According to Hong Kong media reports, Mainland-based autonomous driving computing chip developer Black Sesame Intelligence Technology, which is also Hong Kong’s first specialized and advanced technology enterprise to apply for listing in Hong Kong under the Chapter 18C rules, signed a Memorandum of Understanding (MOU) with the Hong Kong Science Park yesterday (November 6) to establish an innovative R&D center in the park. The company is expected to achieve a total investment of US$100 million by 2027 and expand its Hong Kong R&D team to 100 members. According to Hong Kong media reports, Mainland-based autonomous driving computing chip developer Black Sesame Intelligence Technology, which is also Hong Kong’s first specialized and advanced technology enterprise to apply for listing in Hong Kong under the Chapter 18C rules, signed a Memorandum of Understanding (MOU) with the Hong Kong Science Park yesterday (November 6) to establish an innovative R&D center in the park. The company is expected to achieve a total investment of US$100 million by 2027 and expand its Hong Kong R&D team to 100 members. When asked whether this investment would be interrupted if the company’s application for listing in Hong Kong under Chapter 18C fails, Yang Yuxin, Chief Marketing Officer of Black Sesame Intelligence Technology, stated that the two are not directly related. He pointed out that this cooperation is based on the internal business development needs of the company, and earlier disclosed data shows that the company has sufficient funds to support its investment in Hong Kong. In addition, he mentioned that the company hopes to expand its future business development through investment in Hong Kong, adding that when the company matures to a certain stage, it will naturally take the next step, and expressed confidence in the company’s successful listing. Yang Yuxin stated that the group’s target for this year’s chip shipment volume is 100,000 units, compared to 25,000 units by the end of last year. He noted that the company’s short-term goal is to focus on cooperating with Mainland domestic automobile manufacturers for Mainland consumers, and is preparing for the second phase of medium-term development: on one hand, following Mainland automobile manufacturers into overseas markets, and on the other hand, focusing on developing the local market with Mainland automobile manufacturers. He added that in the long run, the company hopes to develop into a global market-oriented enterprise. Black Sesame Intelligence submitted its prospectus on June 30, 2023, becoming the first company to file a listing application under the Chapter 18C specialized and advanced technology company listing rules of the Hong Kong Stock Exchange since the rules officially took effect on March 31, 2023. Founded in 2016, Black Sesame Intelligence is a leading supplier of automotive-grade intelligent automotive computing SoCs and SoC-based solutions. It mainly equips intelligent vehicles with key mission capabilities including autonomous driving, intelligent cockpits, advanced imaging and connectivity, etc. Through independently developed IP cores, algorithms and software-driven SoCs as well as SoC-based solutions, Black Sesame Intelligence provides full-stack autonomous driving capabilities to meet the diverse needs of its customers. Starting with the Huashan series of high-computing power SoCs for autonomous driving, the company recently launched the Wudang series of cross-domain SoCs to meet the more diverse and complex demands of advanced functions in intelligent vehicles. According to data from Frost & Sullivan, Black Sesame Intelligence was the world’s third-largest supplier in terms of shipment volume of automotive-grade high-computing power SoCs in 2022. The prospectus shows that Black Sesame Intelligence has received 10 rounds of pre-IPO investments. In its latest round, Series C+, its pre-money implied valuation reached US$2 billion. Its leading senior independent investors include Northern Light Venture Capital and HaiSong Capital; other senior independent investors include Wuyue Peak Capital, Xiaomi Corporation, Tencent Holdings Limited, BOC Investment, SDIC Investment, Geely Holding Group, SAIC Motor Corporation Limited, etc. Link to Black Sesame Intelligence’s prospectus: https://www1.hkexnews.hk/app/sehk/2023/105498/documents/sehk23063000069_c.pdf © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are under the same actual control and comply with the laws of Hong Kong and mainland China.