以下文章来源于东四十条资本 ，作者陈美 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 李泽湘迎来了自己的"双IPO大年"。 作者丨 陈美 来源丨 投中网 今日，港交所18C板块迎来硬科技重磅玩家。 总部位于长沙的希迪智驾正式登陆资本市场，成为"自动驾驶矿卡第一股"。盘面上，希迪智驾开盘后市值达115亿港元。 作为第七家18C板块公司，希迪智驾曾三次交表，目前已发展成为累计交付110套自动驾驶系统、服务152家全球客户，营收 三年暴涨12倍的自动驾驶企业。 来自灼识咨询的数据显示，希迪智驾在中国所有智能驾驶商用车公司中排名第六，市场份额约为5.2%。2024年，公司于智能 驾驶商用车市场的产品销售收入约为2.5亿元，以产品销售基准计约占16.8%的市场份额。 有意思的是，在前脚迎来希迪智驾这一自动驾驶IPO之后，后脚李泽湘投资的卧安机器人也通过港交所聆讯。这使得在2025年 年底这一时刻，这位港科大教授迎来"双IPO之年"。 缘起湖湘，"自动驾驶矿卡"诞生 希迪智驾的故事，源于一场"用技术改变传统产 ...

Group 1 - The core viewpoint of the article highlights the successful listing of Xidi Intelligent Driving Technology Co., Ltd. on the Hong Kong Stock Exchange, facilitated by ICBC International as a joint bookrunner and lead underwriter [1] - The issuance involved 5,407,980 shares at a price of HKD 263.00 per share, resulting in a total issuance scale of approximately USD 183 million (pre-green shoe) [1] - ICBC International's role in this issuance reflects its commitment to supporting the high-quality development of leading manufacturing enterprises and showcases its professional capabilities in the market [1] Group 2 - Xidi Intelligent Driving is a supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous trucks for closed environments, V2X technology, and intelligent perception solutions [2] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, with a market share of approximately 5.2% [2] - As of December 2, 2025, Xidi has delivered 56 autonomous mining trucks to a mining area in China, operating alongside about 500 manned trucks, forming the world's largest mixed-operation mining vehicle fleet [2]

Core Viewpoint - The intelligent driving sector in the Hong Kong stock market is experiencing a surge due to favorable policies, yet the newly listed company, Xidi Intelligent Driving, faced a cold reception on its debut day, highlighting a disparity in market sentiment [1][2]. Group 1: Market Performance - The intelligent driving concept sector saw a nearly 1% increase following the announcement of the first batch of L3 conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology [1]. - Xidi Intelligent Driving's stock price fell by 8.37% on its first trading day, closing at 241 HKD, with a total market value of 105.53 billion HKD and a net capital outflow of 30.97 million HKD [1]. - In the previous trading day, Xidi's shares also declined by 5.48% in dark pool trading, indicating a lack of investor confidence [1]. Group 2: Company Background - Xidi Intelligent Driving, established in 2017, specializes in autonomous driving products and solutions for commercial vehicles, focusing on closed-environment applications such as mining and logistics [5]. - The company ranks first in the Chinese autonomous mining truck solution market, having delivered 56 autonomous mining trucks to a mining site, forming the world's largest mixed-operation mining vehicle fleet [5][6]. Group 3: Financial Performance - Xidi Intelligent Driving demonstrated significant revenue growth, with figures increasing from 31.06 million HKD in 2022 to 408 million HKD in the first half of 2025, marking over a 13-fold increase in just two and a half years [6][7]. - Despite revenue growth, the company reported substantial losses, with figures of 263 million HKD in 2022 and 455 million HKD in the first half of 2025, indicating a trend of increasing losses despite rising revenues [8]. - The company has faced cash flow challenges, with a total operating cash outflow exceeding 500 million HKD from 2022 to 2024, leading to significant liquidity pressure [8].

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式 和经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨 巴里 编 辑丨关雎 图源丨希迪智驾 2017年，曾在全球半导体巨头德州仪器任职的马潍博士，接到了他相识已久的李泽湘教授的创业邀 约。 这位香港科技大学的教授最为人知的身份，是全球无人机巨头大疆（DJI）创始人汪滔的导师与早期 关键支持者，被誉为"大疆教父"。 指示性订单等待交付。 香港科技大学电子与计算机工程学系教授 李泽湘 值得一说的是，李泽湘教授以其独特的"产学研投"模式，成功培育并连结了一个硬科技企业集群：除 了希迪智驾，还包括已上市的工业运动控制核心供应商固高科技（当前市值约135亿元），和正在冲 刺港股的AI家庭机器人公司卧安机器人（2025上半年营收4亿元，利润2790万元）。 这三家公司分别精准对应工业底层、家庭智能与商用车自动驾驶三大高成长赛道，构成了一个在技术 路径与商业场景上互补的"清水湾硬科技矩阵"，形成了强大的生态协同效应。 当年12月，李泽湘与马潍选择在湖南长沙这片充满工业基因的土地上，创立了希迪智驾。值得一提的 是，李泽 ...

