Chinese autonomous driving chip firm Black Sesame International (2533) said on Tuesday that it will place 33.54 million new shares to a multi-strategy discretionary investment fund managed by Infini Capital Management, with net proceeds of HK$631 million.
The placing share price is HK$18.88, representing a discount of 2.1 percent compared to its closing price on Monday at HK$19.29.
The new shares accounted for approximately 4.75 percent of the enlarged number of issued shares, according to an exchange filing.
The chipmaker planned to use 50 percent of net proceeds into research and development over core technologies, including high-computing-power chips for autonomous driving and robotics applications, as well as edge AI chips for terminal devices.
Product commercialization and market expansion will use 40 percent of net proceeds, while the remaining 10 percent will be placed for general working capital purposes.
Black Sesame said the subscription can generate long-term strategic synergies between the two parties in terms of relevant capital, business, and other resources, including but not limited to areas such as artificial intelligence, robotics, and autonomous driving.
