Core Viewpoint - Xidi Intelligent Driving operates in a market with significant development opportunities, highlighted by its upcoming IPO and strong growth in the autonomous driving sector [3][6]. Group 1: IPO Details - Xidi Intelligent Driving has initiated its IPO, which will run from today until the 16th, with plans to list on the Hong Kong Stock Exchange under the stock code "3881" on December 19, 2025 [3]. - The company plans to issue 5,407,980 H-shares at an offering price of 263 HKD per share, resulting in an IPO market capitalization exceeding 11.5 billion HKD [3]. - Key cornerstone investors include ICBC Credit Suisse, Lianfa Shares, and local state-owned enterprises, with total subscriptions exceeding 546 million HKD [3]. Group 2: Business Overview - Founded in 2017, Xidi Intelligent Driving focuses on developing autonomous trucks for mining and logistics, V2X technology, and intelligent perception solutions [4]. - As of June 30, 2025, the company has served 152 clients and has a backlog of orders valued at approximately 584 million CNY [4]. - Xidi has delivered 304 autonomous mining trucks and received indicative orders for 357 trucks and 290 autonomous truck systems [4]. Group 3: Market Position and Growth - Xidi ranks third in the autonomous mining truck solution market in China, with a market share of approximately 5.2% [5]. - The company has successfully expanded its operations overseas, with indicative orders valued at about 6.5 million CNY as of June 30, 2025 [5]. - Xidi's autonomous mining trucks have improved mining efficiency to 104% compared to manually operated trucks, supported by a strong R&D team [5]. Group 4: Financial Performance - Revenue for Xidi from 2022 to 2024 was 31 million CNY, 133 million CNY, and 410 million CNY, reflecting a compound annual growth rate of 263.1% [6]. - The gross margin has improved from -19.3% in 2022 to 24.7% in 2024, while adjusted net losses have narrowed over the same period [6]. - The global commercial vehicle intelligent driving market is projected to grow significantly, with China's market expected to reach 774.3 billion CNY by 2030 [6]. Group 5: Use of IPO Proceeds - Approximately 55% of the net proceeds from the IPO will be allocated to R&D, 15% to enhance commercialization capabilities, 20% for potential investments and acquisitions, and 10% for working capital and general corporate purposes [7].

Core Viewpoint - Xidi Intelligent Driving has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors including China International Capital Corporation Hong Kong Securities Limited, CITIC Construction Investment (International) Financing Limited, and Ping An Capital (Hong Kong) Limited [1] Company Overview - The company is an innovative product-driven supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous mining and logistics vehicles in closed environments, V2X technology, and intelligent perception solutions [1] - Xidi Intelligent Driving ranks sixth among all intelligent driving commercial vehicle companies in China, with a market share of approximately 5.2% [1] Market Position and Achievements - In 2024, the company ranked first in the Chinese autonomous mining truck solution market, having delivered 56 autonomous mining trucks to a specific mining area in China, operating alongside approximately 500 manned trucks to form the world's largest mixed-operation mining vehicle fleet [1] - As of June 30, 2025, Xidi Intelligent Driving has served 152 clients, delivered 304 autonomous mining trucks, and 110 sets of independent autonomous truck systems, with indicative orders for 357 autonomous mining trucks and 290 sets of independent autonomous truck systems [1] Market Growth Potential - The market for autonomous mining truck solutions in China is rapidly expanding, with projections indicating it will reach RMB 39.6 billion by 2030, representing a compound annual growth rate of 65.3% [1]