🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 19 (from laksa170)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa019.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://law.asia/black-sesame-hkex-ipo/\')), getAhrefsUnparsedNoserviceFromURL(\'https://law.asia/black-sesame-hkex-ipo/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/law.asia\/black-sesame-hkex-ipo\/","crawl_time":1775383021,"first_indexed_time":1723181668,"http_code":200,"src_unparsed":"asia,law!\/black-sesame-hkex-ipo\/ s443","src_root_hash":"17888738545574103419","history_drop_reason":null,"meta_title":"Black Sesame debuts in second HK IPO under Chapter 18C | Law.asia","meta_descriptions":["Clifford Chance, Zhong Lun Law Firm, Maples Group, K&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO..."],"attrs_boilerpipe_text":"Clifford Chance,\nZhong Lun Law Firm\n,\nMaples Group\n, K&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO on the HKEX – the second tech company to debut under the Chapter 18C listing rules.\nThe Chinese chipmaker offered 37 million shares at HKD28 each, raising HKD951 million. Black Sesame is the second specialist technology company to debut through the Chapter 18C listing regime.\nIt is also the first commercial company to debut under the rules, which is defined as an enterprise that must have an initial market capitalisation of at least HKD6 billion and earn at least HKD250 million in annual revenue.\nClifford Chance partners Fang Liu and Virginia Lee led the team advising Black Sesame on Hong Kong and US law.\nZhong Lun advised the issuer on PRC law, its team was led by partners Jack Lai, Wendy Guo and Victor Chen. Partners Chen Jihong and Wu Xiaoxu advised on intellectual property matters, and partners Chen Jian and Chen Ruiting advised on data compliance matters.\nMaples Group\ncounselled Black Sesame on Cayman Islands law and K&L Gates acted for the issuer on US export control laws.\nJunHe acted as PRC counsel for the joint sponsors and underwriters， Zhang Ke and partner Li Chenliang led the team that includes partner Zhou Fang. Partner Marissa Dong and\nDavid Tang\nadvised on data compliance and export control matters, respectively.\nWilson Sonsini acted as the Hong Kong and US counsel for the joint sponsors and underwriters, with the team including partners\nOuyang Dan\n, Winfield Lau, Yin Can, Li Ke, Myra Sutanto Shen and Stephen Heifetz.\nTencent-backed AI drug researcher\nQuantumPharm\n, under the pre-commercial company category with a market value threshold of HKD10 billion, was the first enterprise to debut via Chapter 18C in June 2024.\nChapter 18C helps connect specialist tech firms with international funds. It is suitable for companies in the field of next-generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agriculture technologies.","attrs_markdown":"\n\n[![Web Analytics](https:\/\/c.statcounter.com\/10115181\/0\/99808fd8\/1\/)](https:\/\/statcounter.com\/ \"Web Analytics\")\n\n\n\n- [Law Asia](https:\/\/law.asia\/)\n- [ABLJ](https:\/\/law.asia\/asia\/)\n- [CBLJ](https:\/\/law.asia\/china\/)\n- [IBLJ](https:\/\/law.asia\/india\/)\n\n[Register](https:\/\/law.asia\/subscription-register\/?p=cblj)  [Login](https:\/\/law.asia\/login\/)  [Subscribe](https:\/\/law.asia\/cblj-subscribe\/)\n\n- [![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%200%200'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/plugins\/sitepress-multilingual-cms\/res\/flags\/en.svg)English](https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n  - [![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%200%200'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/plugins\/sitepress-multilingual-cms\/res\/flags\/zh-hans.svg)中文 (Chinese (Simplified))](https:\/\/law.asia\/zh-hans\/black-sesame-hkex-ipo\/)\n\n###### Resources\n[Awards gallery](https:\/\/law.asia\/china\/business-law-awards\/)[China Business Law Directory - 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[Login](https:\/\/law.asia\/login\/)\n  - [Register](https:\/\/law.asia\/subscription-register\/?p=cblj)\n\n[Home](https:\/\/law.asia\/)\n\n[Deal Highlights](https:\/\/law.asia\/category\/china-business-law-journal\/cs\/cblj-news\/cblj-deal-highlights\/ \"View all posts in Deal Highlights\")\n\nBlack Sesame debuts in second HK IPO under Chapter 18C\n\n- [Deal Highlights](https:\/\/law.asia\/category\/china-business-law-journal\/cs\/cblj-news\/cblj-deal-highlights\/)\n- [News](https:\/\/law.asia\/category\/china-business-law-journal\/cs\/cblj-news\/)\n\n# Black Sesame debuts in second HK IPO under Chapter 18C\n9 August 