Chinese autonomous driving technology company Momenta has launched its Hong Kong initial public offering (IPO), seeking to raise HK$5.89 billion (approximately US$750 million) ahead of its planned market debut next week.
The Suzhou-based company is offering about 19.9 million shares at HK$295.60 each, valuing the business at approximately US$9 billion.
Momenta is scheduled to begin trading on the main board of the Hong Kong Stock Exchange under the stock code 06880 on July 8.
Major Global Investors Back Offering
The IPO has attracted 14 cornerstone investors that have collectively agreed to subscribe for nearly US$376 million worth of shares, representing almost half of the total offering.
Cornerstone investors include Singapore sovereign wealth fund GIC, asset managers Fidelity International and BlackRock, Mercedes-Benz Group, BYD and Oaktree Capital.
Mercedes-Benz has been an investor in Momenta since 2017, becoming the first international automaker to invest in the autonomous driving technology developer.
China International Capital Corporation and Deutsche Bank are serving as joint sponsors for the listing.
Founded in 2016, Momenta develops autonomous driving technology for production vehicles while also operating robotaxi services. The company joins other Chinese autonomous driving firms, including Pony AI and WeRide, in raising capital through public markets to support future expansion.
R&D Remains Key Investment Focus
Momenta said approximately 60% of the IPO proceeds will be allocated to research and development, while around 20% will support the commercialisation of its robotaxi business. The remaining funds will be used to strengthen its mass-production vehicle business and for general working capital.
The listing comes as China’s automotive sector continues to face soft market conditions. This year, shares of several Hong Kong-listed automotive companies have declined, including BYD, Great Wall Motor and smart driving chip developer Horizon Robotics.
For 2025, Momenta reported revenue of 2.41 billion yuan (approximately US$354 million), an increase of 82.1% from the previous year, driven primarily by growth in licensing services.
The company recorded a net loss of 3.46 billion yuan (approximately US$508 million), reflecting continued investment in technology development. Research and development spending reached 1.87 billion yuan (approximately US$275 million), equivalent to 77.5% of annual revenue.
According to China Insights Consultancy, Momenta ranked as the world’s largest independent supplier in the urban Navigation on Autopilot (NOA) segment during the 12 months ended February, with a market share of 64.5%.
