Black Sesame International Holding, a Chinese intelligent vehicle solutions provider, witnessed a massive 49.79% plummet in its stock price during the morning trading session on Monday.
The stock nosedived to HK$19.04, its lowest level since September 16, 2024, after the company clarified its collaboration with BYD Co, a major Chinese automaker. This clarification contradicted earlier reports that suggested BYD was using Black Sesame's chips, which had fueled a 55.5% surge in Black Sesame's stock price to a record high on Friday.
Black Sesame stated that it has long-term collaborations with key Chinese automotive original equipment manufacturers, including BYD Co, but there has been no material change regarding the collaboration. This clarification dampened investor enthusiasm, leading to the sharp sell-off in Black Sesame's shares.
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