Xiaomi-backed AI chipmaker Black Sesame Technologies has priced its Hong Kong IPO at the lower end of its marketed range, raising approximately $133 million. The Wuhan-based company, which designs chips for self-driving systems, set its share price between HK$28 and HK$30.3, ultimately pricing at the bottom of the range. Upon its debut on the Hong Kong Stock Exchange on August 8, Black Sesame's stock price fell sharply, dropping as much as 35% below its issue price to HK$18.5 at its lowest. This significant decline highlights the challenging market conditions and deals a blow to Hong Kong's efforts to attract more technology listings. Black Sesame relies entirely on TSMC for its chip production.