Autonomous driving solution developer Freetech files for IPO in Hong Kong

Beijing (Gasgoo)- Chinese autonomous driving solution developer Freetech officially filed for an initial public offering (IPO) on the Hong Kong Stock Exchange on November 22. The IPO is jointly underwritten by CITIC Securities, CICC, Huatai International, and HSBC.  

Photo credit: Freetech

Specializing in advanced driver-assistance systems (ADAS) and autonomous driving systems (ADS), Freetech offers a range of products including millimeter-wave radars, 4D imaging radars, intelligent driving controllers, and integrated solutions such as FT Pro, FT Max, and FT Ultra.

Its technologies cater to diverse application scenarios, securing mass-production contracts from 46 automakers across over 200 projects as of June 2024.

According to the IPO prospectus, Freetech's revenue climbed from 333 million yuan in 2021 to 908 million yuan in 2023. In the meantime, the company reported annual losses of 296 million yuan in 2021 to 738 million yuan in 2023. Additionally, Freetech poured R&D investments of 185 million yuan, 515 million yuan, and 561 million yuan in the 2021-2023 period, respectively.  

Notably, Geely stands as Freetech's largest single customer and a key shareholder. The prospectus shows that Freetech provided Geely with products and services worthing 100 million yuan in 2021, 64.53 million yuan in 2022, and 393 million yuan in 2023.

In its Series C3 funding round, which was completed on May 30, 2024, Freetech was valued at 6.06 billion yuan.