- Smart-driving company seeks funding despite losses and Geely dependence
- Revenue jumps on demand for urban navigation-assisted driving systems
Freetech (福瑞泰克) has filed for a Hong Kong initial public offering for the fourth time, as the Zhejiang-based advanced driver-assistance systems supplier seeks fresh capital to expand amid intensifying competition in autonomous driving technologies.
Headquartered in Tongxiang, Jiaxing, the company submitted its latest listing application to the Hong Kong Stock Exchange on May 26, with CITIC Securities, China International Capital Corporation, Huatai International and HSBC acting as joint sponsors.
The filing follows three earlier applications submitted in November 2024, May 2025 and November 2025.
Repeated filings have reflected several challenges, including Hong Kong’s six-month IPO filing validity period, the company’s ongoing losses and relatively low margins, as well as regulatory scrutiny over its heavy dependence on Geely Holding Group.
Investor sentiment toward autonomous driving companies has also weakened in recent years amid broader valuation declines across the sector.
According to China Insights Consultancy, a market researcher, Freetech ranked as China’s second-largest independent supplier of L0-to-L2+ driver-assistance solutions in 2025, with market share rising to 8.1% from 7.2% a year earlier. The market leader held a 34.5% share.
Freetech reported 2025 revenue of 2.28 billion yuan ($336 million), up 77.7% year-on-year, while net loss narrowed to 358 million yuan from 738 million yuan in 2023.
Much of the growth came from its FT Ultra platform, an L2+ advanced driver-assistance solution supporting urban navigation-on-autopilot (NOA) functions.
Revenue from the product more than doubled to 1.43 billion yuan and accounted for 62.9% of total sales. Gross margin for the segment rose to 14% from 8.3%.
Increasing reliance on Geely
The company is seeking to list under Hong Kong’s Chapter 18C rules, which allow pre-profit “specialist technology” firms in sectors such as smart driving to go public based on market capitalization rather than profitability.
Founded in 2016 by former Geely vice president Zhang Lin, Freetech has established partnerships with 55 automakers and secured 432 designated vehicle projects, including more than 330 mass-production deals.
However, Geely remains the company’s dominant customer. Revenue derived from the automaker rose to 78.9% of total sales in 2025, up from 59.4% a year earlier, fueling speculations about Freetech’s long-term growth potential.
Freetech said proceeds from the IPO will be used to strengthen research and development, expand production capacity, grow its sales network and support working capital.
The company is betting on rising adoption of urban navigation-assisted driving features in lower-priced vehicles. China’s L2+ driver-assistance market is projected to expand from 84.8 billion yuan in 2025 to 228.1 billion yuan by 2030, according to the filing.
