Momenta Global is pushing into Hong Kong's IPO market as demand for AI-linked listings continues to strengthen. The Suzhou-based autonomous-driving company, backed by General Motors NYSE:GM and Tencent (TCEHY), has started taking investor orders for a HK$5.9 billion share sale. Momenta is offering about 19.9 million shares at HK$295.60 each, which would value the company at the equivalent of nearly $9 billion.
Investor backing already looks meaningful. Fourteen cornerstone investors are taking up nearly $376 million of Momenta shares in exchange for a guaranteed allocation and a six-month holding commitment. The group includes GIC, Fidelity International, BlackRock and Mercedes-Benz, possibly signaling strong institutional interest in Momenta's technology for mass-produced vehicles and robotaxi services.
The company plans to use IPO proceeds for research and development, robotaxi expansion, mass-produced vehicle operations, working capital and general corporate purposes. Momenta's shares are expected to begin trading on July 8, following other self-driving companies such as Pony AI NASDAQ:PONY and WeRide into Hong Kong's capital markets. Bloomberg Intelligence expects Hong Kong listing proceeds to top $43 billion in 2026, which could mark a six-year high.