（上市仪式现场） 犹记得去年底，小马智行成功登陆美股，轰动一时。而这两个明星自动驾驶项目I PO的背后，联 想之星都是早期支持者。若将范围放大，至今联想之星已收获1 0个I PO，遍布在科技和医疗各个 细分领域。"从成立的第一天起，我们就坚持做科技成果产业化。"联想之星总裁、主管合伙人王 明耀回忆。放眼中国早期科技投资江湖，这样的身影令人印象深刻。 李泽湘教授又一个IPO 天使轮投资故事 回顾希迪智驾的成长历程，李泽湘教授无疑是当中的关键人物。 这位香港科技大学教授，开创了"导师+学生"的天使投资模式，出资鼓励学生们学以致用，培育 和 孵 化 了 百 余 家 硬 科 技 公 司 。 其 中 ， 李 泽 湘 联 合 一 众 学 者 发 起 的 东 莞 松 山 湖 国 际 机 器 人 产 业 基 地，后来涌现出海柔创新、库犸科技、云鲸等明星机器人公司，一度掀起VC出差东莞找项目的 热潮。 "我们是最早一批去松山湖挖项目的投资人。"王明耀回忆。自成立以来，联想之星致力于发现和 培养科技创业人才，孵化科技创业企业，推动科技成果产业化的使命，这与李泽湘教授的理念不 谋而合。2 0 1 6年底，联想之星参与海柔创新天使轮 ...

根据灼识咨询的资料：集团在中国(包括香港、澳门及台湾，下同)所有智能驾驶商用车公司中排名第 六，市场份额约为5.2%；截至最后实际可行日期，集团为中国某矿区交付了56辆自动驾驶矿卡，与约 500辆有人驾驶卡车混合行驶，组成全球最大的混编作业采矿车队；集团交付了中国首个完全无人驾驶 纯电采矿车队；按2024年的收入计算，集团在中国自动驾驶矿卡解决方案市场排名第三；集团是中国首 批推出商业化V2X产品的智能驾驶公司；集团的列车自主感知系统(TAPS)是目前中国唯一为列车实现独 立安全感知的产品。 公开资料显示，希迪智驾是中国商用车智能驾驶产品及解决方案领域以产品驱动的创新型供应商。集团 专注于研发用于采矿及物流的封闭环境自动驾驶卡车、V2X(车联网)技术及智能感知解决方案，并提供 以专有技术为基础的产品及解决方案，于往绩记录期间主要专注于封闭环境中的智能驾驶。 智通财经APP获悉，希迪智驾(03881)首挂上市，公告显示，每股定价263港元，共发行540.80万股股 份，每手10股，所得款项净额约13.09亿港元。截至发稿，无涨跌，报263港元，成交额5113.33万港元。 ...

Group 1: IPO Updates - Seyond Holdings Ltd. (图达通) officially listed on the Hong Kong Stock Exchange on December 10, 2025, under the stock code "2665" [3] - The company, founded in 2016, is a leading provider of high-performance lidar solutions, ranking second globally in cumulative sales revenue for ADAS lidar solutions from 2022 to 2024 [3] - In the first three quarters of this year, 图达通 delivered approximately 181,131 units of automotive-grade lidar, representing a year-on-year growth of 7.7% [5] Group 2: Financial Performance and Market Position - 图达通 achieved a gross margin of 12.9% in the first five months of this year, indicating a positive shift towards profit-driven growth [5] - The company has established a complete product matrix covering both high-end and mass-market segments, with significant delivery achievements validating its high performance and reliability [4] - 图达通's CEO emphasized the importance of lidar technology in the development of AI in the physical world, suggesting a vast market potential for the company [5] Group 3:希迪智驾 (Xidi Zhijia) IPO Plans - 希迪智驾 plans to officially list on the Hong Kong Stock Exchange on December 19, 2025, under the stock code "3881," with an IPO market value exceeding 11.5 billion HKD [6] - The company has secured cornerstone investors, including major financial institutions, with total subscriptions exceeding 546 million HKD [6] - As of June 30, 2025, 希迪智驾 had a backlog of orders valued at approximately 584 million RMB and had delivered 304 autonomous mining trucks [7] Group 4: Financial Growth and Market Ranking - From 2022 to 2024, 希迪智驾's revenue grew from 31 million RMB to 410 million RMB, with a compound annual growth rate of 263.1% [8] - The company's gross margin improved from -19.3% in 2022 to 24.7% in 2024, indicating a positive trend in profitability [8] - By 2025, 希迪智驾 ranked third in the autonomous mining truck solutions market in China, with a market share of approximately 5.2% [8] Group 5: 鸣鸣很忙 (Mingming Hen Mang) Listing Notification - 鸣鸣很忙 received a notification for its overseas listing on the Hong Kong Stock Exchange, planning to issue up to 76,666,400 shares [10] - The company reported a retail sales volume of 41.1 billion RMB in the first half of this year, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB [11] - As of June 30, 2025, 鸣鸣很忙 had a cash balance exceeding 2.394 billion RMB, reflecting strong financial health and efficient asset management [11]

