The Chinese Commercial Autonomous Driving Company CiDi Plans for IPO

Changsha Intelligent Driving Institute (CiDi) officially submitted its prospectus to The Stock Exchange of Hong Kong on November 7, 2024, intending to list on the main board. CICC, CITIC Securities International, and Ping An Capital (Hong Kong) are acting as joint sponsors.

This means that CiDi is another autonomous driving company that has submitted documents to The Stock Exchange of Hong Kong in the short term. It is also the second autonomous driving-related company after Black Sesame Technologies to sprint for The Stock Exchange of Hong Kong under Chapter 18C regulations – according to the prospectus disclosure, CiDi is involved in selling autonomous driving, V2X, and high-performance perception products and solutions. All fall within the scope of special technology industries defined under Chapter 18C rules for listing acceptance areas, including electric and autonomous vehicles under advanced hardware and software categories as well as advanced transportation technologies.

CiDi was founded in October 2017, and focuses on technological innovation and execution to create practical intelligent driving products for commercial vehicles. Founded by Professor Li Zexiang renowned robotics entrepreneur and professor at the Hong Kong University of Science and Technology CiDi is a unicorn enterprise in autonomous driving.

As the industrys earliest autonomous driving company to lay out cooperative vehicle-to-road technology, CiDi products encompass “smart vehicles” and “intelligent roads”, including autonomous heavy trucks, unmanned electric mining trucks, and driverless logistics vehicles for industrial parks. With a rich suite of products for cooperative vehicles, CiDi provides multiple types of intelligent networking solutions for connected vehicle pilot areas, dual-intelligence cities, and smart expressways allowing intelligent vehicles to take full advantage of digital infrastructure.

From 2021 to 2023, CiDi’s revenue was 77 million yuan, 31 million yuan, and 132 million yuan respectively, with a compound annual growth rate of 30.9%; in the first half of this year, CiDi’s revenue increased by 472.6% from the same period in 2023 to reach 258 million yuan.

According to China Insights Consultancy data, based on the income for the first half of this year, CiDi is the second largest commercial vehicle autonomous driving technology company in China.

SEE ALSO: Automated Driving Firm CiDi Closes 300M Yuan in Round-C Financing

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