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].