CIDi Inc. (3881.HK), an intelligent driving technology company, has launched its Hong Kong initial public offering (IPO). The subscription period runs from December 11 to December 16, 2025. The company plans to offer 5,407,980 H shares globally, with an over-allotment option in place. The offer price is set at HK$263.00 per share, plus related transaction fees, with a board lot size of 10 shares and an estimated entry cost of approximately HK$2,656.52. Trading on the Main Board of the Hong Kong Stock Exchange is expected to commence on December 19. The joint sponsors are CICC, CSC International, and Ping An of China Securities (Hong Kong).

CIDi: A Leading Commercial Vehicle Intelligent Driving Solutions Provider in China

Offering Structure: Hong Kong public offering accounts for approximately 5% (270,400 H shares), while international placing accounts for approximately 95% (5,137,580 H shares).

Offer Price: HK$263.00 per share; 10 shares per board lot; estimated entry cost of approximately HK$2,656.52.

Offer Period: December 11–16.

Listing Date: December 19.

Joint Sponsors: CICC, CSC International, Ping An of China Securities (Hong Kong).

Company Overview

CIDi Inc. is a supplier of intelligent driving products and solutions for commercial vehicles in China, specializing in autonomous driving trucks for closed environments, V2X technology, and intelligent perception solutions. According to Frost & Sullivan, the company ranks sixth among commercial vehicle intelligent driving companies in China with a market share of approximately 5.2%, and third in China’s autonomous mining truck solution market. CIDi has delivered the world’s largest mixed-operation autonomous mining truck fleet and has commercialized the world’s first fully unmanned pure electric mining truck fleet.

Financial Information

According to the prospectus, CIDi Inc. recorded revenues of approximately RMB 310.6 million, RMB 1.33 billion and RMB 4.10 billion for 2022–2024, respectively, while net losses for the same period were approximately RMB 2.63 billion, RMB 2.55 billion and RMB 5.81 billion. For the first half of 2025, the company posted revenue of about RMB 408 million and a net loss of around RMB 455 million. Assuming the over-allotment option is not exercised, CIDi expects to raise net proceeds of approximately HK$1.309 billion, intended for R&D (around 55%), enhancement of commercialization capabilities (around 15%), potential investments and acquisitions (around 20%), and working capital and general corporate purposes (around 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for CIDi via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select CIDi, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)