Momenta Global, a Chinese self-driving technology company backed by General Motors and Tencent Holdings, launched a Hong Kong initial public offering on Monday seeking to raise up to HK$5.89 billion ($751 million).
Priced at HK$295.60 per share, the offering covers roughly 19.9 million shares, Bloomberg reported. At that price, Momenta would be valued at the equivalent of nearly $9 billion. Trading is slated to begin July 8.
A group of 14 cornerstone investors — institutions that lock up their stakes for a minimum of six months post-listing — collectively committed to buying roughly $376 million worth of shares. Among those backing the deal are Mercedes-Benz, BlackRock funds, GIC of Singapore, Fidelity International, Oaktree, Franklin Templeton, ChinaAMC, and Boyu Capital. China International Capital Corp. and Deutsche Bank are leading the offering.
R&D will absorb the largest share of IPO funds — roughly 60% — with spending earmarked for AI computing infrastructure, data storage capacity, and engineering talent. A further 20% is slated for growing the company’s Robotaxi business, Momenta said.
Cao Xudong, a former Microsoft researcher, started Momenta in 2016. The company provides automakers with software that handles tasks like steering, braking, lane changes, and parking — though the technology still requires an attentive driver who can intervene at any moment. The company also operates Robotaxi services and plans to expand those trials internationally, including commercial Robotaxi services in Abu Dhabi and Munich this year, subject to regulatory approvals and partner rollout plans. It says it is working with Uber on those efforts.
For 2025, the company recorded a net loss attributable to shareholders of 3.46 billion yuan, up from 3.21 billion yuan the prior year. Revenue climbed 82.1% year over year to reach 2.41 billion yuan.
The IPO adds to a broader rebound in Chinese technology listings. AI-linked and automation-focused newcomers have helped push Hong Kong’s IPO market to multi-year highs. Pony AI and WeRide are among the autonomous-driving peers that preceded Momenta onto the Hong Kong exchange.
