On November 22, Freetown Technology officially submitted its listing application to the Hong Kong Stock Exchange (HKEX), with CITIC Securities, CICC (China International Capital Corporation), Huatai International, and HSBC acting as joint sponsors.
As one of the early pioneers in intelligent driving solutions in China, Freetown Technology focuses on the development of Advanced Driver Assistance Systems (ADAS) and Autonomous Driving Systems (ADS) technologies. Its main products include millimeter-wave radars, 4D imaging radars, and other sensors, as well as intelligent driving controllers that support diverse applications. The company also provides integrated software and hardware intelligent driving solutions such as FT Pro, FT Max, and FT Ultra.
According to the prospectus, Freetown Technology reported revenues of RMB 333 million, RMB 328 million, RMB 908 million, and RMB 312 million for 2021, 2022, 2023, and the first half of 2024, respectively. The company recorded net losses of RMB 296 million, RMB 855 million, RMB 738 million, and RMB 278 million during the same periods, accumulating total losses of RMB 2.167 billion over three and a half years. Concurrently, its R&D expenses were RMB 185 million, RMB 515 million, RMB 561 million, and RMB 187 million, respectively.
As of June 30, 2024, Freetown Technology's solutions had been adopted by 46 OEMs, achieving mass production in more than 200 projects. By the same date, all of the top 10 domestic OEMs by vehicle sales in 2023 had adopted Freetown Technology's solutions for their mass-produced models.
In addition, prior to the IPO, Freetown Technology completed several rounds of financing with investors including Changxing Financial Holdings, PICC Capital, YuanChuang Capital, Everbright Financial Holdings, Wuzhen Tourism Investment, Chunxin Hongtu, CCCC Fund, BAIC Capital, TCL Venture Capital, Shaanxi Auto Group, and Geely Group. Notably, Geely Group is not only one of Freetown Technology's shareholders but also its largest single customer.
The prospectus reveals that Freetown Technology provided products and services worth RMB 100 million, RMB 64.53 million, RMB 393 million, and RMB 114 million to Geely Holding in 2021, 2022, 2023, and the first half of 2024, respectively.
After its latest Series C3 financing round on May 30, 2024, Freetown Technology was valued at RMB 6.06 billion.
