Black Sesame Intelligent Allocation Matters Subject to Change! Allocation Agent Withdraws

Recently, the “First Auto-Driving Chip Stock” Black Sesame Intelligence’s placement has encountered changes.

On March 9, Black Sesame Intelligence announced that the subscribers for the placement shares are Wuji Capital Management Limited (hereinafter referred to as “Wuji Capital”) and an investment fund under InfiniCapitalManagement (ME) Limited (hereinafter referred to as “Wuji Capital Middle East”).

On March 19, Black Sesame Intelligence announced that on March 18, the company had terminated the placement agency agreements with China International Capital Corporation (CICC) and Huatai International.

In response, China Securities Journal contacted Black Sesame Intelligence for verification. They replied: “The termination of the placement agency is only an adjustment in the cooperation between the company and the placement agents, aimed at optimizing the transaction model and ensuring smooth financing. The placement will continue as planned, and Wuji Capital’s subscription remains normal.” As of press time, Wuji Capital and CICC had not responded.

CICC and Huatai International withdraw from placement agency roles

Black Sesame Intelligence continues to push forward with the placement

On March 9, Black Sesame Intelligence announced a placement plan, proposing to issue approximately 33.54 million new shares to Wuji Capital and Wuji Capital Middle East at HKD 18.88 per share, raising a net amount of about HKD 631 million, with CICC and Huatai International acting as placement agents.

The announcement states that 50% of the raised funds will be used for core technology R&D, 40% for product commercialization and market expansion, and 10% for daily operations. The funds will mainly be used to enhance R&D of autonomous driving and robotics chips and to expand overseas.

On March 19, Black Sesame Intelligence announced that it had terminated the placement agreements with CICC and Huatai International.

Regarding the reasons for termination, Black Sesame Intelligence told China Securities Journal: “The termination of the placement agency is only an adjustment in the cooperation between the company and the agents, aimed at optimizing the transaction process and ensuring smooth financing. The company is committed to continuing this HKD 632 million financing deal.”

A company insider stated that since the subscription agreement with Wuji Capital remains valid and legally binding, the company has decided to directly complete the subscription with Wuji Capital to improve transaction efficiency and reduce intermediary costs, without appointing new placement agents. Accordingly, the net proceeds from this subscription will be adjusted from the previously disclosed HKD 631 million to about HKD 632 million, mainly due to the elimination of placement agent fees. This adjustment will not affect the company’s overall financing goals or subsequent fund usage.

Public information shows that Wuji Capital is a well-known investment firm in Hong Kong. Wuji Capital Middle East obtained a financial license in Abu Dhabi in April 2025 and manages multiple primary and secondary funds, focusing on long-term investments in the Middle East with strong capital backing.

A lawyer familiar with the Hong Kong stock market told reporters that generally, placement agency agreements in Hong Kong stocks usually stipulate that “they cannot be unilaterally terminated except under significant special circumstances,” and that brokers are obliged to “use their best efforts to facilitate the placement.” It is rare for both CICC and Huatai International to withdraw from a placement project.

Second financing of the year

Black Sesame Intelligence’s self-sustaining capacity needs strengthening

This is Black Sesame Intelligence’s second financing this year.

On August 8, 2024, Black Sesame Intelligence listed on the Hong Kong Stock Exchange, becoming the “First Auto-Driving Chip Stock,” raising HKD 1.036 billion in its initial public offering. Less than six months after listing, in February 2025, Black Sesame Intelligence announced a placement of new shares at HKD 23.20 per share, raising a total of HKD 1.245 billion.

On January 8, this year, Black Sesame Intelligence announced that it had subscribed for new shares through general authorization, with entities controlled by Wu Yuefeng Tech Innovation participating. The financing was advised by CICC and CITIC Securities; on March 6, the transaction was completed, issuing 28.543 million shares at HKD 18.88 per share, raising HKD 539 million.

Ninety percent of the funds raised from this issuance will be used for strategic mergers and acquisitions and investments, focusing on AI chips, upstream and downstream semiconductor industries, robotics, and related advanced technology companies or assets. The remaining 10% will be used to supplement the company’s general operating funds. In less than two years since its listing, Black Sesame Intelligence has raised a total of HKD 2.8 billion.