Xiaomi-Backed AI Chipmaker Black Sesame Falls in Hong Kong Debut as AI Frenzy Wanes
- Company raised $133 million in IPO after pricing at low end
- Listing was second debut under city’s special-tech IPO rules
The listing ceremony for Black Sesame International at the Hong Kong Stock Exchange on Aug. 8.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
Shares of artificial intelligence chipmaker Black Sesame International Holding Ltd. tumbled as much as 35% on their debut, dealing a blow to Hong Kong’s efforts to lure more technology listings.
The Xiaomi Corp.-backed company’s shares fell to as low as HK$18.28 Thursday in the Hong Kong Stock Exchange and closed the day 27% lower. They had been priced at HK$28, the bottom of the marketed range in an initial public offering that raised HK$1.04 billion ($133 million).