Chinese autonomous driving company Momenta launched its Hong Kong public offering on June 29, with plans to list on the Hong Kong Stock Exchange’s main board under the ticker 6880.HK. The company is offering 19.94 million Class A ordinary shares at HK$295.60 each, aiming to raise about HK$5.89 billion ($751 million) before any over-allotment option is exercised. CICC and Deutsche Bank are joint sponsors of the listing.
Momenta has secured 14 cornerstone investors with combined commitments of about HK$2.94 billion ($375.75 million), equivalent to roughly half of the total offering size. GIC and Fidelity International each committed $100 million, while BlackRock, Oaktree and Franklin Templeton also joined the deal. Strategic investors include Mercedes-Benz, BYD’s investment arm Golden Link, and GigaDevice Semiconductor, alongside Chinese institutions including Gaoyi, Boyu, ChinaAMC, GF Fund and CPIC.
The company said about 60% of the IPO proceeds will go toward research and development, while 20% will support the commercialization of robotaxi solutions. Momenta’s revenue rose 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, according to the prospectus. In April, Momenta’s R7 World Model entered mass production deployment, supporting its passenger vehicle, robotaxi and robovan businesses. [TechNode reporting]