2024\n\n[0](https:\/\/law.asia\/black-sesame-hkex-ipo\/#respond)\n\n298\n\n[![SESAME](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20696%20464'%3E%3C\/svg%3E)![SESAME](https:\/\/cdn.law.asia\/wp-content\/uploads\/2024\/08\/C-240808-DH-SESAME-696x464.jpg)](https:\/\/cdn.law.asia\/wp-content\/uploads\/2024\/08\/C-240808-DH-SESAME.jpg)\n\n[![LinkedIn](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![LinkedIn](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_linkedin.png)](http:\/\/www.linkedin.com\/shareArticle?mini=true&url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo)\n\n[![Facebook](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Facebook](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_fb.png)](https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Twitter](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Twitter](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_twitter.png)](https:\/\/twitter.com\/intent\/tweet?text=Black+Sesame+debuts+in+second+HK+IPO+under+Chapter+18C+https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo%2F&url=)\n\n[![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_wechat.png)](https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Whatsapp](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Whatsapp](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_whatsapp.png)]()\n\n[![Telegram](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Telegram](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_telegram.png)](https:\/\/telegram.me\/share\/url?url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo\/)\n\n[![Copy link](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Copy link](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_copylink.png)]()\n\nClifford Chance, [Zhong Lun Law Firm](https:\/\/law.asia\/law-firm\/zhong-lun-law-firm\/), [Maples Group](https:\/\/law.asia\/law-firm\/maples-group\/), K\\&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO on the HKEX – the second tech company to debut under the Chapter 18C listing rules.\n\nThe Chinese chipmaker offered 37 million shares at HKD28 each, raising HKD951 million. Black Sesame is the second specialist technology company to debut through the Chapter 18C listing regime.\n\nIt is also the first commercial company to debut under the rules, which is defined as an enterprise that must have an initial market capitalisation of at least HKD6 billion and earn at least HKD250 million in annual revenue.\n\nClifford Chance partners Fang Liu and Virginia Lee led the team advising Black Sesame on Hong Kong and US law.\n\nZhong Lun advised the issuer on PRC law, its team was led by partners Jack Lai, Wendy Guo and Victor Chen. Partners Chen Jihong and Wu Xiaoxu advised on intellectual property matters, and partners Chen Jian and Chen Ruiting advised on data compliance matters.\n\n[Maples Group](https:\/\/law.asia\/law-firm\/maples-group\/) counselled Black Sesame on Cayman Islands law and K\\&L Gates acted for the issuer on US export control laws.\n\nJunHe acted as PRC counsel for the joint sponsors and underwriters， Zhang Ke and partner Li Chenliang led the team that includes partner Zhou Fang. Partner Marissa Dong and [David Tang](https:\/\/law.asia\/china\/china-top-lawyers-2023\/david-tang) advised on data compliance and export control matters, respectively.\n\nWilson Sonsini acted as the Hong Kong and US counsel for the joint sponsors and underwriters, with the team including partners [Ouyang Dan](https:\/\/law.asia\/china\/china-top-lawyers-2025\/ouyang-dan), Winfield Lau, Yin Can, Li Ke, Myra Sutanto Shen and Stephen Heifetz.\n\nTencent-backed AI drug researcher [QuantumPharm](https:\/\/law.asia\/five-law-firms-act-on-first-chapter-18c-ipo-hkex\/), under the pre-commercial company category with a market value threshold of HKD10 billion, was the first enterprise to debut via Chapter 18C in June 2024.\n\nChapter 18C helps connect specialist tech firms with international funds. It is suitable for companies in the field of next-generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agriculture technologies.\n\n### [Five law firms act on first Chapter 18C IPO on HKEX](https:\/\/law.asia\/five-law-firms-act-on-first-chapter-18c-ipo-hkex\/)\nFive law firms have secured roles on QuantumPharm’s USD127 million debut on the HKEX in the city’s first IPO launched\n\n[![Five law firms act on first Chapter 18C IPO on HKEX](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20900%20600'%3E%3C\/svg%3E)![Five law firms act on first Chapter 18C IPO on HKEX](https:\/\/cdn.law.asia\/wp-content\/uploads\/2024\/06\/Five-law-firms-act-on-first-Chapter-18C-IPO-on-HKEX-1.jpg)](https:\/\/law.asia\/five-law-firms-act-on-first-chapter-18c-ipo-hkex\/)\n\n[![LinkedIn](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![LinkedIn](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_linkedin.png)](http:\/\/www.linkedin.com\/shareArticle?mini=true&url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo)\n\n[![Facebook](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Facebook](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_fb.png)](https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Twitter](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Twitter](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_twitter.png)](https:\/\/twitter.com\/intent\/tweet?text=Black+Sesame+debuts+in+second+HK+IPO+under+Chapter+18C+https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo%2F&url=)\n\n[![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_wechat.png)](https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Whatsapp](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Whatsapp](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_whatsapp.png)]()\n\n[![Telegram](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Telegram](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_telegram.png)](https:\/\/telegram.me\/share\/url?url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo\/)\n\n[![Copy