TSMC-linked China auto chip maker plunges over 30% in Hong Kong IPO
HONG KONG -- Black Sesame International, an automotive chip maker from China that fully relies on Taiwan Semiconductor Manufacturing Co. (TSMC) for its production, made a dismal debut on the Hong Kong Exchange on Thursday, plunging below its initial public offering price.
The Chinese company's shares opened at HK$18.80, down 33% from the IPO price of HK$28. The pricing had been set at the lowest end of a range up to HK$30.30.
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