Black Sesame Technologies
| Company type | Public |
|---|---|
| Industry | Semiconductor, Artificial intelligence |
| Founded | 2016 |
| Founder | Shan Jizhang, Liu Weihong |
| Headquarters | Wuhan , China |
Area served | Global |
Key people | Shan Jizhang, Liu Weihong |
| Products | AI processors for self-driving cars and ADAS technologies |
| Revenue | CNY 474.25 million (2024) |
| CNY 313.32 million (2024) | |
| Total assets | CNY 2.32 billion (2024) |
Number of employees | 973 (2024) |
Black Sesame Technologies (BST; ) is a Chinese enterprise specializing in AI chip development, headquartered in Wuhan. The company focuses on creating AI processors for self-driving car applications and ADAS technologies.
Background
Established in 2016 by Shan Jizhang and Liu Weihong, BST benefits from Shan’s extensive two decades of experience at OmniVision Technologies and Liu’s background in the automotive sector with General Motors and Bosch. Prominent investors backing BST include Tencent, Xiaomi, Geely, NIO, SK Group, and Northern Light Venture Capital.
BST started generating income in 2020, recording revenues of CNY 165.4 million. By 2024, its revenue had increased to CNY 474.25 million, with net profits amounting to CNY 313.32 million and total assets valued at CNY 2.32 billion. The workforce numbered 973 employees as of 2024.
In March 2023, the Hong Kong Stock Exchange introduced Chapter 18C, a regulation facilitating listings for early-stage technology firms with limited sales. BST submitted its application under this framework in July 2023, holding a market share of 2.2%, which is modest compared to competitors such as Mobileye, Nvidia, and Texas Instruments. Although BST reported a net loss of CNY 4.86 billion in 2023—a 76% increase year-over-year—it was still regarded as a strategic player for China’s ambitions in domestic chip production amid ongoing U.S. restrictions on Chinese autonomous vehicle software.
BST’s initial public offering took place on 8 August 2024, raising HK$950 million. The IPO was priced at the lower end of expectations and was oversubscribed by retail investors (2.5 times) and global investors (1.1 times). Shares debuted at HK$18.80, representing a 33% decline from the HK$28 IPO price, closing at HK$20.45 on the first day. This made BST the second company to go public under Chapter 18C on the HKSE.
Business operations
Black Sesame Technologies designs solutions for autonomous driving, including SoCs and software algorithms. In 2023, it was ranked as the third-largest global supplier of automotive-grade high-performance computing SoCs by Frost & Sullivan.
The company depends exclusively on TSMC for its SoC manufacturing, utilizing TSMC’s 7nm process technology produced at its Taiwan facility. While this collaboration offers competitive advantages, BST acknowledges the vulnerability associated with sole reliance on one supplier.
Major clients comprise Baidu, Geely, Dongfeng Motor Corporation, and Bosch.