Xin Lang Cai Jing·2025-11-25 05:44Core Viewpoint - Freetech (Zhejiang) Intelligent Technology Co., Ltd. has submitted a new application for an IPO on the Hong Kong Stock Exchange after two previous attempts failed, indicating the company's ongoing commitment to public listing and growth in the intelligent driving solutions market [4]. Business Overview - Established in 2016, Freetech is a leading supplier of intelligent driving solutions, focusing on Advanced Driver Assistance Systems (ADAS) and Autonomous Driving Systems (ADS) technology, aiming to provide safe, comfortable, and intelligent driving experiences through deep collaboration with OEM customers [7]. - The company ranks second among third-party suppliers in China for L0 to L2 level driving assistance solutions, with a market share of 7.2% as of 2024 [7]. - As of June 30, 2025, Freetech has established partnerships with 51 OEMs and has over 380 designated projects and more than 290 mass production projects across a diverse range of vehicles [7]. Key Clients - Since 2019, Freetech has been a non-exclusive supplier for Geely Holding Group, developing driving assistance products and deployment solutions across multiple Geely brands. The revenue from Geely accounted for 19.7%, 43.3%, 59.4%, and 76.0% of Freetech's income in 2022, 2023, 2024, and the first half of 2025, respectively [8]. Product Development - Freetech has developed an integrated intelligent driving platform called ODIN, which combines advanced controllers, precise sensors, robust software, and a solid data feedback platform, enabling the integration of cutting-edge intelligent driving technologies [9]. - The company offers a full-stack intelligent driving solution based on the ODIN platform, employing a vertically integrated approach that includes hardware design, software and algorithm development, system integration, and manufacturing [9]. Financial Performance - Freetech's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 327.72 million, RMB 908.32 million, RMB 1.283 billion, and RMB 928.24 million, respectively. The corresponding net losses were RMB 855 million, RMB 738 million, RMB 528 million, and RMB 164 million [18][20]. - The adjusted net losses for the same periods were RMB 692 million, RMB 627 million, RMB 445 million, and RMB 152 million [20]. Shareholding Structure - Prior to the IPO, Freetech's major shareholders include Ningbo Junma, which holds 11.73%, and several equity incentive platforms with smaller stakes. The largest shareholder group controls approximately 21.99% of the shares and can exercise 42.60% of the voting rights [11][12]. Management Team - The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors, indicating a diverse and experienced leadership team [17].