Momenta Global Ltd., a self-driving technology startup backed by General Motors Co. and Tencent Holdings Ltd., is preparing to gauge investor interest for an initial public offering in Hong Kong as early as this week. The company has received approval from the Hong Kong stock exchange and filed paperwork following its listing hearing on Tuesday. The deliberations are ongoing, and details of the deal may change, according to sources familiar with the matter.
The company is reportedly seeking to raise approximately $752 million from the offering, which would value Momenta at around $9 billion. This move follows a confidential filing for an IPO in Hong Kong earlier this year, after previously dropping plans to list in the U.S. Momenta has been meeting with investors to gauge initial interest in the offering.
Momenta's pre-IPO shareholder structure includes significant stakes from global automakers such as SAIC Motor (9.45%), General Motors (9.37%), Mercedes-Benz (6.39%), and Toyota (1.54%), along with BYD, Chery, and Hyundai. Other notable investors include Bosch, Temasek Holdings, Jack Ma's Yunfeng Capital, and Tencent Holdings. The company expects to price the offering on July 3 and debut on July 8, although this timetable is tentative. Momenta's financial filings indicate losses widened to 3.5 billion yuan ($516 million) in 2025 from 2.6 billion yuan two years prior, primarily due to substantial R&D expenditures that amounted to 1.87 billion yuan ($275 million) in 2025. Despite losses, the company generated revenue of 2.41 billion yuan ($354.4 million) in 2025 with a gross margin of 71.6% and holds a dominant position in the L2 ADAS market, having secured design wins for 170 vehicle models by the end of 2025.
Momenta plans to use the IPO proceeds to accelerate R&D for next-generation intelligent driving solutions, enhance AI computing power and data storage, commercialize its robotaxi services, and deploy L4-level autonomous fleets overseas. The company has a global footprint, with ADAS products in over 10 countries and robotaxi services collaborating with global mobility platforms such as Uber, Grab, Lumo, SAIC's Saic Mobility, and Mercedes-Benz, operating in cities across Asia, Europe, and the Middle East. Analysts note Momenta's strategic advantage in cultivating deep partnerships with multinational automakers, many of whom are both customers and shareholders.