link](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2040%2040'%3E%3C\/svg%3E)![Copy link](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_copylink.png)]()\n\n- TAGS\n- [Black Sesame International](https:\/\/law.asia\/tag\/black-sesame-international\/)\n- [Chinese Chipmaker](https:\/\/law.asia\/tag\/chinese-chipmaker\/)\n- [Clifford Chance](https:\/\/law.asia\/tag\/clifford-chance\/)\n- [HKEX](https:\/\/law.asia\/tag\/hkex\/)\n- [International Funds](https:\/\/law.asia\/tag\/international-funds\/)\n- [IPO](https:\/\/law.asia\/tag\/ipo\/)\n- [Market Capitalisation](https:\/\/law.asia\/tag\/market-capitalisation\/)\n- [Specialist Technology](https:\/\/law.asia\/tag\/specialist-technology\/)\n- [Zhong Lun Law Firm](https:\/\/law.asia\/tag\/zhong-lun-law-firm\/)\n\nPrevious article[WM Motor to pay Geely USD90m record IP infringement payout](https:\/\/law.asia\/geely-wm-motor-ip-infringement\/)\n\nNext article[Driving data management](https:\/\/law.asia\/china-automotive-industry-data-compliance\/)\n\n[Jan](https:\/\/law.asia\/author\/van_author6\/)\n\n#### [RELATED ARTICLES](https:\/\/law.asia\/black-sesame-hkex-ipo\/)[MORE FROM AUTHOR](https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n[![C-260319 DH Voyah Auto](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20218%20150'%3E%3C\/svg%3E)![C-260319 DH Voyah Auto](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/C-260319-DH-Voyah-Auto-218x150.jpg)](https:\/\/law.asia\/voyah-hkex-listing-dongfeng-group-privatization-structure\/ \"Firms act on Voyah’s debut and Dongfeng’s delisting on HKEX\")\n\n[Deal Highlights](https:\/\/law.asia\/category\/china-business-law-journal\/cs\/cblj-news\/cblj-deal-highlights\/)\n### [Firms act on Voyah’s debut and Dongfeng’s delisting on HKEX](https:\/\/law.asia\/voyah-hkex-listing-dongfeng-group-privatization-structure\/ \"Firms act on Voyah’s debut and Dongfeng’s delisting on HKEX\")\n\n[![Singapore’s top 100 lawyers plus 25 Legal Icons](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20218%20150'%3E%3C\/svg%3E)![Singapore’s top 100 lawyers plus 25 Legal Icons](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Singapores-top-100-lawyers-plus-25-Legal-Icons-218x150.jpg)](https:\/\/law.asia\/singapore-top-lawyers-2026\/ \"Singapore’s top 100 lawyers plus 25 Legal Icons\")\n\n[A-List lawyers](https:\/\/law.asia\/category\/asia-business-law-journal\/ablj-features\/ablj-top-lawyers\/)\n\n### [Singapore’s top 100 lawyers plus 25 Legal Icons](https:\/\/law.asia\/singapore-top-lawyers-2026\/ \"Singapore’s top 100 lawyers plus 25 Legal Icons\")\nAsia Business Law Journal unveils the top talent in the Lion City’s legal profession\n\n[![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20218%20150'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/China-Deals-of-the-Year-2025-4.jpg-218x150.jpg)](https:\/\/law.asia\/china-deals-of-the-year-2025\/ \"Deals of the Year 2025\")\n\n[Market watch](https:\/\/law.asia\/category\/china-business-law-journal\/cs\/cblj-features\/cblj-market-watch\/)\n\n### [Deals of the Year 2025](https:\/\/law.asia\/china-deals-of-the-year-2025\/ \"Deals of the Year 2025\")\nA look back at the blockbuster transactions of 2025 as we gallop into the Year of the Horse\n\n#### MOST POPULAR\n[![Rising Star 2026 Featured Image](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![Rising Star 2026 Featured Image](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Rising-Star-2026-Featured-Image-100x70.jpg)](https:\/\/law.asia\/rising-stars-legal-talent-2026\/ \"The A-List 2025-26: Rising Stars\")\n\n### [The A-List 2025-26: Rising Stars](https:\/\/law.asia\/rising-stars-legal-talent-2026\/ \"The A-List 2025-26: Rising Stars\")\n26 March 2026\n\n[![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/China-Deals-of-the-Year-2025-4.jpg-100x70.jpg)](https:\/\/law.asia\/china-deals-of-the-year-2025\/ \"Deals of the Year 2025\")\n\n### [Deals of the Year 2025](https:\/\/law.asia\/china-deals-of-the-year-2025\/ \"Deals of the Year 2025\")\nA look back at the blockbuster transactions of 2025 as we gallop into the Year of the Horse\n\n4 March 2026\n\n[![China A-List Growth Drivers](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![China A-List Growth Drivers](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/01\/The-A-List-2025-26-Growth-Drivers-100x70.jpg)](https:\/\/law.asia\/china-elite-lawyers-growth-drivers-2025\/ \"The A-List 2025-26: Growth Drivers\")\n\n### [The A-List 2025-26: Growth Drivers](https:\/\/law.asia\/china-elite-lawyers-growth-drivers-2025\/ \"The A-List 2025-26: Growth Drivers\")\nGrowth Drivers: We highlight leading Chinese and international lawyers who excel across legal and business sectors\n\n12 January 2026\n\nA look back at the blockbuster transactions of 2025 as we gallop into the Year of the Horse\n\nWe highlight leading Chinese and international lawyers who excel across legal and business sectors\n\n#### [CORRESPONDENTS](https:\/\/law.asia\/category\/china-business-law-journal\/correspondents-cblj\/)\n[![Shareholder agreements evolving