Chinese chipmaker Black Sesame raises $133M in IPO

The company priced its share at the lower end of the marketed range amid a global stock selloff, people familiar with the matter told Bloomberg.

Black Sesame’s deal, however, was still among the biggest share offerings in Hong Kong this year.

The Wuhan-based company, backed by electronics designer and manufacturer Xiaomi, is said to be a Chinese firm that can compete with U.S. chipmakers Nvidia and Qualcomm.

Among its shareholders are automaker Guangzhou Automobile Group, auto-parts supplier Ningbo Joyson Electronic, tech giant Tencent Holdings and automaker SAIC Motor Corp.

The company’s revenue nearly doubled year on year to CNY312.4 million (US$43.71 million) in 2023, SCMP reported.

Hong Kong IPOs have raised $2.31 billion so far this year, down 12.5% from the same period in 2023.