Investment Rating - The report suggests a cautious subscription for the company, Xidi Zhijia (3881.HK) [4] Core Insights - The company is a supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous trucks for mining and logistics in closed environments, V2X technology, and intelligent perception solutions. It ranks sixth among all intelligent driving commercial vehicle companies in China, with a market share of approximately 5.2% [2] - The global market for intelligent driving commercial vehicles is projected to reach RMB 100 billion by 2024 and significantly increase to RMB 16,144 billion by 2030, with a compound annual growth rate (CAGR) of 133.3% from 2024 to 2030. The closed environment segment is expected to reach RMB 51 billion in 2024, with China accounting for RMB 26 billion, representing 50.8% and 53.8% of the global market, respectively [3] - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 31.06 million, RMB 132.6 million, and RMB 410.04 million, respectively, with net losses of RMB -263 million, RMB -255.08 million, and RMB -580.71 million [3] Summary by Sections IPO Details - The company plans to raise HKD 1.309 billion through its IPO, with a share price of HKD 263 and a total of 5,407,980 shares available for subscription [1] Market Position - The company is positioned as a key player in the intelligent driving market, particularly in closed environments, and is expected to benefit from the rapid growth of the sector [4]

Core Viewpoint - The company Xidi Zhijia (希迪智驾) is launching an IPO to raise approximately HKD 14.22 billion by offering 5.40798 million H-shares at a price of HKD 263 per share, with the listing expected on December 19, 2025 [2][3][14]. Group 1: IPO Details - The IPO subscription period is from December 11 to December 16, 2025 [3][14]. - The total number of shares to be issued is 5.40798 million H-shares, with 95% allocated for international offering and 5% for public offering [3][15]. - The initial allocation ratio for the public offering is set at 5%, with a maximum adjustment to 20% [4][15]. - The entry fee for investors is HKD 2,656.52 for a minimum lot of 10 shares [3][15]. - The expected total expenses for the IPO are approximately HKD 113 million, which includes underwriting commissions and other fees [4][16]. Group 2: Use of Proceeds - The net proceeds from the IPO are estimated to be around HKD 13.09 billion [5][17]. - Approximately 55% of the funds will be allocated to research and development over the next five years [5][17]. - About 15% will be used to enhance domestic and international commercialization capabilities and strengthen partnerships with clients [5][17]. - Approximately 20% is earmarked for potential investments and acquisitions to integrate upstream and downstream resources [5][17]. - The remaining 10% will be used for working capital and general corporate purposes [5][17]. Group 3: Shareholder Structure - After the IPO, Professor Li Zexiang will control approximately 38.25% of the voting rights through various entities [6][18]. - Major shareholders include Sequoia Capital, New Horizon Capital, and Lenovo Holdings, among others [6][18]. - The largest shareholder is New Drive Hong Kong with a 26.13% stake, followed by Li Zexiang's entity with 11.15% [19][18]. Group 4: Company Background - Xidi Zhijia was established in 2017 and focuses on autonomous driving solutions for commercial vehicles, particularly in closed environments [6][19]. - The company began commercializing its technology in 2018 and is recognized as one of the earliest companies in China to do so [6][19]. - According to consulting data, Xidi Zhijia ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [6][19].

Core Viewpoint - The IPO of Hedi Zhijia at a price of 263 HKD raises concerns about whether the valuation is overstretched given the current market conditions and the company's financial performance [1][2][3] Company Summary - Hedi Zhijia plans to issue 5.4 million shares, with only 270,000 shares available for public offering, leading to a market capitalization of over 11.5 billion HKD and expected fundraising of approximately 1.42 billion HKD [1] - The company has reported continuous losses over the past three years, with adjusted net losses of 159 million, 138 million, and 127 million HKD respectively, indicating a lack of sufficient financial support for its high valuation [2] - The company's business model relies heavily on engineering delivery, resulting in significant cash flow volatility and long-term working capital pressure, with an unclear path to profitability [2] Industry Summary - The mining autonomous driving sector is characterized as a "can land, but cannot grow fast" market, with long project cycles, dispersed regions, and limited scalability, making it difficult to sustain high growth expectations typical of tech companies [2] - Hedi Zhijia ranks sixth among all smart driving commercial vehicle companies in China (including Hong Kong, Macau, and Taiwan) with a market share of only 5.2%, indicating that growth relies more on expanding engineering projects rather than productization [2] - The small issuance structure, with only 5.4 million shares and a concentrated public offering, raises concerns about the high pricing, as it allows underwriters to push the price to the upper limit, reducing the trading space in the secondary market [2]

