1月28日，湖南鸣鸣很忙商业连锁股份有限公司在香港联合交易所主板成功挂牌上市，长沙企业赴港上市再添新彩。该公司发行价每股236.6港元，公开发 售认购超1500倍，上市首日开盘大涨88%，市值突破900亿港元，成为国内迄今为止规模最大的休闲零食IPO。 1月28日，鸣鸣很忙在港交所敲钟。 此次鸣鸣很忙上市，是近期长沙企业接连登陆资本市场的生动缩影。自去年底以来，长沙企业上市按下加速键：2025年12月19日，希迪智驾在港交所主板 挂牌，成为港股首家专注商用车智能驾驶的上市公司;2026年1月13日，族兴新材取得证监会上市注册批复，同日红星冷链成功登陆港交所，实现新年"开 门红"。短短两月内，多家企业相继叩开资本市场大门。此外，麦济生物、军信股份、可孚医疗、安克创新、西子健康等一批优质企业也已提交港股上市 申请，形成后浪推前浪的蓬勃局面，充分彰显了长沙企业抢滩资本市场的决心与活力。 奏响国际化强音 "双轨"上市格局逐步形成 当前，长沙企业正积极走向国际资本市场，逐步构建起"境内+境外"双轨并行的上市新格局。这不仅为企业拓宽了融资渠道、提升了市场估值，更折射出 一座内陆城市主动融入全球资本浪潮、以开放思维助推产业 ...

Core Insights - The company, Xidi Zhijia, has launched an intelligent mining solution using autonomous driving technology, marking its debut on the Hong Kong Stock Exchange as the first publicly listed company focused on commercial vehicle intelligent driving [2][3] Group 1: Strategic Focus - Xidi Zhijia targets the mining sector due to its critical needs, including safety issues, severe dust pollution, and high personnel turnover, which autonomous driving can effectively address [3] - The company aligns with national policies aiming for 60% of coal mine capacity to be intelligent by 2026, making mining the fastest commercial application for autonomous driving technology [3] Group 2: Technological Advancements - The company has developed a comprehensive, self-controlled technology system to tackle unique challenges in mining environments, utilizing a combination of lidar, millimeter-wave radar, and V2V communication [4] - The transition from standard wide-body vehicles to custom-designed models without a driver's cabin has reduced costs and allowed for specialized vehicle development [4] Group 3: Commercial Validation - The commercial value of autonomous mining has been validated, with the company's revenue increasing from 31.1 million yuan in 2022 to 410 million yuan in 2024, reflecting a compound annual growth rate of 263.1% [5] - The adjusted net loss has decreased from 159 million yuan in 2022 to 127 million yuan in 2024, with gross margins improving from -19.3% to 24.7%, indicating a viable business model [5][6] Group 4: Research and Development - In 2024, the company's R&D expenditure reached 193 million yuan, accounting for 47.1% of total revenue, focusing on core areas like autonomous driving algorithms and vehicle networking technology [6] - The company emphasizes cost control through product standardization and supply chain advantages, aiming for exponential growth by reusing technology across various vehicle types [6] Group 5: Global Expansion - Xidi Zhijia is accelerating its global expansion, targeting mature markets like Australia and Brazil, as well as emerging markets in the Middle East, particularly Saudi Arabia [7] - The company plans to diversify its applications beyond mining to include rail transport, hazardous chemical parks, border crossings, steel mills, and farms, leveraging its technology in various closed environments [7] Group 6: Market Outlook - The company’s IPO raised 1.422 billion HKD, which will be invested in core technology development, global market expansion, and ecosystem collaboration [7] - The global market for autonomous mining solutions is projected to grow from 700 million USD in 2024 to 8.1 billion USD by 2030, with a compound annual growth rate of 51.0% [6][9]

Core Viewpoint - The article highlights the successful IPO of Xidi Zhijia Technology Co., Ltd., marking it as the first Hong Kong-listed company focused on intelligent driving for commercial vehicles, with a strong emphasis on technological innovation and market expansion in the smart transportation sector [2][5]. Company Overview - Founded in 2017, Xidi Zhijia specializes in autonomous driving technology for commercial vehicles, particularly in closed environments like mines and logistics parks, and offers V2X (Vehicle-to-Everything) technology and intelligent perception solutions [8]. - The company has developed a product matrix centered around autonomous driving systems, including unmanned mining trucks, autonomous logistics vehicles, V2X smart terminals, and safety management solutions for commercial vehicles [8][9]. Market Position and Financial Performance - As of 2024, Xidi Zhijia ranks third in the autonomous mining truck solutions market in China, with a market share of approximately 5.2% [10]. - The company's revenue has shown significant growth, with figures of 0.31 billion, 1.33 billion, and 4.10 billion from 2022 to 2024, reflecting a compound annual growth rate of 263.1% [10]. - The gross margin has improved from -19.3% in 2022 to 24.7% in 2024, indicating a positive trend in profitability [10]. Strategic Goals and Future Outlook - The company aims to leverage its technological capabilities to reshape transportation experiences and enhance logistics efficiency while reducing operational costs [5][11]. - With a projected global market size for commercial vehicle intelligent driving expected to reach 16,144 billion by 2030, Xidi Zhijia is well-positioned for growth, particularly in high-growth segments [10][11]. Investment and Support - Xidi Zhijia has attracted significant investment from notable firms such as Sequoia China and Lenovo Star, which have supported the company since its early stages [12][14]. - The successful IPO is seen as a milestone that will enhance the company's brand image and governance, while also providing opportunities for further resource integration and market expansion [7][16].

Core Viewpoint - Xidi Zhijia is set to launch its global IPO on December 11, with an expected listing on the Hong Kong Stock Exchange on December 19, facing significant operational risks despite a high revenue growth trajectory [1] Company Overview - The IPO price is set at 263 HKD per share, with a total issuance scale of approximately 14.2 to 16.4 billion HKD [1] - The company is backed by major underwriters including CICC, CITIC Securities, and Ping An Securities [1] Investment Structure - Four cornerstone investors have committed a total of 550 million HKD, accounting for 38.4% of the issuance scale, with significant contributions from local government-backed funds [2][3] - The largest investment comes from Xiangjiang Zhicheng, backed by Hunan government funds, totaling 426 million HKD [2][3] Industry Landscape - The closed-scene intelligent driving commercial vehicle market is the smallest segment within the broader intelligent driving market, projected to reach 5.1 billion RMB in 2024, with significant growth potential by 2030 [4] - Despite leading in the closed-scene segment, Xidi Zhijia ranks third in the automated mining truck solutions market and sixth in the overall commercial vehicle intelligent driving market, with a market share of 6.1% [4] Financial Performance - Revenue is projected to grow from 30 million RMB in 2022 to 410 million RMB in 2024, reflecting a compound annual growth rate of 262.7% [5] - However, net losses are expected to increase significantly, with cumulative losses exceeding 1.5 billion RMB by 2025 [5] Customer Concentration and Cash Flow Issues - The company has a highly concentrated customer base, with the top five clients contributing 96.7% of revenue in 2022, leading to significant operational risks [6] - Cash flow is under pressure due to overdue payments, with over 1.2 billion RMB in receivables exceeding 180 days, indicating low recovery efficiency [7] Valuation Concerns - The post-IPO valuation of Xidi Zhijia is estimated at 11.5 to 11.7 billion HKD, with a 2024 price-to-sales ratio of 28.1 times, which is significantly higher than comparable companies like Boreton [8][9]