Hidi Drive (03881) will be listing from December 11th to December 16th, planning to globally issue 5.408 million H shares, and introducing cornerstone investors such as Xiangjiang Zhicheng.

HidiDrive (03881) launched its IPO from December 11, 2025 to December 16, 2025, planning to globally issue 5.408 million H shares, with about 5% for public offering in Hong Kong and about 95% for international offering, along with an additional 15% over-allotment option. The offer price per share is HK$263, with a board lot of 10 H shares. It is expected that trading of H shares will commence on the Hong Kong Stock Exchange on the morning of December 19, 2025 (Friday) at 9:00 a.m. The group is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles in China. The group focuses on the research and development of autonomous trucks for mining and logistics in enclosed environments, V2X (vehicle-to-everything) technology, and intelligent perception solutions, providing proprietary products and solutions based on technology. During the reporting period, the group primarily focused on intelligent driving in enclosed environments. According to ZOCKS Consulting, the group ranks sixth among all intelligent driving commercial vehicle companies in China (including Hong Kong, Macau, and Taiwan), with a market share of approximately 5.2%. As of the last practicable date, the group has delivered 56 autonomous mining trucks to a mining area in China (including Hong Kong, Macau, and Taiwan), operating alongside approximately 500 manned trucks, forming the world's largest hybrid operation mining fleet. The group has also delivered the first fully autonomous electric mining fleet in China (including Hong Kong, Macau, and Taiwan). Based on revenue in 2024, the group ranks third in the market for autonomous mining truck solutions in China (including Hong Kong, Macau, and Taiwan). The group is one of the first intelligent driving companies in China (including Hong Kong, Macau, and Taiwan) to introduce commercial V2X products. The group's Train Autonomous Perception System (TAPS) is currently the only product in China (including Hong Kong, Macau, and Taiwan) that provides independent safety perception for trains. The group has entered into cornerstone investment agreements with Xiangjiang Smart Travel, Intelligent Driving One, ICBC Credit Suisse, ICBC Credit Suisse International and Qianhai Open Source Qunwei (each a cornerstone investment agreement and collectively the cornerstone investment agreements). Under these agreements, the cornerstone investors have agreed to subscribe for a certain number of shares at a total subscription amount of approximately HK$546 million, subject to certain conditions and restrictions, at the offer price (cornerstone investment). Based on the offer price of HK$263.0 per share, the total number of shares that the cornerstone investors will subscribe for is 207,640 shares. Assuming that the over-allotment option is not exercised, after deducting underwriting commissions and other estimated expenses payable by the group for the global offering, and assuming the offer price per share of HK$263.00, the group estimates that the net proceeds from the global offering will be approximately HK$1.309 billion. The group intends to use the net proceeds from the global offering as follows: 1. Approximately 55% of the net proceeds will be used for research and development within the next five years. This includes approximately 30% for the group's new generation intelligent driving platform research and development team; approximately 5% for the integration of software, hardware, and algorithms for the group's new generation intelligent driving platform; approximately 15% for the upgrading of the group's V2X and intelligent perception research and development team; and approximately 5% for the upgrading of the group's research and development software and hardware equipment. 2. Approximately 15% of the net proceeds will be used to enhance domestic and international commercial capabilities and further strengthen cooperation with domestic and global customers. This includes approximately 10% for improving sales and marketing capabilities and delivery capabilities; and approximately 5% for enhancing international layout. 3. Approximately 20% of the net proceeds will be used for potential investments and merger and acquisition opportunities aimed at further integrating upstream and downstream resources in the industry chain. 4. Approximately 10% of the net proceeds will be used for working capital and general corporate purposes. The group's revenue increased from RMB 31.1 million in 2022 to RMB 410 million in 2024, with a compound annual growth rate of 263.1%. The group's gross profit increased from RMB 26.8 million in 2023 to RMB 101 million in 2024. The group's gross profit increased by 57.9% from RMB 259 million in the six months ended June 30, 2024 to RMB 408 million in the six months ended June 30, 2025. The group's gross profit increased by 57.1% from RMB 44.4 million in the six months ended June 30, 2024 to RMB 69.7 million in the six months ended June 30, 2025.