Furuitech submits listing application to Hong Kong Stock Exchange, seeking capital injection to support its rapid development

Zhejiang-based smart driving solutions provider Furuitech has submitted a listing application to the Hong Kong Stock Exchange, hoping to further develop its business with the help of the capital market. The company focuses on developing L2 and higher-level smart driving solutions and achieved operating income of 908 million yuan in 2023, a year-on-year increase of 177%. However, Furuitech's high dependence on Geely Holding, as well as its expanding net losses and declining gross profit margins may pose a certain threat to its IPO.