Group 1 - The core viewpoint of the news is that Xidi Intelligent Driving (3881.HK) is launching an IPO from December 11 to December 16, with a share price of HKD 263, aiming to raise approximately HKD 1.42 billion [1] - The IPO will issue 5.408 million shares, with 5% allocated for public offering in Hong Kong and the remainder for international placement [1] - The net proceeds from the fundraising are expected to be allocated as follows: 55% for R&D over the next five years, 15% for enhancing commercialization capabilities, 20% for potential investments and acquisitions in the supply chain, and 10% for working capital and general corporate purposes [1] Group 2 - Xidi Intelligent Driving's revenue is projected to grow from RMB 31.1 million in 2022 to RMB 410 million in 2024, representing a compound annual growth rate (CAGR) of 263.1% [2] - For the six months ending June 30, 2025, the revenue is expected to be RMB 408 million, reflecting a year-on-year increase of 57.9% [2] - Gross profit is anticipated to rise from RMB 26.8 million in 2023 to RMB 101.4 million in 2024, with a gross profit margin increasing from 20.2% to 24.7% due to improved margins in autonomous driving and revenue from intelligent perception [2] Group 3 - The company focuses on the R&D of autonomous driving trucks for mining and logistics, V2X technology, and intelligent perception solutions [3] - The Train Autonomous Perception System (TAPS) is noted for its industry-leading long-range obstacle detection and adaptability across various scenarios, making the company one of the few in China with SIL4 certification [3] - The company has established close collaborations with leading automotive OEMs, machinery manufacturers, and energy companies, which further solidifies its technological leadership and brand influence [3]

Group 1 - The company, Xidi Intelligent Driving, has officially launched its global offering in Hong Kong, planning to issue 5.40798 million shares at a price of HKD 263.00 per share, aiming to raise approximately HKD 1.309 billion after expenses [2] - The funds raised will be allocated as follows: approximately 55% for research and development, 15% to enhance commercialization capabilities and strengthen collaborations with domestic and global clients, and 20% for potential investments and acquisitions in the supply chain [2] - The public offering period is from December 11 to December 16, with the final pricing and allocation results expected on December 18, and trading on the Hong Kong Stock Exchange set to begin on December 19 under the stock code 3881 [2] Group 2 - Xidi Intelligent Driving specializes in intelligent driving products and solutions for commercial vehicles, focusing on autonomous trucks for mining and logistics, V2X technology, and intelligent perception solutions [3] - The company ranks sixth among intelligent driving commercial vehicle companies in China (including Hong Kong, Macau, and Taiwan) with a market share of approximately 5.2% [3] - Revenue has significantly increased from RMB 31.056 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate of 263.1%, with continued growth of 57.9% year-on-year in the first half of 2025 [3] Group 3 - Despite rapid revenue growth, the company is currently experiencing ongoing losses, with a net loss of RMB 455 million in the first half of 2025, representing a year-on-year increase of approximately 271% [4] - The founder and chairman, Li Zexiang, is a renowned researcher in AI, robotics, and automation, known for co-founding Goko Technology and mentoring several successful entrepreneurs, earning him the title "Godfather of DJI" [4]

