CiDi Inc.

Date of Prospectus: December 11, 2025

Bold Debut: CiDi Inc.’s HK\$1.42 Billion Hong Kong IPO Set to Redefine Intelligent Commercial Vehicle Tech

IPO Snapshot: Key Terms, Offer Structure, and Public Float

CiDi Inc., a specialist technology company focused on intelligent driving solutions for commercial vehicles, is launching its initial public offering on the Main Board of the Hong Kong Stock Exchange under Chapter 18C. The IPO positions CiDi as a high-growth, high-risk technology play in the rapidly evolving commercial vehicle automation sector.

• IPO Symbol: Not disclosed
• Offer Price: HK\$263.00 per H Share
• Total Offer Size: HK\$1,421,299,740 (HK\$263.00 x 5,407,980 H Shares)
• Number of Shares Offered: 5,407,980 H Shares (270,400 Hong Kong Offer Shares, 5,137,580 International Offer Shares)
• Post-IPO Outstanding Shares: 43,789,310 shares
• Market Capitalization at Offer Price: HK\$11,516.59 million
• Public Float: 58.68% (well above the 15% minimum required)
• Listing Date: December 19, 2025
• Application Period: December 11, 2025, 9:00 a.m. – December 16, 2025, 12:00 noon (Hong Kong time)

Use of Proceeds: Growth-Driven Capital Deployment

CiDi plans to deploy the estimated HK\$1,309.0 million net proceeds as follows, signaling a clear growth and expansion agenda:

• R&D (next 5 years): HK\$720.0 million (55%)
• Commercialization (China & Overseas): HK\$196.4 million (15%)
• M&A/Strategic Investments: HK\$261.8 million (20%)
• Working Capital & General Corporate: HK\$130.9 million (10%)

This capital allocation underscores a strong focus on research, technology leadership, and global expansion, with no proceeds earmarked for debt repayment.

Dividend Policy and Commitment

No dividends were paid or declared during the track record period (2022–2025), and the company clearly states that it may not pay dividends in the foreseeable future. Any future payout will depend on profitability, cash flow, business plans, and board discretion.

Offer Allocation: Public, Institutional, and Cornerstone Tranches

• Hong Kong Public Offering: 270,400 H Shares (5% of total offer)
• International Offering: 5,137,580 H Shares (95% of total offer)
• Cornerstone Investors: Up to 2,076,390 H Shares (38.39% of offer shares)
• Employee/ESOP Allocation: Not specified

Cornerstone and Anchor Investors

Cornerstone Investors are allocated up to 2,076,390 H Shares, representing 38.39% of offer shares and 4.74% of the post-offer share capital. Names of cornerstone investors are not disclosed in the available sections, but the company highlights that their participation “demonstrates confidence in the company and its business prospects.”

Pre-IPO Investors (including HongShan, Xinding Capital, Legend Holdings, among others) collectively hold 56.36% of voting rights pre-listing, with Sophisticated Independent Investors holding 26.04% as of the latest practicable date.

No pre-listing disposals/sales by major shareholders are disclosed. All pre-IPO shares are subject to a 12-month lock-up, aligning interests with new investors.

Deal Parties, Underwriters, and Stabilization

Joint Sponsors:

• China International Capital Corporation Hong Kong Securities Limited
• China Securities (International) Corporate Finance Company Limited
• Ping An of China Capital (Hong Kong) Company Limited

Joint Bookrunners, Lead Managers, Underwriters:

• China International Capital Corporation Hong Kong Securities Limited
• China Securities (International) Corporate Finance Company Limited
• Ping An Securities (Hong Kong) Company Limited
• ABCI Securities Company Limited
• Funde Securities Limited
• Guosen Securities (HK) Brokerage Company, Limited
• ICBC International Securities Limited
• China Everbright Securities (HK) Limited
• Winbull Securities International (Hong Kong) Limited
• Livermore Holdings Limited
• Shenwan Hongyuan Securities (H.K.) Limited
• Tiger Brokers (HK) Global Limited

Stabilization/Greenshoe: Over-allotment option (greenshoe) is in place, granting underwriters the right to issue additional shares to cover oversubscription and support aftermarket stability.

All transactions are fully underwritten, and the presence of multiple highly regarded investment banks as sponsors and bookrunners provides strong support for listing-day performance.

Company Overview: Business Model, Sector, and Revenue Streams

CiDi Inc. is a provider of intelligent driving products and solutions for commercial vehicles, focused on autonomous driving, driver assistance systems, and the digital transformation of logistics and transportation. The company targets OEMs, logistics operators, and fleet owners in China and globally.

Key revenue streams:

• Sales of intelligent driving products and hardware/software solutions
• Service contracts for system integration, maintenance, and upgrades
• Strategic partnerships with commercial vehicle OEMs and downstream logistics players

The company is classified as a Specialist Technology Company, indicating high investment risk and valuation uncertainty due to the nascent stage of its technology and commercial market.

Industry Landscape and Market Position

Within the sections provided, industry size and competitive rankings are not quantified. However, the company emphasizes rapid commercialization and a strong R&D pipeline as core advantages.

