The introduction of the Chapter 18C listing regime for Specialist Technology Companies in 2023 has acted as a magnet for tech enterprises seeking public debut. Black Sesame Technologies (02533), a leading provider in automotive-grade computing platform and solutions for smart vehicles. Chief Marketing Officer of Black Sesame Technologies, Mr Rock Yang, describes Hong Kong’s highly internationalised and market-oriented environment as a “core nexus” linking China’s tech sector with the world. He asserts that the city is a vital pivot for “hard tech” firms to scale globally, which was a decisive factor in the company’s decision to list in Hong Kong.
Black Sesame Technologies’ SoC-based solutions provide comprehensive, full-stack autonomous driving capabilities
Discussing the company’s global expansion strategy, Mr Yang noted in an interview with Ta Kung Pao that the Chinese Mainland currently boasts a comprehensive and rapidly evolving supply chain in AI and other tech sectors, holding a leadership position on the world stage. Many of these enterprises are eager to contribute to and serve international markets, and Hong Kong offers a unique suite of advantages to facilitate this expansion.
First and foremost, Hong Kong is a tailor-made fit for enterprises with global aspirations, serving as a springboard to broader overseas markets — particularly through its prowess in capital matching and its role as a premier gateway to global liquidity.
Advantages in Marketisation and Transparency
Furthermore, Hong Kong serves as a central hub for accessing international capital. Yang pointed out that listing in Hong Kong allows companies to tap into not only Chinese Mainland capital flowing southwards but more importantly, a vast pool of international investors. This facilitates a seamless alignment with global standards. “The Hong Kong market holds a distinct edge in terms of market-driven dynamics and transparency,” he remarked. The city’s deep capital reserves provide essential fuel for “hard tech” enterprises that have already secured a market foothold and are entering a high-growth phase.
The Chapter 18C regime, launched by the HKEX on 31 March 2023, is a bespoke listing framework for specialist technology companies. It aims to attract firms with significant potential that are still in the early stages of commercialisation. Black Sesame Technologies was among the first to seize this opportunity.
Yang noted that prior to the inception of Chapter 18C, listing a “hard tech” firm on the Main Board was an “almost impossible task”, largely due to the hard requirement of HK$500 million revenue. Given that “hard tech” involves long R&D cycles and the time-intensive process of achieving “zero-to-one” breakthroughs, many promising firms found this requirement a bridge too far.
Fortunately, Chapter 18C has lowered the bar regarding revenue while sharpening the focus on qualitative benchmarks, such as industry standing, investor validation, and market valuation. Yang described the regime as exceptionally “hard-tech friendly,” adding that as one of the pioneers listing under this chapter, the framework is thoughtfully designed. The market response has been telling: an increasing number of industry leaders in various niche sectors are choosing the 18C route, underscoring the efficacy of the policy.
Chinese Mainland Tech Peers Seeking Best Practices
Beyond its capital market presence, Black Sesame Technologies signed a Memorandum of Understanding (MoU) with the Hong Kong Science and Technology Parks Corporation in November 2023. This collaboration led to the establishment of the “Black Sesame Hong Kong Technology Innovation R&D Centre” at the Science Park. With a planned investment of HK$780 million, the company intends to expand its local R&D team to 100 specialists, focusing on high-performance, automotive-grade intelligent vehicle computing platforms.
A Decade of Innovation: A Premier Global Provider of Self-Driving Solutions
Founded in 2016 and listed on the Hong Kong Main Board in 2024, Black Sesame Technologies is a pre-eminent provider of automotive-grade computing SoCs and SoC-based solutions. Starting with the “Huashan” series for autonomous driving, the company introduced the “Wudang” series of cross-domain chips in 2023 to meet the increasingly sophisticated demands of intelligent vehicles, while simultaneously diversifying into new application fields.
The company’s proprietary technology equips intelligent vehicles with mission-critical capabilities, including autonomous driving, smart cockpits, advanced imaging, and interconnection. Driven by in-house developed IP cores, algorithms, and support software, their SoC-based solutions offer full-stack capabilities to meet a broad spectrum of customer requirements.
Leveraging Capital as a Link to Foster Industrial Synergy in Hong Kong
In recent years, the HKSAR Government has made innovation and technology a major priority, committing over HK$200 billion to the sector. The Hong Kong Investment Corporation (HKIC) has also been active in strategic sectors such as hard tech, life sciences, new energy and green energy. Yang observed that while the HKIC often focuses on startups, many established tech firms have matured beyond the early stages and possess robust technical and market strength that still require capital to maintain their strength in international markets. He suggests that HKIC could cast a wider net to include growth-stage industry leaders, helping these leading firms grow and compete sustainably in international markets.
Yang emphasised that Hong Kong’s wealth of global capital can do more than just boost valuations of enterprises from the 10-billion level to 50 billion, and even to the 100 billion level; it can generate superior returns for investors. On the industrial level, he noted that current collaborations often focus on linking universities, research institutions, and enterprises. He suggests that capital should be used as a bond to foster industrial synergy. By encouraging key enterprises already settled in Hong Kong to engage in horizontal collaboration, the city can serve as a platform for these leaders to join forces and capture overseas markets more effectively.
InvestHK Offering Pivotal Support
Yang spoke highly of the support received from InvestHK. He noted that the department provided pivotal support throughout the company’s landing phase and maintains proactive communication, serving as a vital window for the company to stay abreast of government policies. Looking ahead, he hopes to leverage InvestHK’s platform to tap into more overseas market resources and forge alliances with potential global partners.
Furthermore, to better support Chinese Mainland enterprises in going global, the HKSAR Government has established a dedicated GoGlobal Task Force. On this, Mr Yang proposed two core functions: first, the integration of overseas industrial resources to help firms connect with clients and partners; and second, the provision of capital-level support. Expanding abroad is often a process of “testing the waters” and requires a significant capital safety net. By synergising industrial resources with capital backing, Hong Kong can truly empower enterprises to execute their global blueprints with efficiency.
08.05.2026
