Chinese autonomous driving technology company Momenta Global is looking to raise as much as HK$5.89 billion — roughly $751.10 million — through an initial public offering on the Hong Kong stock exchange, according to a filing submitted Monday. The company says the funds will help strengthen its research and development operations.
Beyond boosting R&D, Momenta plans to use the IPO proceeds to advance its self-driving technology and speed up the rollout of its Robotaxi service. Any remaining funds will go toward working capital and general business needs, according to the exchange filing.
The company is offering 19.9 million shares priced at HK$295.60 each. Allocation results are expected to be announced by July 7, with Class A ordinary shares set to begin trading the following day.
Several major investors are expected to participate as cornerstone backers, potentially including existing supporter Mercedes-Benz, as well as BlackRock and China’s Boyu Capital.
Momenta, which develops advanced driver-assistance systems comparable to Tesla’s self-driving technology, disclosed in its IPO filings that it recorded a loss of 3.46 billion yuan ($508.97 million) in 2025 — up from a 3.21 billion yuan loss reported in 2024.
The listing comes as Hong Kong’s IPO market has seen significant growth. Combined IPOs and secondary listings of A-share companies raised $21.6 billion in the first half of 2026, a 51% jump compared to the same period last year, based on preliminary data compiled by LSEG.
Momenta was founded in 2016 by Cao Xudong, a former Microsoft employee who now serves as the company’s CEO. The firm counts major automakers Toyota, Mercedes-Benz, SAIC, and General Motors among its backers, along with investment firms Temasek and Tencent.
The company has been expanding internationally, establishing a research hub in Germany where it plans to test Level 4 autonomous vehicles by 2026 in collaboration with Uber.
Momenta’s driver-assistance systems are currently deployed in Toyota, Mercedes-Benz, and Audi vehicles sold in China.
Reuters had previously reported on the IPO plans last Tuesday, citing sources familiar with the matter who were not identified by name.
(Exchange rates used: $1 = 7.8418 Hong Kong dollars; $1 = 6.7980 Chinese yuan)
