China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO

Black Sesame International Holding Ltd., a Xiaomi-backed designer of artificial intelligence-based self-driving computing chips, has filed for a Hong Kong IPO in pursuit of new funding as the global auto industry accelerates its transition toward electrification and automated driving.

Black Sesame, which also counts Tencent Holdings Ltd. and SAIC Motor Corp. Ltd. among its major investors, plans to use the IPO proceeds mainly to develop system-on-a-chip (SoC) designs and software for intelligent vehicles in the next three years and boost its commercialization, according to its prospectus submitted to the Hong Kong Stock Exchange on Friday.