Chinese autonomous driving startup Momenta raised approximately HK$5.89 billion (US$751 million) in its initial public offering on the Hong Kong Stock Exchange on July 8, 2026 [1, 2, 3, 4, 5]. Founded in 2016 by former Microsoft researcher Cao Xudong, Momenta has quickly grown into a key player with nine of the world’s top 10 carmakers as clients [2, 5].
Shares in the IPO opened slightly above the offer price of HK$295.60 per share, with reports varying on the exact performance. Some sources said shares opened nearly 2% higher, others said they rose about 3% at market open before closing flat or up to 3% by the end of the day [1, 2, 3, 4, 5]. Dickie Wong, executive director of research at uSMART, noted that "July's peak unlocking period is clearly weighing on things," causing cooling market sentiment and more selective investor appetite, especially toward AI and tech stocks [2].
The IPO attracted major cornerstone investors including Mercedes-Benz, BlackRock, GIC, Fidelity International, Oaktree, Franklin Templeton, Boyu Capital, and ChinaAMC [2, 5]. Gary Ng, senior economist at Natixis CIB, said the investor lineup "showed decent global investor appetite for China's AI story," although overall sentiment remains cautious with a focus on the long term, unlike the excitement seen in the global AI hype [2].
Momenta plans to allocate 60% of the IPO proceeds to research and development, 20% to expanding its robotaxi services, and the remainder toward other technologies and working capital [2, 5]. The company has launched commercial robotaxi services in Shanghai and expanded partnerships with Audi, Honda, Mercedes-Benz, Uber, and Grab [2, 5].
The company’s revenue reached 2.41 billion yuan in 2025, up from 1.32 billion yuan in 2024, reflecting rapid growth amid expanding commercial applications and client collaborations [5]. Earlier in April 2025, Momenta showcased a robotaxi at the Auto Shanghai show as a demonstration of its technology and service capabilities [1, 3, 4].
Momenta’s listing on Hong Kong’s exchange marks a significant step in its efforts to cement its role in autonomous driving and AI-powered mobility. The company will use the funds to accelerate innovation and expand its services.
Investors and the market will watch closely how Momenta performs in the quarters ahead as it executes on its growth plans and navigates an increasingly selective and cautious investment climate in technology stocks [2].
