Chinese autonomous-driving firm Momenta files for a $1bn Hong Kong listing, targeting a $9bn valuation amid rising tech IPO activity.
Momenta, a Chinese autonomous-driving technology company, has filed for a Hong Kong IPO aiming to raise $1bn at a $9bn valuation. The company develops advanced driver-assistance systems and partners with automakers like General Motors and Toyota, as well as ride-hailing firms Uber and Grab.
The China Securities Regulatory Commission approved Momenta’s filing for up to 43.75 million shares. Hong Kong’s IPO market has seen increased activity from Chinese tech firms, with WeRide and Pony AI listing last year. Year-to-date, Hong Kong Exchanges & Clearing has raised $21.28bn, up from $79.2bn in the same period last year.
The listing would further bolster Hong Kong’s position as a hub for tech and robotics companies seeking capital.