rules](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![Shareholder agreements evolving rules](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Shareholder-agreements-Validity-limits-and-evolving-rules-Jiang-Xuan-He-Lingyu-100x70.jpg)](https:\/\/law.asia\/shareholder-agreements-evolving-rules\/ \"Shareholder agreements: Validity, limits and evolving rules\")\n\n### [Shareholder agreements: Validity, limits and evolving rules](https:\/\/law.asia\/shareholder-agreements-evolving-rules\/ \"Shareholder agreements: Validity, limits and evolving rules\")\nBy Jiang Xuan and He Lingyu, Zhong Lun Law Firm\n\n25 March 2026\n\n[![Compliance boundary of livestream](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![Compliance boundary of livestream](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/jiang-shen-song-xueting-jtgc-100x70.jpg)](https:\/\/law.asia\/compliance-boundary-of-livestream-trading-card-unboxing-part-1\/ \"Compliance boundary of livestream trading card ‘unboxing’ (Part 1)\")\n\n### [Compliance boundary of livestream trading card ‘unboxing’ (Part 1)](https:\/\/law.asia\/compliance-boundary-of-livestream-trading-card-unboxing-part-1\/ \"Compliance boundary of livestream trading card ‘unboxing’ (Part 1)\")\nBy Jiang Shen and Song Xueting, Jingtian & Gongcheng\n\n23 March 2026\n\n[![AIGC platforms’ duty of care](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![AIGC platforms’ duty of care](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Understanding-AIGC-platforms-duty-of-care-Quan-Wei-Zhu-Wenhan-100x70.jpg)](https:\/\/law.asia\/china-aigc-compliance-guide\/ \"Understanding AIGC platforms’ duty of care\")\n\n### [Understanding AIGC platforms’ duty of care](https:\/\/law.asia\/china-aigc-compliance-guide\/ \"Understanding AIGC platforms’ duty of care\")\nBy Quan Wei and Zhu Wenhan, Jingtian & Gongcheng\n\n11 March 2026\n\n#### [FEATURES](https:\/\/law.asia\/category\/china-business-law-journal\/cs\/cblj-features\/)\n[![Rising Star 2026 Featured Image](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![Rising Star 2026 Featured Image](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Rising-Star-2026-Featured-Image-100x70.jpg)](https:\/\/law.asia\/rising-stars-legal-talent-2026\/ \"The A-List 2025-26: Rising Stars\")\n\n### [The A-List 2025-26: Rising Stars](https:\/\/law.asia\/rising-stars-legal-talent-2026\/ \"The A-List 2025-26: Rising Stars\")\n26 March 2026\n\n[![Major bankruptcy law revision](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![Major bankruptcy law revision](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Clearing-the-way-1-100x70.jpg)](https:\/\/law.asia\/major-bankruptcy-law-revision\/ \"Clearing the way\")\n\n### [Clearing the way](https:\/\/law.asia\/major-bankruptcy-law-revision\/ \"Clearing the way\")\nThe Enterprise Bankruptcy Law revisions set to clear obstacles for allowing the reorganisation of struggling companies\n\n10 March 2026\n\n[![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/China-Deals-of-the-Year-2025-4.jpg-100x70.jpg)](https:\/\/law.asia\/china-deals-of-the-year-2025\/ \"Deals of the Year 2025\")\n\n### [Deals of the Year 2025](https:\/\/law.asia\/china-deals-of-the-year-2025\/ \"Deals of the Year 2025\")\nA look back at the blockbuster transactions of 2025 as we gallop into the Year of the Horse\n\n4 March 2026\n\nThe Enterprise Bankruptcy Law revisions set to clear obstacles for allowing the reorganisation of struggling companies\n\nA look back at the blockbuster transactions of 2025 as we gallop into the Year of the Horse\n\n#### [PRACTITIONERS' PERSPECTIVES](https:\/\/law.asia\/category\/china-business-law-journal\/sections-cblj\/practitioners-perspectives\/)\n[![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Partner-compliance-and-trade-secret-protection-in-the-AI-era-Jolie-Yan-100x70.jpg)](https:\/\/law.asia\/ai-era-partner-compliance-trade-secret-protection\/ \"Partner compliance and trade secret protection in the AI era\")\n\n### [Partner compliance and trade secret protection in the AI era](https:\/\/law.asia\/ai-era-partner-compliance-trade-secret-protection\/ \"Partner compliance and trade secret protection in the AI era\")\nBy Jolie Yan, Han Kun Law Offices\n\n27 March 2026\n\n[![Asian source countries asserting tax rights](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![Asian source countries asserting tax rights](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Implications-of-Asian-source-countries-asserting-tax-rights-Carl-Liu-100x70.jpg)](https:\/\/law.asia\/asian-source-countries-asserting-tax-rights\/ \"Implications of Asian source countries asserting tax rights\")\n\n### [Implications of Asian source countries asserting tax rights](https:\/\/law.asia\/asian-source-countries-asserting-tax-rights\/ \"Implications of Asian source countries asserting tax rights\")\nBy Carl Liu, Guantao Law Firm\n\n27 March 2026\n\n[![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2026\/03\/Trade-secret-crime-deadlock-solutions-and-compliance-protection-Mitchell-Liu-Lu-Shijiao-100x70.jpg)](https:\/\/law.asia\/trade-secret-criminal-case-breakthroughs\/ \"Trade secret crime deadlock solutions and compliance protection\")\n\n### [Trade secret crime deadlock solutions and compliance