Chinese Self-Driver Momenta to Launch Hong Kong IPO Next Week
By Reuters | 23 Jun, 2026

Chinese autonomous driving developer Momenta could raise about $900 million from the offering, valuing it at about $9 billion.

Chinese autonomous driving developer Momenta is planning to launch its Hong Kong initial public offering as early as next Monday, said a person with knowledge of the matter.

The company, which has obtained approval from China's securities regulator and the Hong Kong Stock Exchange, could raise about $900 million from the offering, valuing it at about $9 billion, said the person and a second source with knowledge of its plans.

Momenta plans to price the offering on July 3 and debut on July 8, said the first source, though the timetable is tentative and subject to change.

The company is aiming to finalise its list of cornerstone investors this week, which could include its existing investor Mercedes-Benz, Chinese private equity firm Boyu Capital and Oaktree Capital Management, said a third person familiar with its plans.

"Momenta is not in a position to comment on market speculation or reports concerning any potential capital markets activities, including any matters relating to timing, valuation, fundraising size, or investor participation," the company said in an emailed response to Reuters on Tuesday.

Mercedes-Benz did not immediately respond to a Reuters request for comment. Boyu and Oaktree declined to comment.

IFR first reported on Tuesday on Momenta's planned IPO timetable.

HONG KONG IPO PROCEEDS UP BY HALF

Momenta's offering adds to a busy Hong Kong listing calendar driven by China's leading tech companies.

Hong Kong IPOs, including second listings of A share companies, raised $21.6 billion in the first half of 2026, up 51% from a year earlier, preliminary LSEG data showed.

Momenta is a supplier of advanced driver-assistance system features, akin to Tesla's self-driving technology that can navigate urban traffic under human drivers' supervision.

The company confidentially filed for a Hong Kong IPO this year after dropping an original plan to list in the U.S., sources have told Reuters.

Its IPO filings, which became public on Tuesday, showed it had been loss-making in the last three financial years.

Losses widened to 3.5 billion yuan ($516 million) in 2025 from 2.6 billion yuan two years ago, the filings showed.

Former Microsoft Research employee Cao Xudong founded Momenta in 2016 and serves as chief executive.

The company is backed by automakers including Toyota Motor, Mercedes-Benz, SAIC and General Motors and also counts Bosch, Temasek Holdings, Jack Ma's Yunfeng Capital and Tencent Holdings as shareholders, according to its past disclosures.

Momenta has been making forays into overseas markets in recent years and has a research centre in Stuttgart, Germany.

It said last year it would begin tests of Level 4 autonomous vehicles in Germany in 2026 with Uber. Its advanced driver assistance systems are used by global brands including Toyota, Mercedes-Benz and Audi in China.

($1 = 6.7800 Chinese yuan renminbi)

(Reporting by Yantoultra Ngui in Singapore, Kane Wu in Hong Kong and Zhang Yan in Shanghai; Editing by Christian Schmollinger, Tomasz Janowski and Milla Nissi-Prussak)