CiDi Opens Hong Kong IPO with US$70 Million in Cornerstone Commitments, Targeting Status as the First Commercial-Vehicle Autonomous Driving Stock

On December 11, 2025, CiDi officially opened subscription for its Hong Kong IPO, which will run until December 16. The company plans to list on the Hong Kong Stock Exchange Main Board on December 19 under the stock code 3881, positioning itself to become Hong Kong’s first listed autonomous-driving company focused on commercial vehicles.

CiDi intends to issue 5,407,980 H-shares in the IPO, including 270,400 shares for the Hong Kong public offering and 5,137,580 shares for international placement. The offer price is set at approximately US$34 per share, giving the company a valuation exceeding US$1.5 billion.

The IPO has attracted a strong lineup of cornerstone investors, including ICBC Credit Suisse, Lianfa Shares, and state-owned capital from Xiangjiang and Nanning, which together subscribed for over US$70 million. CiDi is also backed by well-known investors such as Sequoia China and New Ding Capital, with three of them recognized as industry-leading professional investors under Chapter 18C.

Founded in 2017, CiDi focuses on autonomous-driving solutions for closed industrial scenarios, having delivered the world’s largest mixed-fleet autonomous mining truck operation. In 2024, it ranked third in China’s autonomous mining truck solution market.

According to financial disclosures, CiDi recorded a compound annual revenue growth rate of 263.1% from 2022 to 2024. Revenue for the first half of 2025 reached US$52.43 million, nearly matching its full-year 2024 performance. Its gross margin continues to improve, and net losses are narrowing.

The company plans to allocate 55% of IPO proceeds to R&D, 15% to commercialization, 20% to supply chain integration, and 10% to working capital.