protection](https:\/\/law.asia\/trade-secret-criminal-case-breakthroughs\/ \"Trade secret crime deadlock solutions and compliance protection\")\nBy Mitchell Liu and Lu Shijiao, AllBright Law Offices\n\n9 March 2026\n\n#### [Lexicon](https:\/\/law.asia\/category\/china-business-law-journal\/sections-cblj\/lexicon\/)\n[![Lexicon](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20100%2070'%3E%3C\/svg%3E)![Lexicon](https:\/\/cdn.law.asia\/wp-content\/uploads\/2020\/11\/Lexicon-Anti-dumping-100x70.jpg)](https:\/\/law.asia\/proportionate-liability\/ \"Proportionate liability\")\n\n### [Proportionate liability](https:\/\/law.asia\/proportionate-liability\/ \"Proportionate liability\")\n12 March 2026\n\n[![LAW.ASIA](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%200%200'%3E%3C\/svg%3E)![LAW.ASIA](https:\/\/cdn.law.asia\/wp-content\/uploads\/2021\/12\/law.asia_new_logo.png)](https:\/\/law.asia\/)\n\n### *Asia’s leader in legal intelligence*\n\n[Law.asia](https:\/\/law.asia\/) is an award-winning portal providing news, analysis and expert advice on business law in Asia to in-house counsel, lawyers in private practice and other business and legal leaders. It features the proprietary editorial content and archives of our premium legal magazines – [*Asia Business Law Journal*](https:\/\/law.asia\/asia\/), [*China Business Law Journal*](https:\/\/law.asia\/china\/) and [*India Business Law Journal*](https:\/\/law.asia\/india\/) – along with videos, law firm listings, awards and much more. Produced by [Law.asia](https:\/\/law.asia\/) Limited, an independent media company, [Law.asia](https:\/\/law.asia\/) is multilingual, offering content in [English](https:\/\/law.asia\/), [Chinese](https:\/\/law.asia\/zh-hans\/china\/), [Japanese](https:\/\/law.asia\/ja\/asia\/) and [Korean](https:\/\/law.asia\/ko\/asia\/). [Find out more](https:\/\/law.asia\/about-us\/).\n\n![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%200%200'%3E%3C\/svg%3E)\n\n![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2024\/12\/INBA_award_logo_for_footer.png)\n\nFollow Law.asia\n\n[![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2021\/12\/CBLJ-WeChat-public-account-QR-code-EN-2.jpg) ![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2021\/12\/CBLJ-WeChat-public-account-QR-code-EN-2.jpg)]()\n\n[Law firms](https:\/\/law.asia\/directory\/) [Awards](https:\/\/law.asia\/china\/business-law-awards\/) [Events](https:\/\/law.asia\/events\/) [Legal jobs • Post a job](https:\/\/law.asia\/jobs\/)\n\n[About us](https:\/\/law.asia\/about-us\/)  [Archive](https:\/\/law.asia\/china\/archive\/)  [Subscribe](https:\/\/law.asia\/knowledge-store-subscription\/) [Contact us](https:\/\/law.asia\/contact-us\/)\n\nPlease send any press releases, deal announcements, details of new hires, newsletters and any other news items to: [news@law.asia](mailto:news@law.asia)\n\n![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%200%200'%3E%3C\/svg%3E)\n\n![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2017\/08\/qrcode_for_gh_9d03290441ca_1280.jpg)\n\n- [Policy on advertising & sponsorship](https:\/\/law.asia\/policy-on-advertising-and-sponsorship\/)\n- [Disclaimer](https:\/\/law.asia\/disclaimer\/)\n- [Terms & conditions of use](https:\/\/law.asia\/terms\/)\n- [Privacy Policy](https:\/\/law.asia\/privacy\/)\n\n© Copyright 2026 Law.asia Limited. All rights reserved.Imagined by [DOOD Website Design](https:\/\/doodhk.com\/)\n\n![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%200%200'%3E%3C\/svg%3E)\n\n![](https:\/\/cdn.law.asia\/wp-content\/uploads\/2017\/08\/CBLJ.png)\n\nFollow us on LinkedIn\n\n[Follow now](https:\/\/news.law.asia\/cbljlinkedin)","attrs_readable_markdown":"[![SESAME](https:\/\/cdn.law.asia\/wp-content\/uploads\/2024\/08\/C-240808-DH-SESAME-696x464.jpg)](https:\/\/cdn.law.asia\/wp-content\/uploads\/2024\/08\/C-240808-DH-SESAME.jpg)\n\n[![LinkedIn](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_linkedin.png)](http:\/\/www.linkedin.com\/shareArticle?mini=true&url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo)\n\n[![Facebook](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_fb.png)](https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Twitter](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_twitter.png)](https:\/\/twitter.com\/intent\/tweet?text=Black+Sesame+debuts+in+second+HK+IPO+under+Chapter+18C+https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo%2F&url=)\n\n[![](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_wechat.png)](https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Whatsapp](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_whatsapp.png)]()\n\n[![Telegram](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_telegram.png)](https:\/\/telegram.me\/share\/url?url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo\/)\n\n![Copy link](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_copylink.png)\n\nClifford Chance, [Zhong Lun Law Firm](https:\/\/law.asia\/law-firm\/zhong-lun-law-firm\/), [Maples Group](https:\/\/law.asia\/law-firm\/maples-group\/), K\\&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO on the HKEX – the second tech company to debut under the Chapter 18C listing rules.