IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Cidi |
|---|---|
| Stock Code | 03881 |
| Company Full Name | CiDi Inc. |
| Industry | Robotics |
| Principal Activities | innovative product-driven provider of intelligent driving products and solutions for commercial vehicles in China |
| Listing Date | 2025-12-19 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Characteristic Industrial Park No. 336 Xueshi Road, Yuelu District Changsha, Hunan Province PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場 2座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | cidi.ai |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 263.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 10 shares |
| Entry Threshold | HK$ 2,630 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-11 to 2025-12-16 |
| Global Offering Shares | 5,407,980 shares |
| HK Public Offer Shares (Initial) | 270,400 shares (5.0%) |
| Public Offer Lots (Initial) | 27,040lots (Pool A13,520lots，Pool B13,520lots) |
| International Placing Shares (Initial) | 5,137,580 shares (95.0%) |
| Offer Ratio | ~12.35% |
| Total Shares Post-IPO | 43,789,310 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 38.4% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,422,298,740 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 10 | HK$ 2,630 |
| 2 lots | 20 | HK$ 5,260 |
| 3 lots | 30 | HK$ 7,890 |
| 4 lots | 40 | HK$ 10,520 |
| 5 lots | 50 | HK$ 13,150 |
| 6 lots | 60 | HK$ 15,780 |
| 7 lots | 70 | HK$ 18,410 |
| 8 lots | 80 | HK$ 21,040 |
| 9 lots | 90 | HK$ 23,670 |
| 10 lots | 100 | HK$ 26,300 |
| 15 lots | 150 | HK$ 39,450 |
| 20 lots | 200 | HK$ 52,600 |
| 25 lots | 250 | HK$ 65,750 |
| 30 lots | 300 | HK$ 78,900 |
| 35 lots | 350 | HK$ 92,050 |
| 40 lots | 400 | HK$ 105,200 |
| 45 lots | 450 | HK$ 118,350 |
| 50 lots | 500 | HK$ 131,500 |
| 60 lots | 600 | HK$ 157,800 |
| 70 lots | 700 | HK$ 184,100 |
| 80 lots | 800 | HK$ 210,400 |
| 90 lots | 900 | HK$ 236,700 |
| 100 lots | 1,000 | HK$ 263,000 |
| 200 lots | 2,000 | HK$ 526,000 |
| 300 lots | 3,000 | HK$ 789,000 |
| 400 lots | 4,000 | HK$ 1,052,000 |
| 500 lots | 5,000 | HK$ 1,315,000 |
| 600 lots | 6,000 | HK$ 1,578,000 |
| 700 lots | 7,000 | HK$ 1,841,000 |
| 800 lots | 8,000 | HK$ 2,104,000 |
| 900 lots | 9,000 | HK$ 2,367,000 |
| 1,000 lots | 10,000 | HK$ 2,630,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 20,000 | HK$ 5,260,000 |
| 3,000 lots | 30,000 | HK$ 7,890,000 |
| 4,000 lots | 40,000 | HK$ 10,520,000 |
| 5,000 lots | 50,000 | HK$ 13,150,000 |
| 6,000 lots | 60,000 | HK$ 15,780,000 |
| 7,000 lots | 70,000 | HK$ 18,410,000 |
| 8,000 lots | 80,000 | HK$ 21,040,000 |
| 10,000 lots | 100,000 | HK$ 26,300,000 |
| 12,000 lots | 120,000 | HK$ 31,560,000 |
| 13,520 lots | 135,200 | HK$ 35,557,600 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 22.7B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 11,516,588,530 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 11,162,743,596 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 580.8 million (2024) |
| Period-End Cash Balance | RMB 381.68 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | approximately RMB 1,492 million |
| First Day Close | HK$ 227.0 |
|---|---|
| First Day Open | HK$ 263.0 |
| First Day Change | -13.69% |
| First Day Volume | 811640.0 |
| First Day Turnover | 200821000.0 |
| Use of Proceeds | 1、約55%或720.0百萬港元將在未來五年內用于研發；
2、約15%或196.4百萬港元將用于提高國內外商業化能力及進一步加強與國內及全球客戶的合作；
3、約20%或261.8百萬港元將用于旨在進一步整合產業鏈上下游資源的潛在投資及并購機會；
4、約10%或130.9百萬港元將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (12)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
中信建投（国际）融资有限公司 CE BAU112
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
ABCI CAPITAL LIMITED CE AWL249
