HK IPO Subscription: Analysis and Application Plan for CIDI Smart Drive (03881.HK)!
$ZHIHUI MINING(02546.HK)$CIDI(03881.HK)
Basic Information:
Subscription Period: December 11 - December 16, results announced on the 17th, grey market trading on the 18th, listing on the 19th;
Issue Price: 263.00
Minimum Subscription Fee: 2656.52
1 Lot: 10 shares
Global Offering: 5.408 million shares
Cornerstone Investors: 5 investors subscribed to 38.41% of the shares
Greenshoe: Yes, with CICC as stabilizing manager
Sponsors: CICC, CITIC, Ping An
Allocation Mechanism: Chapter 18C, maximum clawback of 20%
Xidi Autonomous Driving was founded in 2017, focusing on the R&D of autonomous driving trucks, V2X vehicle-road coordination technology, and intelligent perception solutions for closed environments such as mining and logistics. By providing products and solutions based on proprietary technologies, it has formed a diversified business landscape of "autonomous driving + vehicle-road coordination + intelligent perception".
According to CIC data, based on product sales revenue in 2024, Xidi Autonomous Driving accounted for 5.2% of the market share in China's commercial vehicle autonomous driving industry, ranking sixth. In the Chinese autonomous mining truck solutions market, the company ranked third with a 12.9% market share. As of June 30, 2025, the company had delivered a cumulative total of 414 autonomous mining trucks (systems) and received indicative orders for 647 units.
Financial Performance:
From 2022 to 2024, the company's revenue surged from RMB 31.1 million to RMB 410 million, with a compound growth rate of 263.1%. Revenue in the first half of 2025 reached RMB 408 million, up 57.9% year-on-year, close to the full-year level of 2024.
The company improved from a gross loss of RMB 6 million in 2022 to a gross profit of RMB 101.4 million in 2024, with gross margin increasing from 19.3% to 24.7%.
Net losses for 2022-2024 were RMB 263 million, RMB 255 million, and RMB 581 million, respectively, with a total loss of RMB 1.099 billion over three years, still in a loss-making state, mainly due to high R&D and sales costs.
Use of Proceeds: About 55% for R&D over the next five years; about 15% to enhance commercialization capabilities domestically and internationally; about 20% for potential investments and acquisitions; the remaining 10% for working capital and general corporate purposes. Xidi Autonomous Driving has introduced five cornerstone investors for this IPO, accounting for approximately 38.41% of the shares offered.
Xidi Autonomous Driving adopts Chapter 18C. According to the offering mechanism, if the public subscription multiple is between 10x and 50x, the public offering ratio will be clawed back from 5% to 10%; if the subscription multiple exceeds 50x, it will be clawed back to 20%. Global offering of 5.408 million shares, under Chapter 18C clawback, one lot is 10 shares, clawback of 10% (margin financing between 10-50x), totaling 54,080 lots; clawback of 20% (margin financing over 50x), totaling 108,160 lots—the volume is really high!Tail-end subscription requires HKD 260,000 in capital, while head-end subscription requires HKD 530,000. As of analysis, Xidi Autonomous Driving has been oversubscribed by 10x. The market predicts the final margin financing multiple may be within 50x.Conflicts with Smart Mining, as well as with Impression Sanjie Hongpao, Nanhua Futures, BenQ Medical Center, and Huaren Biotech-B,no conflicts with Easy Health, Hansi Aita-B, and Nuobikan, funds can be linked, but capital allocation will be dispersed;Jointly sponsored by CICC, CITIC, and Ping An, with cornerstone investors and greenshoe. CICC's historical sponsorship projects are decent, CITIC is somewhat strong, Ping An is average, but the volume is a bit high.
Xidi Autonomous Driving's fundamentals are decent, with narrowing losses and policy support. The commercial vehicle autonomous driving sector it operates in has technical barriers and is niche, earning it the title of "the first autonomous mining truck stock." However, the company continues to incur losses, with negative cash flow from operations. At the same time, market competition is fierce, and market penetration is insufficient. Most importantly, the volume is somewhat high. Listing meets the requirements for inclusion in the Stock Connect, but I won't subscribe—there are too many new stocks; I'll pick and choose.
Smart Mining conflicts with Xidi Autonomous Driving, as well as with Impression Sanjie Hongpao, Nanhua Futures,BenQ Medical Center, and Huaren Biotech-B,no conflicts with Easy Health, Hansi Aita-B, and Nuobikan, funds can be linked, but capital allocation will be dispersed;
My capital is mainly allocated to Smart Mining, Impression Sanjie Hongpao, Hansi Aita-B, and Nuobikan (to be subscribed after Smart Mining's funds are released).
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