Autonomous mining solution developer CiDi Inc. files for IPO in Hong Kong

Beijing (Gasgoo)- CiDi Inc. recently submitted its IPO application to the Hong Kong Stock Exchange, with China International Capital Corporation, China Securities International, and Ping An of China Asset Management (Hong Kong) as joint sponsors. If approved, CiDi would become the first publicly listed autonomous mining truck company in China.

Photo credit: CiDi

Founded in 2017, CiDi focuses on autonomous mining and logistics vehicles, V2X technology, and advanced perception solutions. The company's proprietary Meta Mine solution is a comprehensive, fully autonomous mining truck platform, integrating driverless trucks, fleet management systems, a centralized dispatch platform, and remote-control cockpits. This solution enables self-sufficient and remotely monitored operations in mining, reducing the need for labor-intensive tasks.

As of September 30, 2024, CiDi had delivered 123 autonomous mining trucks across multiple quarry and coal sites in Henan, Jiangsu, Hubei, Hunan provinces, as well as sites in western China. The company's order book includes indicative orders for 320 autonomous mining trucks and 206 sets of autonomous truck systems. Notably, in the third quarter of 2024, CiDi received additional indicative orders for 310 trucks and 174 sets of systems, highlighting significant growth potential.

Revenue from CiDi's operations is primarily derived from autonomous driving solutions, including full-stack mining and logistics vehicles, as well as V2X and high-performance perception technologies.

From 2021 to 2023, CiDi realized annual revenue of 77.385 million yuan, 31.056 million yuan, and 133 million yuan, respectively, showing strong growth. In the first half of 2024, its revenue amounted to 259 million yuan.