Chinese autonomous driving technology startup Momenta, with backing from General Motors and Tencent Holdings Ltd., has confidentially filed for an initial public offering in Hong Kong. This move comes after its previous approval for a US listing in 2024 expired.
The company is reportedly working with China International Capital Corp. and Deutsche Bank AG on the listing and has been engaging with investors to assess interest. Momenta aims to raise around $1 billion through the IPO, which would add another autonomous driving company to the Hong Kong market.
The China Securities Regulatory Commission (CSRC) recently published a filing notice dated June 10, approving Momenta Global to issue up to 43.75 million overseas-listed ordinary shares on the Hong Kong stock exchange. The company submitted these materials through its mainland operating entity, Momenta (Suzhou) Technology. Momenta, valued near $9 billion, develops advanced driver-assistance systems (ADAS) and autonomous driving technologies, partnering with automakers like SAIC Motor, BYD, Mercedes-Benz, and Toyota, and has collaborations with Uber for robotaxi services and Grab for ride-hailing and delivery fleets.
