On June 30, Black Sesame Technologies, an auto System on Chip (SoC) company, filed an IPO application to the Hong Kong stock exchange. CICC and Huatai International jointly back the process. According to the prospectus, the funds that have been raised will primarily be allocated to research and development activities over the next three years. About half of the funds will be dedicated to developing intelligent automotive-grade SoCs. Additionally, a quarter of the funds will be reserved for software development that supports intelligent vehicles, while a nominal 5% will be allocated to the creation of autonomous driving solutions. The remaining 20% of the funds will bolster commercial capabilities and ensure smooth corporate operations. [Caixin, in Chinese]