Beijing-based Momenta, an autonomous-driving technology startup, filed on June 29 to raise up to HK$5.89 billion (US$751.1 million) in a Hong Kong initial public offering by selling 19.9 million shares at HK$295.60 (US$38) each.

It plans to use the proceeds for research and development, improving its autonomous-driving technology, commercialising robotaxi services, and working capital.

Momenta said it expects to announce share allocations by July 7 and start trading on July 8.

Mercedes-Benz, BlackRock, and Boyu Capital may join as cornerstone investors.

While Momenta is investing in robotaxis, it mainly sells assisted-driving software to automakers on a per-vehicle basis.

Its 2025 revenue reached 2.4 billion yuan (US$355 million), up from 743 million yuan (US$109 million) in 2023.

Its systems are installed in more than 400,000 vehicles across over 40 production models.

Momenta reported a 2025 loss attributable to shareholders of 3.5 billion yuan (US$509 million), up from 3.2 billion yuan (US$472 million) in 2024.

An IPO analysis said about 2.8 billion yuan (US$412 million) of the 2025 loss came from non-cash fair-value changes tied to preferred shares and other financial liabilities.

Founded in 2016 by Cao Xudong, Momenta was valued at more than US$1 billion in 2018 after receiving backing from investors including Tencent and NIO Capital.

🔗 Source: Reuters

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