New Stock News | Xidi Zhijia submits application to Hong Kong Stock Exchange, focusing on the research and development of autonomous mining trucks and logistics vehicles, V2X technology, and high-performance perception solutions
CiDi Inc. has submitted a listing application to the Hong Kong Stock Exchange, focusing on the research and development of autonomous mining trucks and logistics vehicles, V2X technology, and high-performance perception solutions. The "Yuan Mine" full-stack autonomous mining truck solution developed by the company enables autonomous operation and remote monitoring of driverless mining trucks, promoting the automation of mining operations. CiDi Inc. is the only company in China to have commercialized autonomous driving solutions in various environments, delivering the world's largest fleet of driverless mining trucks
According to the Hong Kong Stock Exchange's disclosure on November 7, CiDi Inc. has submitted a listing application to the main board of the Hong Kong Stock Exchange, with China International Capital Corporation, CITIC Securities International, and Ping An Capital (Hong Kong) as its joint sponsors.
According to the prospectus, the company focuses on the research and development of autonomous mining trucks and logistics vehicles, V2X technology, and high-performance perception solutions, providing cutting-edge products and solutions based on proprietary technology. According to ZhiShi Consulting, the company is the only leading autonomous driving company in China that has commercialized solutions in closed environments, urban roads, and intercity roads. It has delivered 56 autonomous mining trucks to a mining area in China, operating in conjunction with approximately 500 manned trucks, forming the world's largest mixed-operation mining truck fleet. It has also delivered China's first fully unmanned electric mining truck fleet and is one of the first autonomous driving companies in China to launch commercial V2X products.
The company has developed various products and solutions, covering (i) autonomous driving technology, providing autonomous mining trucks and logistics vehicles; (ii) V2X products and solutions aimed at intelligent transportation and smart cities; and (iii) high-performance perception solutions that apply autonomous driving technology to rail transit and commercial vehicles.
The company's pioneering full-stack autonomous mining truck solution "Yuan Mine" integrates its proprietary algorithms with widely used commercial vehicle autonomous driving hardware, enabling autonomous operation and remote monitoring of unmanned mining trucks, thereby automating labor-intensive mining operations.
According to ZhiShi Consulting, utilizing proprietary fleet management and coordination technology, the company has delivered the world's largest unmanned mining truck fleet that operates in coordination with manned vehicles. As of the last practicable date, according to ZhiShi Consulting, CiDi Inc. obtained certification from the National Institute of Metrology (NIM) in China in 2022, with autonomous mining trucks significantly improving mining efficiency to 104% of the efficiency of manned mining truck operations, making it the first and only autonomous driving company in China to achieve this efficiency.
In terms of finances, for the six months ending June 30 in 2021, 2022, 2023, and 2024, CiDi Inc. achieved revenues of approximately RMB 77.385 million, RMB 31.056 million, RMB 133 million, and RMB 258 million, respectively; during the same period, losses were approximately RMB 179.5 million, RMB 263 million, RMB 255 million, and RMB 123 million.
