BRIEF: Autonomous truck maker Cidi launches $180 million IPO
Autonomous mining truck producer Cidi Inc. (3881.HK), launched its Hong Kong IPO on Thursday, offering 5.41 million shares priced at HK$263 apiece to raise about HK$1.42 billion ($179 million). Shares will be sold in lots of 10, requiring investors to pay HK$2,656.52 per lot. Subscriptions will close on Dec. 16, and trading of the stock is set to begin Dec. 19.
Cidi was founded by Li Zexiang, a Hong Kong University of Science and Technology professor who mentored Frank Wang Tao, founder of DJI, the world’s largest drone maker. Li not only supported Wang in establishing DJI but also served as its chairman, cultivating talent, providing management counsel and leveraging his network to aid the drone maker’s growth.
Prior to its listing, Cidi completed eight funding rounds, raising nearly 1.5 billion yuan. Its investors include prominent names like HongShan, formerly known as Sequoia China, as well as Xinding Capital and Legend Holdings.
The company’s losses have widened over the past three years, including a net loss of 580 million yuan last year. The company reported revenue of 408 million yuan in the first half of this year, up 58% year-on-year, while its loss for the period nearly quadrupled to 455 million yuan.
By Lau Chi Hang
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