Brand strength, market share, and customer concentration details are not specified, but the presence of marquee investors and a robust pre-IPO capitalization signal growing market credibility.

Financial Health: Multi-Period Performance and Key Ratios

Summary of Key Financials (prepared under IFRS):

Key Observations:

• Company remains loss-making, though adjusted net loss margin has narrowed sharply from (511.5)% in 2022 to (27.2)% in 6M 2025
• Gross margin turned positive in 2023 and improved to 24.7% in 2024, indicating commercialization progress
• Liquidity ratios have deteriorated, with current ratio at 0.4 and cash ratio at 0.1 by mid-2025, highlighting the importance of IPO proceeds
• No material debt or contingent liabilities as of prospectus date

Management and Board

• Prof. Li Zexiang: Founder, Chairman of the Board, Non-Executive Director
• Dr. Ma: Co-founder, Executive Director, Vice Chairman
• Dr. Hu Albert Sibo: Executive Director

The team combines deep technology expertise and operational leadership, with significant shareholdings and 12-month lock-ups, aligning management with investor interests.

Sector Trends, Timing, and Market Environment

Industry trends: The intelligent commercial vehicle sector is experiencing rapid adoption, with increasing demand for automation, safety, and digital logistics solutions in China and globally.

IPO timing: The offer period is December 11–16, 2025, with listing on December 19, 2025. The company highlights recent mass commercialization milestones in 2024 and a strong pipeline of R&D-driven product launches.

Macroeconomic environment: The prospectus emphasizes ongoing volatility in global financial markets and regulatory changes affecting capital flows, but does not cite specific macro indicators.

Recent developments: Eight rounds of pre-IPO funding raised RMB1,492 million; over 90% of pre-IPO proceeds utilized for R&D, capex, and working capital, supporting rapid commercialization in 2024.

Inferred outlook: The combination of strong cornerstone support, a robust technology pipeline, and market float above 50% indicates favorable market conditions for the IPO.

Risk Factors: Quantified Exposures and Strategic Challenges

• Specialist Technology Company risk: High investment risk, share price volatility, and valuation uncertainty due to early-stage technology and limited financial track record
• Ongoing net losses and negative operating cash flow over the track record period
• No dividend history or commitment; future payouts are uncertain
• Regulatory risks: Complex PRC and Hong Kong securities laws; potential for changes in overseas listing rules
• Market volatility: Exposure to global economic swings and capital market conditions
• Pre-IPO investor rights: All special rights (anti-dilution, board seats, etc.) will terminate upon listing, but residual lock-ups and disposal restrictions apply

Growth Strategy: Expansion, R&D, and M&A Pipeline

R&D investment (HK\$720 million, 55% of proceeds) is central to CiDi’s strategy, supporting new product launches and technology leadership over the next five years. The company will also deploy HK\$196.4 million (15%) to deepen commercialization in China and abroad, and HK\$261.8 million (20%) for strategic M&A to further integrate the value chain.

• Focus on mass commercialization of autonomous driving products
• Strengthen partnerships with OEMs and logistics leaders
• Pursue bolt-on acquisitions to expand solution offerings

Ownership, Lock-up Structures, and Employee Incentives

• Lock-up periods: 12 months for controlling shareholders and pre-IPO investors; 6 months for Pathfinder SIIs
• Employees: Share Incentive Scheme in place; details not disclosed

Valuation and Peer Comparison

No peer company symbols, valuation multiples, or sector P/E data are disclosed. As a result, direct peer comparison tables are not included. The company’s post-money valuation is HK\$11.5 billion at the offer price.

Analyst Coverage and Research Opinions

No sell-side research or price targets are disclosed in the prospectus.

IPO Allotment Results and Subscription Outcomes

Final subscription outcomes by tranche, oversubscription rates, and allocation percentages are not stated in the available sections.

Listing Outlook: Subscription Worthiness and Trading Range (Inferred)

Based on disclosed facts, CiDi Inc. presents a compelling growth story in a high-conviction sector with significant pre-IPO and cornerstone backing, robust underwriter syndicate support, and a strong R&D focus. However, ongoing operating losses, lack of dividend commitment, and sector volatility suggest a high-risk, high-reward profile.

The strong public float (58.68%), credible bookrunners, and cornerstone investor participation suggest solid first-day aftermarket support. The listing is likely to open with robust demand, especially from institutional and tech-focused investors. The likely first-day trading range is expected to be at or modestly above the offer price (HK\$263.00), barring significant external volatility.

Inferred verdict: Worth subscribing for high-risk, long-term growth investors seeking exposure to intelligent commercial vehicle technology.

Prospectus Access

The full prospectus can be accessed at www.hkexnews.hk and www.cidi.ai.

How to Apply for IPO Shares

Application Channels:

• Online via the HK eIPO White Form service at www.hkeipo.hk
• Through the HKSCC EIPO channel via brokers or custodians who are HKSCC Participants, instructing applications via HKSCC’s FINI system

Application Period: December 11, 2025, 9:00 a.m. – December 16, 2025, 12:00 noon

• No physical application channels are provided
• Applicants must be 18 years or older and have a Hong Kong address (for HK eIPO White Form)