\n\nThe Chinese chipmaker offered 37 million shares at HKD28 each, raising HKD951 million. Black Sesame is the second specialist technology company to debut through the Chapter 18C listing regime.\n\nIt is also the first commercial company to debut under the rules, which is defined as an enterprise that must have an initial market capitalisation of at least HKD6 billion and earn at least HKD250 million in annual revenue.\n\nClifford Chance partners Fang Liu and Virginia Lee led the team advising Black Sesame on Hong Kong and US law.\n\nZhong Lun advised the issuer on PRC law, its team was led by partners Jack Lai, Wendy Guo and Victor Chen. Partners Chen Jihong and Wu Xiaoxu advised on intellectual property matters, and partners Chen Jian and Chen Ruiting advised on data compliance matters.\n\n[Maples Group](https:\/\/law.asia\/law-firm\/maples-group\/) counselled Black Sesame on Cayman Islands law and K\\&L Gates acted for the issuer on US export control laws.\n\nJunHe acted as PRC counsel for the joint sponsors and underwriters， Zhang Ke and partner Li Chenliang led the team that includes partner Zhou Fang. Partner Marissa Dong and [David Tang](https:\/\/law.asia\/china\/china-top-lawyers-2023\/david-tang) advised on data compliance and export control matters, respectively.\n\nWilson Sonsini acted as the Hong Kong and US counsel for the joint sponsors and underwriters, with the team including partners [Ouyang Dan](https:\/\/law.asia\/china\/china-top-lawyers-2025\/ouyang-dan), Winfield Lau, Yin Can, Li Ke, Myra Sutanto Shen and Stephen Heifetz.\n\nTencent-backed AI drug researcher [QuantumPharm](https:\/\/law.asia\/five-law-firms-act-on-first-chapter-18c-ipo-hkex\/), under the pre-commercial company category with a market value threshold of HKD10 billion, was the first enterprise to debut via Chapter 18C in June 2024.\n\nChapter 18C helps connect specialist tech firms with international funds. It is suitable for companies in the field of next-generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agriculture technologies.\n\n[![Five law firms act on first Chapter 18C IPO on HKEX](https:\/\/cdn.law.asia\/wp-content\/uploads\/2024\/06\/Five-law-firms-act-on-first-Chapter-18C-IPO-on-HKEX-1.jpg)](https:\/\/law.asia\/five-law-firms-act-on-first-chapter-18c-ipo-hkex\/)\n\n[![LinkedIn](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_linkedin.png)](http:\/\/www.linkedin.com\/shareArticle?mini=true&url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo)\n\n[![Facebook](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_fb.png)](https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Twitter](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_twitter.png)](https:\/\/twitter.com\/intent\/tweet?text=Black+Sesame+debuts+in+second+HK+IPO+under+Chapter+18C+https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo%2F&url=)\n\n[![](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_wechat.png)](https:\/\/law.asia\/black-sesame-hkex-ipo\/)\n\n[![Whatsapp](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_whatsapp.png)]()\n\n[![Telegram](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_telegram.png)](https:\/\/telegram.me\/share\/url?url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo\/)\n\n![Copy link](https:\/\/cdn.law.asia\/wp-content\/plugins\/Ultimate-Premium-Plugin\/images\/icons_theme\/flat\/flat_copylink.png)","meta_canonical":null}

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URL	https://law.asia/black-sesame-hkex-ipo/
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Meta Title	Black Sesame debuts in second HK IPO under Chapter 18C \| Law.asia
Meta Description	Clifford Chance, Zhong Lun Law Firm, Maples Group, K&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO...
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Boilerpipe Text	Clifford Chance, Zhong Lun Law Firm , Maples Group , K&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO on the HKEX – the second tech company to debut under the Chapter 18C listing rules. The Chinese chipmaker offered 37 million shares at HKD28 each, raising HKD951 million. Black Sesame is the second specialist technology company to debut through the Chapter 18C listing regime. It is also the first commercial company to debut under the rules, which is defined as an enterprise that must have an initial market capitalisation of at least HKD6 billion and earn at least HKD250 million in annual revenue. Clifford Chance partners Fang Liu and Virginia Lee led the team advising Black Sesame on Hong Kong and US law. Zhong Lun advised the issuer on PRC law, its team was led by partners Jack Lai, Wendy Guo and Victor Chen. Partners Chen Jihong and Wu Xiaoxu advised on intellectual property matters, and partners Chen Jian and Chen Ruiting advised on data compliance matters. Maples Group counselled Black Sesame on Cayman Islands law and K&L Gates acted for the issuer on US export control laws. JunHe acted as PRC counsel for the joint sponsors and underwriters， Zhang Ke and partner Li Chenliang led the team that includes partner Zhou Fang. Partner Marissa Dong and David Tang advised on data compliance and export control matters, respectively. Wilson Sonsini acted as the Hong Kong and US counsel for the joint sponsors and underwriters, with the team including partners Ouyang Dan , Winfield Lau, Yin Can, Li Ke, Myra Sutanto Shen and Stephen Heifetz. Tencent-backed AI drug researcher QuantumPharm , under the pre-commercial company category with a market value threshold of HKD10 billion, was the first enterprise to debut via Chapter 18C in June 2024. Chapter 18C helps connect specialist tech firms with international funds. It is suitable for companies in the field of next-generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agriculture technologies.
