June 29 (Reuters) – China’s Momenta Global aims to raise up to HK$5.89 billion ($751.10 million) from its Hong Kong initial public offering, according to a filing on Monday, as the autonomous driving technology firm seeks to bolster its R&D capabilities.
Momenta also intends to use the proceeds to advance its autonomous driving capabilities and accelerate the commercialisation of its Robotaxi services. The remaining funds will be allocated to working capital and general corporate purposes, the exchange filing showed.
The company aims to offer 19.9 million shares at HK$295.60 each. It expects to announce the allocation results by July 7, with trading in its Class A ordinary shares set to begin the following day.
Cornerstone investors for the IPO may include existing backer Mercedes-Benz, along with BlackRock and China’s Boyu Capital.
Momenta, a supplier of advanced driver-assistance technology akin to Tesla’s self-driving systems, revealed in its IPO filings that it has incurred a loss attributable of 3.46 billion yuan ($508.97 million) in 2025, widening from 3.21 billion yuan in 2024.
The IPO adds to a robust Hong Kong listings market, with IPOs and secondary listings of A share companies raising $21.6 billion in the first half of 2026, a 51% increase from last year, according to preliminary LSEG-compiled data.
Founded in 2016 by former Microsoft employee Cao Xudong, who serves as CEO, Momenta is backed by leading automakers such as Toyota, Mercedes-Benz, SAIC, and General Motors, as well as investors Temasek and Tencent.
Momenta has been broadening its global footprint with a German research hub, where it plans to pilot Level 4 autonomous vehicles by 2026 in partnership with Uber.
Its advanced driver-assistance systems are currently used by Toyota, Mercedes-Benz, and Audi in China.
Reuters reported on the IPO plan last Tuesday, citing unnamed sources with knowledge of the matter.
($1 = 7.8418 Hong Kong dollars)
($1 = 6.7980 Chinese yuan)
(Reporting by Kumar Tanishk in Bengaluru; Editing by Sanjeev Miglani, Chris Reese and Sherry Jacob-Phillips)
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