Heidi Smart Driving (03881) will be listed from December 11th to December 16th, intending to globally offer 5.408 million H shares and introduce cornerstone investors such as Hunan River Smart Driving.

Xidi Intelligent Driving (03881) will be listed from December 11, 2025, to December 16, 2025. The company plans to globally offer 5.408 million H shares, with around 5% allocated for public offering in Hong Kong and around 95% for international offering, with an additional 15% oversubscription option. The offering price is HK$263 per share, with 10 shares per board lot. It is expected that trading of the H shares will commence on December 19, 2025, at 9:00 am on the Stock Exchange. 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. It provides proprietary technology-based products and solutions, with a focus on intelligent driving in enclosed environments during the reporting period. According to data from Joy Insight 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 manually driven trucks to form the world's largest hybrid operation mining fleet. The group has also delivered China's first fully autonomous electric mining fleet. 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 companies in China (including Hong Kong, Macau, and Taiwan) to launch 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 cornerstone investment agreements with Xiangjiang Zhicong, Intelligent Driving No.1, ICBC Rui Xin, ICBC Rui Xin International, and Qianhai Kaiyuan Qunwei. Pursuant to these agreements, the cornerstone investors have agreed to subscribe for a certain number of shares (rounded down to the nearest complete board lot of 10 H shares) totaling approximately HK$546 million at the offering price under various conditions and limitations. Based on the offering price of HK$263.0 per share, the cornerstone investors will subscribe for a total of 2.0764 million shares. Assuming the oversubscription option is not exercised, after deduction of underwriting commissions and other estimated offering expenses payable by the group for the global offering, at an offering price of HK$263.00 per share, the group estimates that it will receive net proceeds of approximately HK$1.309 billion from the global offering. The group plans to use the net proceeds from the global offering as follows: approximately 55% will be used for research and development over the next five years. Specifically, around 30% will be used for the group's next-generation intelligent driving platform research and development team; around 5% will be used for integration of software, hardware, and algorithms for the group's next-generation intelligent driving platform; around 15% will be used for upgrading the group's V2X and intelligent perception research and development team; and around 5% will be used for upgrading the group's research and development software and hardware equipment. Approximately 15% of the net proceeds will be used to enhance commercial capabilities domestically and internationally, and further strengthen cooperation with domestic and global customers. Specifically, around 10% will be used to enhance sales, marketing, and delivery capabilities; and around 5% will be used to enhance international expansion. Approximately 20% of the net proceeds will be used for potential investment and M&A opportunities to further integrate resources in the industry chain. 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 revenue 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 from RMB 26.8 million in 2023 to RMB 101 million in 2024. 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.