港交所的铜锣声还未响起，朋友圈已经炸开了锅。希迪智驾的招股书在投资群里传阅，红杉、百度等明星股东名单晃得人眼花。我 盯着那组数据发呆：三年营收增长263%，但经调整净亏损仍超亿元。这像极了当年创业板那些"画饼"的科技股——故事动听，但 散户往往在估值巅峰才挤上车。 自动驾驶的资本盛宴与散户困局 希迪智驾的招股细节堪称教科书级别的资本运作：李泽湘教授43.64%的控股比例，红杉10.61%的战略持股，还有工银瑞信等基石 投资者5.46亿港元保驾护航。这些数字在量化系统里会显示为典型的"机构抱团"模型——当橙色柱体（机构库存）连续三个月高于 均值线时，后续六个月的上涨概率达到78%。 但普通投资者看到的只有表象：自动驾驶、矿卡龙头、大疆系光环。就像2020年蔚来上市时，多少人盯着"中国特斯拉"的概念，却 忽略了当时其机构库存数据已连续两周萎缩。结果呢？那些在40美元追涨的散户，要忍受后来跌到2美元的煎熬。 决定股价趋势的不是K线形态，而是资金的行为密码。当我第一次用量化系统解析特斯拉的走势时，才发现所谓"技术分析"多么苍 白——那些看似完美的头肩底形态，在交易行为图谱前原形毕露。真正的趋势转变，必然伴随两个信号： ...

Core Viewpoint - The company Xidi Zhijia (3881.HK), known as the "first stock of autonomous mining trucks," has launched its IPO with a share price of HKD 263, aiming to raise approximately HKD 1.42 billion and is expected to be listed on December 19 [1]. Group 1: Company Overview - Xidi Zhijia is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles, focusing on the development of autonomous mining trucks, logistics vehicles, V2X (Vehicle-to-Everything) products, and intelligent perception solutions [7]. - The company ranks sixth among all commercial vehicle intelligent driving companies in China and third in autonomous mining truck solutions [8]. Group 2: IPO Details - The IPO involves the issuance of 5.408 million shares [4]. - The expected listing date is December 19 [5]. - The offering price is set at HKD 263 per share [6]. Group 3: Market Position and Growth Potential - Xidi Zhijia operates the largest mixed fleet of autonomous mining trucks globally, consisting of 56 autonomous trucks and nearly 500 manned vehicles [10]. - The company has launched the first batch of commercial V2X products in China [13]. - The autonomous mining truck solution is projected to capture 75.6% of the closed-environment autonomous driving market, with a potential market size of CNY 550 billion by 2024 [30]. Group 4: Financial Performance - The company reported revenues of CNY 410.04 million for the year ending December 31, 2022, with projected revenues of CNY 258.46 million for 2023 [47][48]. - Gross profit figures indicate a growth trajectory, with CNY 101.44 million expected for 2023 [49]. Group 5: Research and Development - The company employs 249 R&D personnel, accounting for 54.1% of its total workforce [44]. - Xidi Zhijia holds 513 patent applications and 356 registered patents, showcasing its commitment to innovation [46].

Core Viewpoint - Xidi Intelligent Driving is set to launch its global IPO on December 19, aiming to become China's first publicly listed autonomous mining truck company, with an expected market capitalization exceeding HKD 11.5 billion [1] Group 1: IPO Details - Xidi Intelligent Driving plans to issue 5.40798 million H-shares, with 270,400 shares available in Hong Kong and 5.13758 million shares for international sale [1] - The IPO price is set at HKD 263 per share, with approximately 55% of the net proceeds allocated for R&D, 15% for enhancing commercialization capabilities, 20% for potential investments and acquisitions, and 10% for working capital [1] Group 2: Market Position and Performance - Xidi Intelligent Driving ranks sixth among all intelligent commercial vehicle companies in China, holding a market share of approximately 5.2% [2] - The company is projected to generate product sales revenue of approximately RMB 250 million in 2024, which accounts for about 16.8% of the market share [2] - Xidi Intelligent Driving's autonomous mining trucks have improved mining efficiency to 104% compared to manually operated trucks, making it the first and only company in China to achieve this [2] Group 3: Company Background and Financials - Founded by renowned scientist Li Zexiang, Xidi Intelligent Driving has completed eight rounds of financing since 2018, raising nearly RMB 1.5 billion from investors including Sequoia Capital and Lenovo Holdings [3] - The company reported revenues of RMB 31 million, RMB 133 million, and RMB 410 million for 2022, 2023, and projected for 2024, reflecting a compound annual growth rate of 263.1% [3] - Adjusted net losses decreased from RMB 159 million in 2022 to RMB 127 million in 2024, indicating a trend of narrowing losses [3]