Momenta shares rose in their Hong Kong Stock Exchange trading debut on Wednesday after the Chinese autonomous driving technology company completed a HK$6.8 billion (US$867 million) initial public offering.
The stock opened at HK$301, up 1.8% from its offer price of HK$295.60, giving the company a market capitalization of approximately HK$70.9 billion. During early trading, the shares rose further to HK$313, valuing the company at about HK$73.6 billion.
IPO Attracts Strong Institutional Demand
Including the potential exercise of the over-allotment option, Momenta offered approximately 22.93 million shares in its global offering, raising about HK$6.8 billion.
According to the company, the public offering was oversubscribed 413.6 times, while the international tranche attracted subscription orders exceeding HK$100 billion.
Excluding cornerstone investors and before the over-allotment option, the international offering was oversubscribed about 44 times. Investors included sovereign wealth funds and institutional investors from 15 countries and regions.
Fourteen cornerstone investors subscribed for approximately HK$3 billion worth of shares. They included Singapore’s sovereign wealth fund GIC, Fidelity International, BlackRock, Mercedes-Benz, BYD, and Oaktree Capital.
Mercedes-Benz first invested in Momenta in 2017. Existing shareholders also include General Motors and Tencent. China International Capital Corp and Deutsche Bank acted as joint sponsors for the listing.
Focus on Autonomous Driving Technology
Founded in 2016 and headquartered in Suzhou, Momenta develops autonomous driving systems for production vehicles and robotaxi services.
The company said more than one million vehicles are now equipped with its intelligent driving systems, and it has secured production contracts covering more than 210 vehicle models.
According to China Insights Consultancy, Momenta held a 64.5% share of the global market for independent suppliers in the urban Navigate-on-Autopilot (NOA) segment during the 12 months ended February 2026.
The company has partnerships with Chinese passenger vehicle manufacturers and several global automakers. Its mass-production autonomous driving systems have been deployed in more than 10 countries and regions.
Revenue Increases While R&D Spending Remains High
Momenta reported revenue of 2.41 billion yuan (US$355 million) in 2025, an increase of 82.1% from the previous year.
Revenue from licensing services increased from 23 million yuan in 2023 to 968 million yuan in 2025.
The company reported a net loss of 3.46 billion yuan for 2025, while research and development expenses totaled 1.87 billion yuan, representing 77.5% of annual revenue.
Momenta said approximately 60% of the IPO proceeds will be allocated to research and development, about 20% will support the commercialization of its robotaxi business, and the remainder will be used for its mass-production vehicle business and general working capital.