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[Register](https://law.asia/subscription-register/?p=cblj) [Home](https://law.asia/) [Deal Highlights](https://law.asia/category/china-business-law-journal/cs/cblj-news/cblj-deal-highlights/ "View all posts in Deal Highlights") Black Sesame debuts in second HK IPO under Chapter 18C - [Deal Highlights](https://law.asia/category/china-business-law-journal/cs/cblj-news/cblj-deal-highlights/) - [News](https://law.asia/category/china-business-law-journal/cs/cblj-news/) # Black Sesame debuts in second HK IPO under Chapter 18C 9 August 2024 [0](https://law.asia/black-sesame-hkex-ipo/#respond) 298 [![SESAME](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20696%20464'%3E%3C/svg%3E)![SESAME](https://cdn.law.asia/wp-content/uploads/2024/08/C-240808-DH-SESAME-696x464.jpg)](https://cdn.law.asia/wp-content/uploads/2024/08/C-240808-DH-SESAME.jpg) [![LinkedIn](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2040%2040'%3E%3C/svg%3E)![LinkedIn](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_linkedin.png)](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo) [![Facebook](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2040%2040'%3E%3C/svg%3E)![Facebook](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_fb.png)](https://www.facebook.com/sharer/sharer.php?u=https://law.asia/black-sesame-hkex-ipo/) [![Twitter](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2040%2040'%3E%3C/svg%3E)![Twitter](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_twitter.png)](https://twitter.com/intent/tweet?text=Black+Sesame+debuts+in+second+HK+IPO+under+Chapter+18C+https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo%2F&url=) [![](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2040%2040'%3E%3C/svg%3E)![](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_wechat.png)](https://law.asia/black-sesame-hkex-ipo/) [![Whatsapp](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2040%2040'%3E%3C/svg%3E)![Whatsapp](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_whatsapp.png)]() [![Telegram](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2040%2040'%3E%3C/svg%3E)![Telegram](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_telegram.png)](https://telegram.me/share/url?url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo/) [![Copy link](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2040%2040'%3E%3C/svg%3E)![Copy link](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_copylink.png)]() Clifford Chance, [Zhong Lun Law Firm](https://law.asia/law-firm/zhong-lun-law-firm/), [Maples Group](https://law.asia/law-firm/maples-group/), K\&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO on the HKEX – the second tech company to debut under the Chapter 18C listing rules. The Chinese chipmaker offered 37 million shares at HKD28 each, raising HKD951 million. Black Sesame is the second specialist technology company to debut through the Chapter 18C listing regime. It is also the first commercial company to debut under the rules, which is defined as an enterprise that must have an initial market capitalisation of at least HKD6 billion and earn at least HKD250 million in annual revenue. Clifford Chance partners Fang Liu and Virginia Lee led the team advising Black Sesame on Hong Kong and US law. Zhong Lun advised the issuer on PRC law, its team was led by partners Jack Lai, Wendy Guo and Victor Chen. Partners Chen Jihong and Wu Xiaoxu advised on intellectual property matters, and partners Chen Jian and Chen Ruiting advised on data compliance matters. [Maples Group](https://law.asia/law-firm/maples-group/) counselled Black Sesame on Cayman Islands law and K\&L Gates acted for the issuer on US export control laws. JunHe acted as PRC counsel for the joint sponsors and underwriters， Zhang Ke and partner Li Chenliang led the team that includes partner Zhou Fang. Partner Marissa Dong and [David Tang](https://law.asia/china/china-top-lawyers-2023/david-tang) advised on data compliance and export control matters, respectively. Wilson Sonsini acted as the Hong Kong and US counsel for the joint sponsors and underwriters, with the team including partners [Ouyang Dan](https://law.asia/china/china-top-lawyers-2025/ouyang-dan), Winfield Lau, Yin Can, Li Ke, Myra Sutanto Shen and Stephen Heifetz. Tencent-backed AI drug researcher [QuantumPharm](https://law.asia/five-law-firms-act-on-first-chapter-18c-ipo-hkex/), under the pre-commercial company category with a market value threshold of HKD10 billion, was the first enterprise to debut via Chapter 18C in June 2024. Chapter 18C helps connect specialist tech firms with international funds. It is suitable for companies