Momenta takes a key step toward Hong Kong IPO.
```
Author | Zhou Zhiyu
On June 18, the China Securities Regulatory Commission issued an overseas issuance and listing record notification to Momenta Global Limited. According to the filing documents, Momenta plans to issue no more than 43,754,060 ordinary shares overseas and list on the Main Board of the Hong Kong Stock Exchange.
This is the first time in two years that Momenta has truly navigated the regulatory process in its capital market push.
In 2024, Momenta once planned to list in the United States, but officially turned to Hong Kong stocks in December 2025. In March 2026, Momenta secretly submitted its prospectus to the Hong Kong Stock Exchange.
The CSRC filing is a statutory precondition for domestic enterprises to list in Hong Kong. After completing the filing, Momenta needs to pass the HKEX listing hearing, followed by the roadshow and pricing phase.
According to reports from multiple media outlets, Momenta’s Hong Kong IPO plans to raise at least US$1 billion, with an expected valuation exceeding 100 billion RMB.
Founded in 2016 and headquartered in Suzhou, Momenta’s founder and CEO Cao Xudong graduated from Tsinghua University and previously worked at Microsoft Research Asia and SenseTime. Since its founding, the company has completed seven rounds of financing, raising over US$1.26 billion (about 8.5 billion RMB) cumulatively.
Momenta’s shareholder list nearly covers the core players in the global automotive industry chain: General Motors, Toyota, SAIC Motor, Mercedes-Benz, Bosch—five OEMs and Tier 1s are betting on the same intelligent driving solution provider, which is uncommon in the industry. Among financial investors, Tencent, Temasek, IDG Capital, Yunfeng Fund, and others also appear on the shareholder list.
Cao Xudong personally holds 55.74% of shares. After the IPO, he will still be the absolute controller of the company.
The core supporting the 100-billion RMB valuation is mass production scale. Momenta’s intelligent driving solutions have cumulatively been installed in nearly 700,000 vehicles and secured more than 170 models, with clients including SAIC, Mercedes-Benz, BMW, Audi, Dongfeng Nissan, and other domestic and international car manufacturers. In overseas markets, its mass production solutions have been implemented in more than ten countries and regions in Asia, Europe, and Oceania.
According to CIC data, from March 2025 to February 2026, Momenta’s sales share in China’s third-party urban NOA supplier market reached 65%. Urban NOA is currently in a period of rapid market penetration, with an estimated 11% in 2025. CIC expects this to rise to 62% by 2030. If Momenta can maintain its market share, it will be the biggest beneficiary of this penetration wave.
In Robotaxi business, Momenta has partnered with global mobility platforms such as Uber and Grab, as well as Mercedes-Benz, rolling out services in Asia, Europe, and the Middle East. Recently, the company shifted its positioning from "autonomous driving company" to "physical AI company," emphasizing the universality of world modeling technology. In April this year, its R7 world model achieved mass production debut. However, whether this positioning will be recognized by the secondary market still depends on more details being disclosed in the prospectus.
Momenta is not the only intelligent driving company sprinting for the Hong Kong market. Qingzhou Zhihang and Yuanrong Qixing also submitted listing materials to the HKEX around April this year. But judging from valuation size and application progress, Momenta is currently leading.
The completion of the filing has cleared regulatory obstacles. Whether this intelligent driving unicorn with a 100-billion RMB valuation can ring the bell smoothly and what pricing the secondary market will offer is the real test ahead.
Risk Reminder and DisclaimerThe market has risks, investment needs caution. This article does not constitute personal investment advice and does not take into account individual users’ special investment objectives, financial conditions, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Invest accordingly, and bear your own responsibility. ```