CID Autonomous Driving Launches Hong Kong IPO, Secures HK$550 Million in Cornerstone Commitments
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CID Autonomous Driving has launched its Hong Kong IPO with over HK$550 million in cornerstone commitments, positioning itself as the city’s first pure-play listed company focused on autonomous driving for commercial vehicles.
Hong Kong set to welcome its first pure-play commercial vehicle autonomous driving stock
CID Autonomous Driving Technology Co., Ltd. (“CID Autonomous Driving”) officially launched its Hong Kong IPO today, with the subscription period running through the 16th. The company is scheduled to debut on the Main Board of the Hong Kong Stock Exchange on December 19, 2025, trading under the stock code 3881.
The company plans to issue 5,407,980 H shares in the offering, including 270,400 shares for the Hong Kong public offering and 5,137,580 shares for the international placement. Based on an offer price of HK$263 per share, CID Autonomous Driving’s post-IPO market capitalization is expected to exceed HK$11.5 billion.
Notably, the IPO has attracted approximately HK$546 million in cornerstone investments, led by ICBC Credit Suisse Asset Management, Lianfa Group (002394.SZ), and state-owned capital funds from Xiangjiang and Nanning, underscoring strong institutional confidence in the company.
Backed by Top-Tier Investors and Led by a Renowned Scientist
Prior to the IPO, CID Autonomous Driving had already secured funding from a roster of prominent investors, including Sequoia China, Xinding Capital, Lenovo Capital, Everbright Holdings, Founder Hesheng Investment, Liangjiang Capital, ClearVue Partners, Baidu Ventures, Everbright Private Equity, Xiangjiang State Capital, Artemisinin Capital, Qiandao Capital, and Ruishi Capital, among others.
Sequoia China, Xinding Capital, and Lenovo Capital are recognized as leading senior investors under Hong Kong’s Chapter 18C framework. The company’s founder and chairman is Professor Li Zexiang, an internationally renowned scientist in the fields of AI, robotics, and automation.
Focused on Autonomous Trucks for Mining and Logistics
Founded in 2017, CID Autonomous Driving specializes in the development of autonomous trucks for closed environments, particularly in mining and logistics, alongside V2X (vehicle-to-everything) technologies and intelligent perception solutions. The company delivers proprietary, integrated products and solutions tailored to industrial use cases.
As of December 31, 2022, 2023, and 2024, and June 30, 2025, CID Autonomous Driving had served 44, 85, 131, and 152 customers, respectively. By mid-2025, the company’s order backlog totaled approximately RMB 584 million. It had delivered 304 autonomous mining trucks and 110 standalone autonomous truck systems, with indicative orders received for an additional 357 autonomous mining trucks and 290 standalone systems.
Industry Milestones and Market Position
According to data from CIC Consulting, CID Autonomous Driving delivered China’s first fully unmanned, all-electric autonomous mining truck fleet. As of December 2, 2025, the company had deployed 56 autonomous mining trucks at a single mining site in China, operating alongside approximately 500 human-driven trucks—forming the world’s largest mixed-operation mining fleet. Leveraging proprietary fleet management and coordination technologies, CID has also delivered the largest unmanned mining fleet globally that operates in collaboration with manned vehicles.
By revenue in 2024, CID ranked third in China’s autonomous mining truck solutions market and sixth among all intelligent commercial vehicle companies in Greater China, with an estimated 5.2% market share.
Expanding Globally with Strong R&D Capabilities
While solidifying its domestic leadership, CID Autonomous Driving has also spearheaded multiple flagship projects in China and successfully replicated its operating model overseas. As of June 30, 2025, the indicative value of its overseas project orders reached approximately RMB 65 million.
In 2022, the company received certification from the National Institute of Metrology of China (NIM), confirming that its autonomous mining trucks can boost mining efficiency to 104% of human-driven operations. This performance is underpinned by a robust R&D team spanning AI, computer science, robotics, and vehicle engineering.
As of mid-2025, CID employed 249 R&D personnel, accounting for 54.1% of its total workforce. R&D teams have been strategically deployed in Changsha, Chongqing, and Chengdu, enabling close collaboration with regional customers and access to top-tier talent. Internationally, CID has partnered with institutions such as King Abdulaziz City for Science and Technology (KACST) in Saudi Arabia to strengthen both R&D and commercialization capabilities.
Rapid Revenue Growth and Improving Profitability
Financially, CID Autonomous Driving reported revenues of RMB 31 million in 2022, RMB 133 million in 2023, and RMB 410 million in 2024, representing a compound annual growth rate of 263.1%. In the first half of 2025, revenue rose 57.9% year-on-year to RMB 408 million, nearly matching full-year 2024 revenue.
Gross margin improved steadily from -19.3% in 2022 to 20.2% in 2023 and 24.7% in 2024, while adjusted net losses narrowed over the same period.
A Market with Massive Upside
CIC Consulting estimates that the global intelligent commercial vehicle autonomous driving market will expand from RMB 10 billion in 2024 to RMB 1.61 trillion by 2030, at a CAGR of 133.3%. In China alone, the market is projected to grow from RMB 4.8 billion in 2024 to RMB 774.3 billion by 2030, driven by supportive policies and rapid technological advancement.
Use of Proceeds
Net proceeds from the IPO will be allocated as follows:
- ~55% to research and development
- ~15% to enhance commercialization capabilities domestically and internationally
- ~20% to potential investments and M&A aimed at integrating the industry value chain
- ~10% to working capital and general corporate purposes
