Main Board of the Hong Kong Stock Exchange, with GF Securities (Hong Kong) acting as the joint bookrunner for this issuance. The Company's global offering this time accounted for 6.50% of the enlarged total share capital, with an issue price of HK$28.00 per share, and the total proceeds amounted to approximately HK$1.036 billion.

The Hong Kong public offering was oversubscribed 2.52 times, and the international placement was oversubscribed 1.05 times. According to the prospectus, the Company plans to use approximately 80% of the net proceeds from the global offering for research and development, approximately 10% for enhancing the Company's commercialization capabilities, and approximately 10% for general corporate purposes and working capital needs.
Black Sesame International Holding Limited was established in 2016 and is headquartered in Wuhan. It is a supplier of automotive-grade computing SoCs and smart automotive solutions based on SoCs, aiming to drive the future of mobility with its chips. SoCs are circuits that integrate central processing units, memory, I/O interfaces, and other key electronic components. Automotive-grade computing SoCs empower key functional capabilities of smart vehicles. The smart automotive solutions based on SoCs integrate SoCs with the Company's self-developed ISP and NPU IP cores, middleware, and supporting software to meet a wide range of customer needs.
The Company began mass-producing and delivering the Huashan A1000/A1000L SoC in 2022, with over 25,000 units shipped. As of December 31, 2023, the total shipment of the Company's flagship A1000 series SoCs exceeded 152,000 units. According to Frost & Sullivan, the Company is the world's third-largest supplier of automotive-grade high-performance SoCs by 2023 shipment volume. As of June 4, 2024, the Company has received intention orders for 23 models from 16 automotive OEMs and Tier-1 suppliers, with the customer base growing from 45 in 2021 to 85 in 2023.
GF Securities (Hong Kong), with its rich project experience and solid professional capabilities, has actively participated in the Company's market promotion and effectively established communication channels with investors during the key stages and time nodes of the Company's listing. GF Securities (Hong Kong) has also leveraged its platform resources and advantages to efficiently participate in the bookbuilding process, helping the Company successfully complete the bookbuilding coverage and IPO.
Going forward, GF Securities (Hong Kong) will continue to provide high-quality investment banking services across the entire industry chain and lifecycle, with an international perspective, to help more outstanding Chinese companies explore the overseas capital markets.
 
Note: "GF Securities (Hong Kong)" referred to in this text includes GF Holdings (Hong Kong) Corporation Limited and/or its relevant subsidiaries established in Hong Kong.
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