Momenta opened 3% higher in Hong Kong after raising $751 million in its IPO. The self-driving firm plans to spend 60% of proceeds on core technology and 20% on robotaxi commercialization.
Shares of Chinese autonomous driving firm Momenta rose 3% on its Hong Kong debut Wednesday, opening at HK$304 after pricing its IPO at HK$295.60. The offering raised HK$5.89 billion ($751 million).
The Suzhou-based company plans to spend 60% of the net proceeds over the next five years on core technology – its proprietary algorithms, automation toolchain, and the Momenta Mainline platform – according to its prospectus. Another 20% will go toward commercializing robotaxi services. The remainder is earmarked for mass-production vehicle solutions, next-generation products, and working capital.
Momenta, founded in 2016 by former Microsoft Research Asia researcher Cao Xudong, develops autonomous driving software including emergency assistance and combined driver assistance. The company already runs commercial robotaxi services in Shanghai and is expanding globally through partnerships with Audi, Honda, and Mercedes-Benz. CNBC previously reported an agreement with Uber to launch robotaxi services in Europe. In December, Momenta and Grab signed a strategic partnership to bring autonomous driving technology to Southeast Asian urban markets.
Revenue hit 2.41 billion yuan in 2025, up from 1.32 billion yuan in 2024, the prospectus shows.
China International Capital Corporation and Deutsche Bank were joint sponsors. Cornerstone investors included GIC, Fidelity International, BlackRock, and strategic partner Mercedes-Benz.
Momenta is one of several companies debuting in Hong Kong this week, alongside Apple supplier Luxshare and semiconductor foundry Nexchip. "We are optimistic about the outlook for the Hong Kong IPO market, driven by thriving IPO activities and a robust pipeline," said Louis Lau, head of Hong Kong capital markets at KPMG China. He said successful listings of AI-related companies have reinforced Hong Kong's position as a top global capital-raising hub for the sector.
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