Funde Securities Limited CE BHT984
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
WINBULL SECURITIES INTERNATIONAL (HONG KONG) LIMITED CE BRG131
Livermore Holdings Limited CE BJN764
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Joint Lead Managers (12)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
中信建投（国际）融资有限公司 CE BAU112
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
ABCI Securities Company Limited CE ACX411
Funde Securities Limited CE BHT984
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
WINBULL SECURITIES INTERNATIONAL (HONG KONG) LIMITED CE BRG131
Livermore Holdings Limited CE BJN764
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Capital Market Intermediaries (13)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
中信建投（国际）融资有限公司 CE BAU112
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Funde Securities Limited CE BHT984
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
WINBULL SECURITIES INTERNATIONAL (HONG KONG) LIMITED CE BRG131
Livermore Holdings Limited CE BJN764
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 Zhong Lun Law Firm Pillsbury Winthrop Shaw Pittman LLP |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 方达律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks |
交通银行股份有限公司 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 湘江智骋 | 425,706,747 HKD | 1,618,650 | 29.93% | 3.70% | 6 months | 2026-06-19 |
| 2 | 智驾一号 | 70,000,000 CNY | 292,860 | 5.42% | 0.67% | 6 months | 2026-06-19 |
| 3 | 工银瑞信 | 1,000,000 USD | 29,610 | 0.55% | 0.07% | 6 months | 2026-06-19 |
| 4 | 工银瑞信国际 | 2,000,000 USD | 59,230 | 1.10% | 0.14% | 6 months | 2026-06-19 |
| 5 | 前海开源群巍 | 20,000,000 HKD | 76,040 | 1.41% | 0.17% | 6 months | 2026-06-19 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 李澤湘 | — |
| Company Secretary | 區詠詩 | — |
| Executive Director | 马潍 | Ma Wei |
| Non-Executive Director | 李泽湘 | Hu Albert Sibo |
| Independent Non-Executive Director | 李晓原 | Li Xiaoyuan |
| Executive Director | 胡斯博 | Hu Albert Sibo |
| Non-Executive Director | 王昊 | Wang Hao |
| Independent Non-Executive Director | 谭光荣 | Li Xiaoyuan |
| Non-Executive Director | 杨溪 | Yang Xi |
| Independent Non-Executive Director | 张健钢 | Zhang Jiangang |
| Non-Executive Director | 李智勇 | Li Zhiyong |
Major Shareholders
| Major Shareholders & Holdings | Professor Li, through 新驅動香港, 長沙港灣, 清水灣香港創投 and 長沙晟譽, holds in aggregate approximately 38.25% of the voting rights (immediately after completion of the Global Offering). Beijing Sequoia holds approximately 9.30% of the shares, and Xinding Capital holds approximately 8.47% of the shares. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO attracted moderate interest with a 22.55x oversubscription ratio, translating to a high overall hit rate of 71.88%. With no mandatory clawback under Mechanism B, the reallocation likely softened competition, indicating cautious but broad retail demand for this 18C specialist tech listing. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Both 甲尾 (10,000 lots) and 乙头 (20,000 lots) are expected to receive just 1 lot, creating an exceptionally flat allocation curve. This inefficiency means the larger 乙头 commitment yields no additional shares, likely due to the small public float after reallocation. After broker costs, lower-tier applications may have offered better capital efficiency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors represented 81.5% of applicants, underscoring strong cross-border appetite for this smart-driving concept. The pool leaned male (65.9%) with an average age of 41.5, typical for tech IPOs in Hong Kong. Geographic concentration was likely in contiguous Guangdong, though detailed regional data is unavailable. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
