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Themis Qi

Chinese self-driving technology start-up Momenta kicked off bookbuilding on Monday for a HK$5.89 billion (US$751 million) share listing on the Hong Kong stock exchange, testing market sentiment amid a sales slump in China’s car industry.
The company is offering nearly 19.94 million shares at HK$295.60 per share. With 20 shares as the minimum board lot, the minimum investment is HK$5,971.62.
Sponsored by CICC and Deutsche Bank, the bookbuilding closes on Friday, ahead of a scheduled trading debut on July 8.
The company, based in Suzhou in eastern China’s Jiangsu province, was the second “red-chip” firm this year to receive Beijing’s regulatory approval to list in Hong Kong under an entity incorporated offshore.
According to its prospectus, Momenta intended to allocate 60 per cent of the listing proceeds to research and development and 20 per cent to scaling its robotaxi commercialisation efforts.
Cornerstone investors for the offering include Singapore’s GIC, Fidelity International, BlackRock and its long-term partner Mercedes-Benz, drawing a combined investment of nearly US$380 million.
Established in 2016, the company develops autonomous driving technologies and provides services as a third-party supplier. As of September, its solutions had been deployed across more than 160 mass-produced vehicle models, including cars from Mercedes-Benz, BMW, Toyota and Honda.
Momenta’s initial public offering (IPO) comes as Chinese carmakers’ shares have been battered amid weak domestic demand.
BYD and Li Auto slumped 26 per cent and 32.5 per cent, respectively, in Hong Kong this year, while Chinese smart-driving chipmaker Horizon Robotics plunged nearly 54 per cent.
Meanwhile, carmakers like BYD and Xpeng are doubling down on efforts to develop their own self-driving chips, putting pressure on suppliers like Momenta.

Momenta ranked first globally among independent suppliers in the urban navigate-on-autopilot (NOA) segment for the 12 months ended February, with a 64.5 per cent market share, according to China Insights Consultancy, a consulting firm.
Among system suppliers in China, Huawei Technologies’ Qiankun system commands a 27.9 per cent share, compared with Momenta’s 13.3 per cent.
The company’s 2025 revenue grew 82.1 per cent from a year earlier to 2.41 billion yuan (US$354 million). However, its net loss expanded to 3.46 billion yuan, driven by heavy research and development spending of 1.87 billion yuan, accounting for 77.5 per cent of total revenue.


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Momenta's technology has been used cars from Mercedes-Benz, BMW, Toyota and Honda. Photo: Reuters

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Second ‘red-chip’ approved by Beijing for a Hong Kong listing this year aims to invest proceeds in research and development, robotaxi push


Second ‘red-chip’ approved by Beijing for a Hong Kong listing this year aims to invest proceeds in research and development, robotaxi push.


Chinese self-driving firm Momenta eyes US$750m in Hong Kong IPO

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Second ‘red-chip’ approved by Beijing for a Hong Kong listing this year aims to invest proceeds in research and development, robotaxi push

Second ‘red-chip’ approved by Beijing for a Hong Kong listing this year aims to invest proceeds in research and development, robotaxi push