Momenta Launches Hong Kong IPO, Secures Major Investors

Chinese autonomous driving technology firm Momenta commenced its initial public offering (IPO) on the Hong Kong Stock Exchange on June 29, seeking to raise approximately HK$5.89 billion (US$751 million). The company plans to list on the main board under the ticker 6880.HK, with CICC and Deutsche Bank serving as joint sponsors.

The IPO has attracted 14 cornerstone investors who have committed a total of about HK$2.94 billion (US$375.75 million), representing roughly half of the offering size. Notable participants include GIC and Fidelity International, each committing US$100 million, alongside BlackRock, Oaktree, and Franklin Templeton. Strategic investors also participating include Mercedes-Benz, BYD’s investment arm Golden Link, and GigaDevice Semiconductor.

Momenta intends to allocate approximately 60% of the IPO proceeds to research and development, with another 20% dedicated to the commercialization of its robotaxi solutions. According to the prospectus, the company's revenue grew from RMB 743 million in 2023 to RMB 2.41 billion in 2025, while its adjusted net loss narrowed to RMB 302.8 million last year.

The company's R7 World Model entered mass production deployment in April, providing support for its passenger vehicle, robotaxi, and robovan businesses. This listing marks a significant step for Momenta as it seeks to expand its operations and technology in the competitive autonomous driving sector.