IPO News | Rumor has it that Sidi Smart Driving has initiated pre-listing promotion to raise up to HK$1.56 billion

The Zhitong Finance App learned that according to market news, CiDi (CiDi), which applied for listing under the “18C Regulations”, has launched pre-listing promotions and plans to raise 150 million to 200 million US dollars (approximately HK$1.17 billion to HK$1.56 billion). CICC Corporation, CITIC Construction Investment International and Ping An Securities are sponsors. According to the Hong Kong Stock Exchange disclosure on November 27, Sidi Smart Driving passed the Hong Kong Stock Exchange main board listing hearing.

According to the prospectus, Cidi Smart Driving was founded in 2017 and is a supplier of intelligent driving products and solutions for commercial vehicles in China. The company focuses on research and development of closed environment autonomous trucks, V2X (vehicle-road collaboration) technology and intelligent sensing solutions for mining and logistics, and provides products and solutions based on proprietary technology. During the track record period, it mainly focused on intelligent driving in closed environments.

According to Insight Consulting, the company ranked 6th among all smart driving commercial vehicle companies in China (including Hong Kong, Macau and Taiwan), with a market share of about 5.2%. The company delivered the first fully driverless all-electric mining fleet in China (including Hong Kong, Macau and Taiwan). The company is one of the first intelligent driving companies in China (including Hong Kong, Macau and Taiwan) to launch commercialized V2X products. The company's Autonomous Train Sensing System (TAPS) is currently the only product in China (including Hong Kong, Macau and Taiwan) that enables independent train safety sensing.

On the financial side, in 2022, 2023, 2024 and 2025 for the six months ended June 30, the company recorded revenue of 310.56 million yuan (RMB, same below), 133 million yuan, 410 million yuan, and 408 million yuan, respectively, and recorded annual/period losses of 263 million yuan, 255 million yuan, 581 million yuan, and 455 million yuan.

Sidi Smart Driving plans to use the proceeds from the listing for R&D within the next 5 years; for improving domestic and foreign commercialization capabilities and further strengthening the company's cooperation with domestic and global customers; for potential investment and merger and acquisition opportunities aimed at further integrating upstream and downstream resources in the industrial chain; and the balance for operating capital and general corporate purposes.