Core Insights - The company, Xidi Zhijia, has shown significant revenue growth from 31.1 million yuan in 2022 to 410 million yuan in 2024, with a compound annual growth rate of 263.1% [3] - The gross margin improved from -19.3% to 24.7%, indicating a qualitative leap in profitability and validation of its business model [3] - The adjusted net loss decreased from 159 million yuan to 127 million yuan, reflecting a continuous trend of narrowing losses [3] Business Strategy - Xidi Zhijia focuses on a multi-scenario approach in commercial vehicle autonomous driving, establishing three main business lines: autonomous mining trucks, logistics vehicle solutions, and intelligent perception devices for commercial vehicles [4] - The company adopts a dynamic iteration method to address uncertainties in technology maturity, regulatory tolerance, and cost acceptance, emphasizing core technology while diversifying its product offerings to mitigate business risks [5][6] Market Position - Xidi Zhijia is the only Chinese company that has achieved commercialization across closed environments, open roads, and vehicle-road-cloud integration in the commercial vehicle autonomous driving sector [8] - In 2024, over 60% of the company's revenue is expected to come from its autonomous driving business, which has become a significant cash cow [8] Product Development - The company has established a "big and small" core strategy, focusing on both large-scale and small-scale clients to create comprehensive solutions for fully automated mining operations [11] - By the first half of 2025, Xidi Zhijia plans to deliver 414 autonomous mining trucks and has received indicative orders for 647 units [11] Market Dynamics - The total shipment of autonomous mining trucks in China is projected to reach approximately 800 units in 2023, with expectations to increase to over 13,000 units by 2030, indicating a market potential of 32.5 billion yuan [13] - The company prioritizes product sales and does not engage in vehicle operations, which may limit its market scale but allows for a focus on sustainable profit margins [13] Future Outlook - Xidi Zhijia aims to adapt to market dynamics and is prepared for rapid growth when the market conditions are favorable, emphasizing the importance of understanding market timing [16] - The company is committed to building a solid technological foundation and modular products to transition from what the company wants to what customers need, ensuring readiness for market opportunities [16]

Core Viewpoint - Xidi Intelligent Driving (3881.HK) is launching an IPO from December 11 to December 16, with a share price of HKD 263, aiming to raise approximately HKD 1.42 billion, primarily for R&D and business expansion [1][2]. Group 1: IPO Details - The IPO will offer 5.408 million shares, with 5% allocated for public offering and the remainder for international placement [1]. - The expected net proceeds will be allocated as follows: 55% for R&D, 15% for enhancing commercialization capabilities, 20% for potential investments and acquisitions, and 10% for working capital [1]. Group 2: Financial Performance - Revenue is projected to grow from RMB 31.1 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate (CAGR) of 263.1% [2]. - For the six months ending June 30, 2025, revenue reached RMB 408 million, a year-on-year increase of 57.9% [2]. - Gross profit is expected to rise from RMB 26.8 million in 2023 to RMB 101.4 million in 2024, with a gross profit margin increasing from 20.2% to 24.7% [2]. Group 3: Company Focus and Technology - The company specializes in autonomous driving solutions for closed environments, particularly for mining and logistics, and is developing V2X technology and intelligent perception solutions [3]. - The Train Autonomous Perception System (TAPS) is noted for its industry-leading capabilities in long-range obstacle detection and adaptability across various scenarios [3]. - The company has established strategic partnerships with leading automotive OEMs, machinery manufacturers, and energy companies, enhancing its technological leadership and brand influence [3].

希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：3881 全球發售 聯席保薦人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 CiDi I n c. 希迪智駕科技股份有限公司 CiDi Inc. 希迪智駕科技股份有限公司 C M Y CM MY CY CMY K Project Nova Cover V14D_CHI_38mm_OP.pdf 1 9/12/2025 下午8:55 重要提示 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 CiDi Inc. 希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 5,407,980股H股（視乎超額配股權行使與否而定） | | --- | --- | --- | | 香港發售股份數目 | ： | 270,400股H股（可予調整） | | 國際發售股份數目 | ： | 5,137,580股H股（可予調整及視乎超額配股權行使 | | | | 與否而定） | | 發售價 | ： | 每股H股263.00港元，另加1.0%經紀佣金、0.0027% ...

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