Momenta launches Hong Kong IPO as Chinese tech listings rebound
Momenta’s Hong Kong IPO aims to raise up to HK$5.89 billion, a sign investors are warming again to Chinese autonomous-driving and AI names.
Momenta launched its Hong Kong initial public offering with plans to raise as much as HK$5.89 billion, or about $751.1 million, pricing 19.9 million shares at HK$295.60 each and setting up a July 8 trading debut. The listing gives one of China’s best-known autonomous-driving companies a public-market test at a time when appetite for technology names tied to AI, chips and automation has started to recover.
The offering also reflects a broader return of Chinese tech to public markets after a cautious stretch for growth listings. Investor interest has strengthened around companies linked to home-grown technology, and Beijing’s push to deepen domestic capabilities in advanced software and automation has added support as competition with the United States intensifies. For Momenta, the timing matters because the business still needs heavy investment to refine and scale its driving systems.
Cornerstone demand suggests the market is willing to back that expansion. Mercedes-Benz, BlackRock funds and Boyu Capital were among the cornerstone investors, while GIC, Fidelity International, Oaktree, Franklin Templeton and ChinaAMC were also said to be involved. Momenta’s backer base already includes Toyota, General Motors and Tencent Holdings, and the company supplies driver-assistance systems to Mercedes-Benz, BMW and Audi, giving the offering a cross-border industrial profile that is unusual even among Chinese tech listings.
Founded in 2016 by former Microsoft researcher Xudong Cao, Momenta has built its business around assisted-driving software and a robotaxi push. Company material says its technology spans L2 to L2++ driver-assistance functions and is moving toward L3 and L4 autonomy, with offices in Suzhou, Beijing, Shanghai, Tokyo, Stuttgart and Abu Dhabi. Momenta and Uber announced a strategic robotaxi partnership in May 2025, and Momenta, Mercedes-Benz and Lumo unveiled a luxury robotaxi fleet in Abu Dhabi on Dec. 9, 2025, with operations planned for 2026.
The company’s latest financial profile explains why it is turning to equity capital now. One recent report said Momenta’s 2025 revenue rose 82.1% year on year to 2.41 billion yuan, while its net loss widened to 3.46 billion yuan as research and development spending stayed high. Another said it had secured design wins for 180 vehicle models and installed more than 733,000 mass-production vehicle solutions by Feb. 28, 2026. Momenta says about 60% of the IPO proceeds will go to research and development, including AI computing power, data storage and engineering talent, with roughly 20% earmarked for faster robotaxi rollout. If the deal is well received, it could open the door for more Chinese autonomy and robotics groups to test Hong Kong’s reopening market.
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