New stock news | Xidi Intelligent Driving plans Hong Kong IPO. The China Securities Regulatory Commission requires additional clarification on whether the business operations comply with the relevant provisions of the Data Security Law and other regulations.

On January 3, the China Securities Regulatory Commission issued the "Requirements for Supplemental Materials for Overseas Issuance and Listing Filing (December 27, 2024 - January 2, 2025)". The disclosure mentioned that Hidi Zhijia is required to provide supplementary explanations on whether its business operations comply with relevant regulations such as the Data Security Law, Personal Information Protection Law, Interim Provisions on the Administration of Automotive Radar Radio, and to explain the arrangements or measures for fulfilling data security protection responsibilities and obligations before and after listing. According to the disclosure by the Hong Kong Stock Exchange on November 7, 2024, Hidi Zhijia (CiDi Inc.) submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with CICC, China Securities Co., Ltd. International, and Ping An Insurance Capital (Hong Kong) as its joint sponsors. Specifically, the CSRC disclosure pointed out that Hidi Zhijia should provide supplementary explanations on the following matters and have lawyers verify and provide clear legal opinions: 1. Regarding the compliance of the equity structure, please explain: (1) the compliance of the equity structure and the conclusive opinions; (2) the compliance opinions on the establishment and historical changes of equity of the issuer and its subsidiaries. 2. Regarding shareholders, (1) please compare with the "Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Type No. 2" and explain the penetration of controlling shareholders such as Qing Shui Wan Fund and Changsha Shengyu; (2) please explain the reasons for the inconsistency in the prices of new shareholders' investments in the past year, the fairness of prices, and compliance opinions; (3) please explain whether the shares held by shareholders participating in the "full circulation" in this round are subject to pledge, freeze, or other disputed situations. 3. Regarding the incentive plan, please explain in accordance with the "Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Type No. 2" the background, pricing, pricing basis, specific circumstances of incentive objects, and the existence of entities prohibited from holding shares by laws and regulations. 4. Regarding business operations, please explain: (1) whether the business operations of the issuer and its subsidiaries involve the collection and use of personal information, if so, please explain the scale of user information collected and stored and the use of data collected; (2) whether the business operations comply with relevant regulations such as the Data Security Law, Personal Information Protection Law, Interim Provisions on the Administration of Automotive Radar Radio, and explain the arrangements or measures for fulfilling data security protection responsibilities and obligations before and after listing; (3) in conjunction with the issuer and its subsidiaries conducting business such as junction map data collection, explain the situation of holding patents or software copyrights for map construction methods, map generation systems, etc., and whether business operations involve areas restricted or prohibited by foreign investment in geodesy, map production, remote sensing geology, etc., and whether necessary qualifications and licenses have been obtained. According to the prospectus, Hidi Zhijia focuses on the research and development of autonomous mining trucks and logistics vehicles, V2X technology, and high-performance perception solutions, and provides cutting-edge products and solutions based on proprietary technology. According to information from Zhuoshi Consulting, the company is the only top autonomous driving company in China that has commercialized solutions in closed environments, urban roads, and intercity roads. It has delivered 56 autonomous mining trucks to a mining area in China, driving in mixed operations with around 500 manned trucks, forming the world's largest mixed-operation mining fleet. It delivered China's first fully unmanned electric mining fleet and is one of the first companies in China to launch commercial V2X products in autonomous driving.