On November 27th, Xidi Intelligent Driving Technology Co., Ltd. (formerly known as Xidi Intelligent Driving (Hunan) Co., Ltd.) (referred to as "Xidi Intelligent Driving") recently passed the listing hearing and is preparing to be listed on the Hong Kong Stock Exchange.
Xidi Intelligent Driving was founded by entrepreneurial mentor Professor Li Zexiang. Li Zexiang is a professor in the Department of Electronic Engineering at the Hong Kong University of Science and Technology, and also a director of DJI Innovation. Li Zexiang once served as the chairman of DJI and was even known as the "Godfather of DJI".
CiDi Intelligent Driving (also known as Changsha Intelligent Driving Research Institute, abbreviated as CiDi in English) is a hard technology product company specializing in commercial vehicle autonomous driving and vehicle road coordination.
Xidi Zhijia focuses on the research and development of autonomous mining trucks and logistics vehicles, V2X technology, and high-performance perception solutions, and provides cutting-edge products and solutions based on proprietary technology.
According to the prospectus, Xidi Intelligent Driving's revenue for 2022, 2023, and 2024 will be 31.056 million yuan, 133 million yuan, and 410 million yuan, respectively; The gross profit is -6 million, 26.82 million, and 100 million respectively; The gross profits are -19.3%, 20.2%, and 24.7%, respectively; The losses during the period were 263 million, 255 million, and 581 million, respectively.
Xidi Intelligent Driving's revenue for the first half of 2025 was 408 million yuan, an increase of 58% compared to the same period last year's 258 million yuan; The loss during the period was 455 million yuan, compared to 123 million yuan in the same period last year.
The reason for the expansion of losses for Xidi Intelligent Driving in the first half of 2025 is that the general and administrative expenses are 200 million yuan, and the research and development expenses are 151 million yuan.
Xidi Intelligent Driving's adjusted net losses for 2022, 2023, and 2024 are RMB 159 million, RMB 138 million, and RMB 127 million, respectively; The adjusted net loss for the first half of 2025 is 110 million yuan.
The executive directors of Xidi Intelligent Driving are Dr. Ma Wei and Dr. Hu Sibo; The non-executive directors are Professor Li Zexiang, Ms. Wang Hao, and Ms. Yang Xi; The independent non-executive directors are Dr. Li Xiaoyuan, Professor Tan Guangrong, and Zhang Jiangang.
Since its establishment, Xidi Intelligent Driving has received multiple rounds of financing. In March 2018, it completed a Series A financing of $30 million, led by Sequoia China with $14 million and invested by Baidu Ventures with $3 million; Completed A-1 round of $25 million investment in December 2019; Completed A-2 rounds of financing from July to September 2020, with a total amount of 100 million yuan; Completed A-3 round financing of 282 million yuan in February 2021.
Xidi Intelligent Driving completed a B-round financing of 280 million yuan in June 2021, and a B-round financing of 263 million yuan from October to November 2021; Complete a Series C financing of 270 million yuan from April to June 2022; Complete the C+round financing of 24 million yuan in February 2024. After the C-round of Xidi Intelligent Driving, its post investment valuation exceeded 9 billion yuan.
Before the IPO, Professor Li Zexiang controlled 43.63% of the shares, Sequoia Capital held 10.61%, Xinding Capital held 9.67%, Fangzheng Hesheng Investment held 4.28%, Lenovo Holdings held 3.49%, Liangjiang Fund held 3.01%, Xiangjiang State owned Investment held 2.77%, Ruishi Capital held 2.75%, Baidu held 2.39%, Qinghao Capital held 2.33%, and Everbright Holdings and Guangkong Zhongying each held 2.27%.
