Black Sesame International (HKG:2533) completed the placing of 53,650,000 shares to at least six investors at HK$23.20 apiece to raise net proceeds of nearly HK$1.24 billion on Wednesday, a same-day Hong Kong bourse filing said.

The shares represent roughly 8.53% of the automated vehicle chip company's enlarged issued share capital.

The firm will use proceeds from the issue for the R&D of core and cutting-edge technologies, strategic investments, improvement of commercialization capability, and general working capital.