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China's Momenta kicks off Hong Kong IPO
Chinese firm Momenta Global launched its Hong Kong on Monday, seeking to raise up to HK$5.89 billion ($751.1 million), according to its prospectus.
The launch confirms a Reuters report last week that Momenta planned to start the IPO this week and begin trading on July 8.
The IPO comes as Chinese technology firms are returning to public markets, helped by investor demand for companies tied to AI, chips and automation. Beijing has also pushed home-grown technology as competition with the United States intensifies.
China's Momenta is offering 19.9 million shares at HK$295.60 each, according to the exchange filing.
It plans to use about 60% of the proceeds to boost research and development, including artificial intelligence computing power, data storage and its engineering team. It will use about 20% to speed up the rollout of its Robotaxi services.
Cornerstone investors, or big investors that commit to buy shares before listing, include existing backer Mercedes-Benz , BlackRock funds and China's Boyu Capital, according to the prospectus.
Other cornerstone investors include , Fidelity International, Oaktree, Franklin Templeton and ChinaAMC.
Founded in 2016 by former Microsoft researcher Cao Xudong, Momenta sells driving-assistance software to automakers. The systems help cars steer, brake, change lanes and park, but drivers still need to stay alert and ready to take control.
The company said in the prospectus that vehicles using its software had topped 680,000 by the end of 2025. Its customers and partners include Toyota, Mercedes-Benz, SAIC , General Motors, BYD and Audi.
Momenta posted a loss attributable to owners of 3.46 billion yuan ($508.97 million) in 2025, widening from 3.21 billion yuan a year earlier. Revenue rose 82.1% to 2.41 billion yuan.
The company also plans to expand Robotaxi trials overseas. It says it is working with Uber and plans commercial Robotaxi services in Abu Dhabi and Munich this year, subject to approvals and partner rollout plans.
Level 4 vehicles can drive themselves in defined areas and conditions with little or no human input.
($1 = 7.8418 Hong Kong dollars)
($1 = 6.7980 Chinese yuan)
Source: EconomicTimes
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