China’s securities regulator announced on Monday that it has approved autonomous driving startup Momenta Global Limited’s initial public offering (IPO) in the United States.
Momenta intends to issue up to 63,352,856 ordinary shares and list on either the Nasdaq Stock Market or the New York Stock Exchange, according to the regulator’s statement.
China has been accelerating the adoption of self-driving cars, having granted approval in June to a first group of nine automakers to conduct tests on vehicles with advanced autonomous driving technologies on public roads.
The auto industry has established five levels of autonomous driving, ranging from level one, which includes driver assistance features like cruise control, to level five, which comprises fully self-driving cars.
Last November, China issued guidelines for a nationwide scheme to accept applications from companies seeking to deploy more fully autonomous driving vehicles for mass adoption. The plan allows drivers in test vehicles to take their hands off the steering wheels, with automakers and fleet operators assuming responsibility for safety.
