Bloomberg: Momenta targets US$1bn Hong Kong IPO

Chinese autonomy player Momenta has confidentially filed for an initial public offering in Hong Kong and is targeting a raise of at least US$1bn, people familiar with the matter have told Bloomberg. Potentially the latest in a long line of smart vehicle technology firms from the country to seek exposure to global markets through the Hong Kong exchange, it is reportedly working with China International Capital Corp and Deutsche Bank on the listing and has begun investor meetings to gauge early interest.

Momenta was founded in 2016 by a team of engineers from Microsoft Research Asia and is currently valued north of US$5bn following a highly successful funding round in 2025. Its strategic backers span the global automotive industry, with names including Toyota, General Motors, Mercedes-Benz, and SAIC Motor. Major technology players including Tencent and Temasek are also known investors. The company currently supplies advanced driver assistance systems to Mercedes-Benz, BMW and Audi, while separately pursuing robotaxi ambitions through partnerships with Uber and Grab.

The Hong Kong filing marks a formal shift from Momenta’s previous plans. The company confidentially filed for a US IPO back in 2024, working with CICC, Goldman Sachs and UBS, but that application has since lapsed. Rising US-China tensions have made the New York route increasingly risky for Chinese technology companies, particularly those like Pony.ai with autonomous driving and AI exposure.

Hong Kong has, in the last couple of years, become the destination of choice for Chinese autonomous driving and vehicle technology firms seeking access to global capital. WeRide and Pony.ai listed within days of each other in November 2025, raising US$307m and US$863m respectively, LiDAR maker Hesai—the world’s largest by production volumes—raised US$531m in September. Autonomous trucking firm DeepWay has filed for a listing and recently closed a CN¥1.2bn (US$173m) pre-IPO round. 

Other firms currently pursuing a listing include Nio’s LiDAR supplier, Seyond, and autonomous vehicle manufacturer Neolix. Chery—arguably the largest and most globally-recognised player of them all—is also pushing for a listing. Clearly, the pipeline is substantial.

The confidential filing route, rolled out in 2025, is particularly valuable in this environment. Hong Kong’s exchange reserves confidential applications for high-value technology and biotech applicants, keeping draft prospectuses private until after regulatory approval. This effectively allows companies to withdraw without public signal if market conditions deteriorate, but in practice many such private applications are leaked to news outlets within days.