DEALS
Zhong Lun Assists CiDi Inc. in Chapter 18C IPO on HKEX Main Board
Zhong Lun Assists CiDi Inc. in Chapter 18C IPO on HKEX Main Board
On December 19, 2025, CiDi Inc. (stock code: 03881.HK) successfully completed its initial public offering and was listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "HKEX") under Chapter 18C of the Listing Rules. With this listing, CiDi Inc. became the first company to go public in the Hong Kong stock market focusing on smart driving for commercial vehicles, and also the seventh specialist technology company to list under the HKEX's Chapter 18C rules, highlighting its forefront position in trailblazing innovation in hard technologies. In this global offering, CiDi Inc. issued a total of 5,407,980 shares at an offer price of HKD 263 per share, raising total gross proceeds of approximately HKD 1.422 billion.
Zhong Lun Law Firm has been providing comprehensive legal services to CiDi Inc. In this listing, Zhong Lun acted as the PRC legal counsel to the issuer. Leveraging its profound understanding of the specialist technology industry and Hong Kong capital markets, Zhong Lun efficiently delivered specialized legal support, contributing to the successful listing of CiDi Inc. The signing lawyers handling this project were partner Jingeng Chen and regional partner Ting Li. Led by partner Xiaodan Guo, the project team also included associate Ziling Wu and Cheng Chen, among others. Furthermore, partner Bijun Huang offered counseling to the issuer regarding equity incentive plans.
Founded in 2017, CiDi Inc. is an innovative product-driven supplier of autonomous driving products and solutions for commercial vehicles in China. The Company focuses on the R&D and commercialization of autonomous mining and logistics vehicles in closed environments, V2X technology, and high-performance perception solutions, dedicated to reshaping human transportation experience with cutting-edge technologies. After commencing the commercialization of its technologies in 2018, CiDi Inc. emerged as one of China’s earliest players in this industry to achieve commercialization. Positioning itself as a product-driven innovative supplier, the company relies on the dual-driver of autonomous driving technology and V2X technology to build a flexible and modular technology platform, which led to the formation of its core strengths, including agile cross-scenario migration, optimized R&D costs, and high-efficiency technology-driven development.
CiDi Inc.’s listing marks a significant milestone in its growth. Company founder Prof. Zexiang Li and co-founder Dr. Wei Ma jointly rang the opening bell, ushering in a new chapter. Zhong Lun congratulated CiDi Inc. on its successful listing and expressed great hopes for its continued innovation in smart driving for commercial vehicles, propelling industry advancements and value creation.
Professionals
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Bijun HUANG
Equity Partner
ShenzhenPractices： Private Equity & Investment Funds,Hong Kong & Overseas Capital Markets,Cross-border Investment/M&AIndustries： Financial Innovation & Fintech,Telecom & Information,Intelligence Technology & Application,Education & Training,Media, Sports & Entertainment -
Bijun HUANG
Equity Partner
Shenzhen
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