in the field of next-generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agriculture technologies. ### [Five law firms act on first Chapter 18C IPO on HKEX](https://law.asia/five-law-firms-act-on-first-chapter-18c-ipo-hkex/) Five law firms have secured roles on QuantumPharm’s USD127 million debut on the HKEX in the city’s first IPO launched [![Five law firms act on first Chapter 18C IPO on HKEX](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20900%20600'%3E%3C/svg%3E)![Five law firms act on first Chapter 18C IPO on HKEX](https://cdn.law.asia/wp-content/uploads/2024/06/Five-law-firms-act-on-first-Chapter-18C-IPO-on-HKEX-1.jpg)](https://law.asia/five-law-firms-act-on-first-chapter-18c-ipo-hkex/) 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Technology](https://law.asia/tag/specialist-technology/) - [Zhong Lun Law Firm](https://law.asia/tag/zhong-lun-law-firm/) Previous article[WM Motor to pay Geely USD90m record IP infringement payout](https://law.asia/geely-wm-motor-ip-infringement/) Next article[Driving data management](https://law.asia/china-automotive-industry-data-compliance/) [Jan](https://law.asia/author/van_author6/) #### [RELATED ARTICLES](https://law.asia/black-sesame-hkex-ipo/)[MORE FROM AUTHOR](https://law.asia/black-sesame-hkex-ipo/) [![C-260319 DH Voyah Auto](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20218%20150'%3E%3C/svg%3E)![C-260319 DH Voyah Auto](https://cdn.law.asia/wp-content/uploads/2026/03/C-260319-DH-Voyah-Auto-218x150.jpg)](https://law.asia/voyah-hkex-listing-dongfeng-group-privatization-structure/ "Firms act on Voyah’s debut and Dongfeng’s delisting on HKEX") [Deal 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Readable Markdown	[![SESAME](https://cdn.law.asia/wp-content/uploads/2024/08/C-240808-DH-SESAME-696x464.jpg)](https://cdn.law.asia/wp-content/uploads/2024/08/C-240808-DH-SESAME.jpg) [![LinkedIn](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_linkedin.png)](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo) [![Facebook](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_fb.png)](https://www.facebook.com/sharer/sharer.php?u=https://law.asia/black-sesame-hkex-ipo/) [![Twitter](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_twitter.png)](https://twitter.com/intent/tweet?text=Black+Sesame+debuts+in+second+HK+IPO+under+Chapter+18C+https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo%2F&url=) [![](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_wechat.png)](https://law.asia/black-sesame-hkex-ipo/) [![Whatsapp](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_whatsapp.png)]() [![Telegram](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_telegram.png)](https://telegram.me/share/url?url=https%3A%2F%2Flaw.asia%2Fblack-sesame-hkex-ipo/) ![Copy link](https://cdn.law.asia/wp-content/plugins/Ultimate-Premium-Plugin/images/icons_theme/flat/flat_copylink.png) Clifford Chance, [Zhong Lun Law Firm](https://law.asia/law-firm/zhong-lun-law-firm/), [Maples Group](https://law.asia/law-firm/maples-group/), K\&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO on the HKEX – the second tech company to debut under the Chapter 18C listing rules. The Chinese chipmaker offered 37 million shares at HKD28 each, raising HKD951 million. Black Sesame is the second specialist technology company to debut through the Chapter 18C listing regime. It is also the first commercial company to debut under the rules, which is defined as an enterprise that must have an initial market capitalisation of at least HKD6 billion and earn at least HKD250 million in annual revenue. Clifford Chance partners Fang Liu and Virginia Lee led the team advising Black Sesame on Hong Kong and US law. Zhong Lun advised the issuer on PRC law, its team was led by partners Jack Lai, Wendy Guo and Victor Chen. Partners Chen Jihong and Wu Xiaoxu advised on intellectual property matters, and partners Chen Jian and Chen Ruiting advised on data compliance matters. [Maples Group](https://law.asia/law-firm/maples-group/) counselled Black Sesame on Cayman Islands law and K\&L Gates acted for the issuer on US export control laws. JunHe acted as PRC counsel for the joint sponsors and underwriters， Zhang Ke and partner Li Chenliang led the team that includes partner Zhou Fang. Partner Marissa Dong and [David Tang](https://law.asia/china/china-top-lawyers-2023/david-tang) advised on data compliance and export control matters, respectively. Wilson Sonsini acted as the Hong Kong and US counsel for the joint sponsors and underwriters, with the team including partners [Ouyang Dan](https://law.asia/china/china-top-lawyers-2025/ouyang-dan), Winfield Lau, Yin Can, Li Ke, Myra Sutanto Shen and Stephen Heifetz. Tencent-backed AI drug researcher [QuantumPharm](https://law.asia/five-law-firms-act-on-first-chapter-18c-ipo-hkex/), under the pre-commercial company category with a market value threshold of HKD10 billion, was the first enterprise to debut via Chapter 18C in June 2024. Chapter 18C helps connect specialist tech firms with international funds. It is suitable for companies in the field of next-generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agriculture technologies. 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