MOMENTA AUTONOMOUS DRIVING FIRM RISES 3% ON HONG KONG DEBUT

Momenta, a Chinese autonomous-driving company, began trading on the Hong Kong stock exchange on Wednesday, with shares rising 3% at market open. The Suzhou-based firm raised HK$5.89 billion (approximately £591 million) in its initial public offering, pricing shares at HK$295.60 each, according to its prospectus. Shares were recently trading at HK$304. The listing tested market appetite for loss-making technology firms with development potential in the autonomous vehicle sector.

Founded in 2016 and led by Chief Executive Officer Cao Xudong, a former researcher at Microsoft Research Asia, Momenta develops autonomous driving software including emergency assistance and highly automated driving systems. The company intends to allocate 60% of net proceeds over the next five years to enhance its core technology, proprietary algorithms, and its Momenta Mainline platform. A further 20% will support robotaxi commercialisation, whilst the remainder funds mass-produced vehicle solutions and working capital. Momenta has launched commercial robotaxi services in Shanghai and holds strategic partnerships with Audi, Honda and Mercedes-Benz AG, in addition to agreements with Uber and Grab for autonomous vehicle services.

According to its prospectus, Momenta recorded revenue of 2.41 billion yuan in 2025, up from 1.32 billion yuan in 2024. The company is expanding its global footprint through its autonomous driving partnerships as it develops commercial robotaxi fleet capabilities.