Momenta files for Hong Kong IPO – report

Chinese autonomous driving exertion steadfast Momenta has confidentially filed for an archetypal nationalist offering (IPO) successful Hong Kong.

Bloomberg reported that the institution is moving with China International Capital Corp. (CICC) and Deutsche Bank connected the planned listing.

The institution whitethorn purpose to rise astatine slightest $1bn done the IPO though deliberations are ongoing and nary last decisions person been made.

Momenta has been holding meetings with imaginable investors to measure aboriginal involvement successful the offering, the study added.

Additional banks could besides beryllium brought into the woody astatine a aboriginal stage.

Momenta had antecedently explored a listing successful the US and confidentially filed for an IPO successful 2024.

At that time, it was moving with CICC, Goldman Sachs Group and UBS Group connected the application, which has since lapsed.

The institution is backed by respective investors, including General Motors and Tencent Holdings.

General Motors announced a $300m concern successful Momenta successful 2021 to enactment the improvement of self-driving exertion for its vehicles successful China.

Founded successful 2016 by a radical of artificial quality engineers from Microsoft Research Asia, Momenta was valued astatine much than $5bn during a backing circular past year.

Its different backers from the automotive assemblage see Mercedes-Benz, SAIC Motor and Toyota Motor, on with investors specified arsenic Temasek Holdings and Jack Ma’s Yunfeng Capital.

The institution besides maintains partnerships with Uber Technologies connected robotaxi projects and with Grab Holdings.

More recently, Mercedes-Benz and Momenta expanded their collaboration successful China pursuing the motorboat of the all-electric CLA.

Their concern focuses connected deploying precocious driving and parking technologies designed for densely populated municipality environments successful the country.

Just Auto has contacted Momenta for comment.

"Momenta files for Hong Kong IPO – report" was primitively created and published by Just Auto, a GlobalData owned brand.

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