Stock Track | Black Sesame Shares Plunge Over 31% in Rocky Hong Kong Trading Debut

Stock Track08-08

Black Sesame International Holdings, a Chinese chipmaker specializing in autonomous driving technology, experienced a turbulent start to its public trading journey on the Hong Kong Stock Exchange. The company's shares plummeted by a staggering 31.43% on its debut day, closing at HK$21.05 after opening at HK$18.80, significantly lower than its initial public offering (IPO) price of HK$28.00.

The sharp decline in Black Sesame's stock price can be attributed to several factors. Firstly, the company priced its IPO shares at the bottom of the indicative price range, raising HK$950.8 million in net proceeds. This pricing strategy may have signaled weak investor demand, potentially due to concerns over the company's financial performance and growth prospects.

According to the company's filings, Black Sesame reported a widening net loss of 4.86 billion yuan (approximately US$680 million) in the previous year, despite nearly doubling its revenue to 312.4 million yuan (US$43.5 million). The autonomous driving chip market is highly competitive, with Black Sesame facing formidable rivals holding larger market shares, as highlighted by data from research firm Frost & Sullivan.

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