IPO Timeline
Broker Deadline
2025-12-16
Morning deadline
HKEX Deadline
2025-12-16
Noon deadline
Broker Results (T-2)
2025-12-17
Some brokers release in afternoon
Grey Market (T-1)
2025-12-18
Afternoon
HKEX Allotment (T-1)
2025-12-18
Evening
Registrar Allotment (T-1)
2025-12-18
Evening
Listing Day (T)
2025-12-19
First day of trading
Company Overview
| Stock Name | Xidi Zhijia |
|---|---|
| Stock Code | 03881 |
| Company Full Name | Xidi Zhijia |
| 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特专科技 |
|---|---|
| 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 (13,520lots, 13,520lots) |
| 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) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B-无回补 |
| 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 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 11,516,588,530 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損人民幣580.8百萬元（2024年） |
| Period-End Cash Balance | 人民币101,100,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| 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
| 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)
中国国际金融香港证券有限公司 CE AEN894
中信建投（国际）融资有限公司 CE BAU112
中国平安资本（香港）有限公司 CE AWB701
Sponsor cum Overall Coordinator (2)
中国国际金融香港证券有限公司 CE AEN894
中信建投（国际）融资有限公司 CE BAU112
Overall Coordinators (3)
中国国际金融香港证券有限公司 CE AEN894
中信建投（国际）融资有限公司 CE BAU112
平安证券（香港）有限公司
Joint Global Coordinators (3)
中国国际金融香港证券有限公司 CE AEN894
中信建投（国际）融资有限公司 CE BAU112
平安证券（香港）有限公司
Joint Bookrunners (12)
中国国际金融香港证券有限公司 CE AEN894
中信建投（国际）融资有限公司 CE BAU112
平安证券（香港）有限公司
农银国际融资有限公司 CE AWL249
富德证券有限公司 CE BHT984
国信证券（香港）经纪有限公司 CE AUI491
工银国际证券有限公司 CE ARO299
中国光大证券（香港）有限公司 CE AAW536
盈宝证券国际（香港）有限公司 CE BRG131
利弗莫尔证券有限公司 CE BJN764
申万宏源证券（香港）有限公司 CE AAC927
老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (12)
中国国际金融香港证券有限公司 CE AEN894
中信建投（国际）融资有限公司 CE BAU112
平安证券（香港）有限公司
农银国际证券有限公司 CE ACX411
富德证券有限公司 CE BHT984
国信证券（香港）经纪有限公司 CE AUI491
工银国际证券有限公司 CE ARO299
中国光大证券（香港）有限公司 CE AAW536
盈宝证券国际（香港）有限公司 CE BRG131
利弗莫尔证券有限公司 CE BJN764
申万宏源证券（香港）有限公司 CE AAC927
老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (13)
中国国际金融香港证券有限公司 CE AEN894
中信建投（国际）融资有限公司 CE BAU112
平安证券（香港）有限公司
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
富德证券有限公司 CE BHT984
国信证券（香港）经纪有限公司 CE AUI491
工银国际证券有限公司 CE ARO299
中国光大证券（香港）有限公司 CE AAW536
盈宝证券国际（香港）有限公司 CE BRG131
利弗莫尔证券有限公司 CE BJN764
申万宏源证券（香港）有限公司 CE AAC927
老虎证券（香港）环球有限公司 CE BMU940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 中伦律师事务所 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 | 号的其他有限合伙人包括湘江新区引导基金有限公司 | — | — | — | — | 6 months | 2026-06-19 |
| 2 | 部湾投资集团有限公司 | — | — | — | — | 6 months | 2026-06-19 |
| 3 | 管理有限责任公司 | — | — | — | — | 6 months | 2026-06-19 |
| 4 | 工银瑞信基金管理有限公司 | — | — | — | — | 6 months | 2026-06-19 |
| 5 | 此已委聘前海开源基金管理有限公司 | — | — | — | — | 6 months | 2026-06-19 |
Directors & Management
| Chairman | 李澤湘 |
|---|---|
| Company Secretary | 區詠詩 |
執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 马潍 | — | 執行董事 |
| 2 | 胡斯博 | — | 執行董事 |
非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李泽湘 | — | 非執行董事 |
| 2 | 王昊 | — | 非執行董事 |
| 3 | 杨溪 | — | 非執行董事 |
| 4 | 李智勇 | — | 非執行董事 |
獨立非執行董事 (7)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李晓原 | — | 獨立非執行董事 |
| 2 | 谭光荣 | — | 獨立非執行董事 |
| 3 | 张健钢 | — | 獨立非執行董事 |
| 4 | (1) 截至本招股章程日期，王昊 | — | 獨立非執行董事 |
| 5 | 具有条件且于上市后生效，同时(i)李智勇 | — | 獨立非執行董事 |
| 6 | 王昊 | — | 獨立非執行董事 |
| 7 | 立非执行董事，且该等独立非执行董事须占董事会至少三分之一。王昊 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering (assuming the Over-allotment Option is not exercised), the following persons will have interests and/or short positions in the Shares or underlying shares |
|---|
AI
AI Analysis
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.)
Offering Structure
Subscription Tiers
IPO Timeline
