GM- and Toyota-Backed Momenta Files for $1 Billion Hong Kong IPO at $9 Billion Valuation

A landmark IPO test for China's self-driving sector

Chinese autonomous-driving startup Momenta cleared the Hong Kong stock exchange's listing hearing on June 23, 2026, and filed its post-hearing prospectus materials, moving its IPO into a substantive phasecnevpost. The Suzhou-based company is targeting roughly $1 billion in proceeds at a valuation of approximately $9 billionwsj +1. China International Capital Corp and Deutsche Bank AG are serving as joint sponsorscnevpost.

The listing marks a decisive pivot from the United States. Momenta had confidentially filed for a New York listing in 2024, but that approval lapsed amid escalating US-China tensionscnevpost +1. The China Securities Regulatory Commission formally cleared the offering in a June 10 notice, authorising up to 43.75 million shares on the Hong Kong exchangescmp +1.

Rival automakers converge as strategic shareholders

Momenta's cap table is a rarity: direct competitors all backing the same startup. SAIC Motor holds a 9.45% pre-IPO stake, General Motors holds 9.35%, Mercedes-Benz holds 6.39%, and Toyota holds 1.54%carnewschina. BYD, Chery, Hyundai, and Tencent Holdings are also shareholderscarnewschina. GM alone invested $300 million in the company in 2021pandaily.

The company has secured partnerships with 24 automakers worldwide, including nine of the world's top 10 carmakers, and its systems have been deployed in more than 900,000 vehicles across 100 mass-produced modelscnevpost. Momenta holds a 64.5% global market share in urban L2 advanced driver-assistance systems by vehicle sales volumecarnewschina. Beyond passenger cars, the company has signed robotaxi agreements with Uber, Grab, and Mercedes-Benz, with operations active across Asia, Europe, and the Middle Eastyahoo.

Fast revenue growth, deep losses

Momenta reported 2.41 billion yuan ($354 million) in revenue for 2025, an 81.8% year-on-year increase representing a compound annual growth rate of more than 80% over three yearscnevpost +1. Licensing income surged 42-fold over the same period to 968 million yuan, becoming the key growth enginecnevpost. Gross margin reached 71.6%carnewschina.

The company remains deeply unprofitable, posting a net loss of 3.46 billion yuan ($509 million) driven by 1.87 billion yuan in R&D — 77.5% of annual revenuecnevpost +1. Excluding non-cash items, however, the adjusted operating loss narrowed to 300 million yuancarnewschina. Momenta closed 2025 with cash reserves exceeding 10 billion yuan after raising more than $1.2 billion in pre-IPO financingcnevpost.

Hong Kong's IPO market riding a broader tech wave

Momenta's listing would join a growing cohort of Chinese autonomous-driving companies tapping Hong Kong for capital. WeRide and Pony AI both completed Hong Kong listings in 2025 to fund fleet expansion and technology developmentcnevpost. The broader market has been highly receptive: companies raised about HK$166.8 billion ($21.3 billion) in Hong Kong in the first five months of 2026, more than double the HK$79.2 billion raised in the same period a year earlieryahoo. Net proceeds are earmarked for core technology R&D, robotaxi commercialisation, and scaling its mass-production vehicle solutions businesscnevpost.