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Momenta Global has begun accepting subscriptions for its initial public offering on the Hong Kong Stock Exchange, backed by 14 cornerstone and strategic investors, including GIC, Fidelity International, and BlackRock, who have committed HKD2.9 billion (approximately USD375.8 million). The company is scheduled to go public under the stock code [HKG: 6880] on July 7, with China International Capital Corporation and Deutsche Bank serving as joint sponsors. The IPO involves the sale of 19.9 million Class A ordinary shares globally, with 2 million shares allocated for the Hong Kong market and 17.9 million for international investors, representing 10% and 90% of the total, respectively. An over-allotment option of 15% has also been included.
The offering price has been set at HKD295.60 (around USD37.68) per share, a rare move that indicates strong investor interest and confidence in the company’s future prospects, as it bypassed a typical price range. Based on this price and assuming the overallotment option isn’t exercised, the company aims to raise approximately HKD5.9 billion.
Among the major investors, GIC and Fidelity have each committed USD100 million, while BlackRock and Mercedes-Benz pledge USD25 million each. Other investors include Suzhou Mosu Technology with USD24.8 million, Oaktree with USD20 million, and BYD’s investment arm Golden Link with USD15 million. Franklin Templeton, Boyu, Gaoyi Entities, China Pacific Insurance Company, GF Fund, and China Asset Management Company Hong Kong have each committed USD10 million, with GigaDevice Semiconductor Hong Kong pledging USD6 million.
Industry analysts believe that the specific investors and the amounts they contribute are less important than the strategic reasons behind their investments. These can be grouped into three categories.
The first group features international long-only funds and sovereign wealth funds such as GIC, Fidelity, BlackRock, Oaktree, and Franklin Templeton. These firms tend to have very high investment standards, often entering only when a business model has been validated or when a technological advantage is clear, rather than investing based on just an idea. GIC, managing nearly USD1 trillion in assets, has previously supported Chinese industry leaders like Alibaba, Meituan, and Kuaishou, as well as recent commitments to AI company Anthropic and semiconductor manufacturer Taiwan Semiconductor Manufacturing Corporation. Fidelity, also managing over USD1 trillion, has taken significant positions in China’s AI sector, including companies like InnoLight, Eoptolink, Cambricon Technologies, and Montage Technology. Their backing suggests they see Momenta as having already established scale and a competitive edge in autonomous driving software.
The second group involves strategic industry investors—auto giants Mercedes-Benz and BYD, along with GigaDevice, a fabless semiconductor supplier. Mercedes-Benz and BYD are existing shareholders, and their increased commitment signals a meaningful endorsement rather than a typical financial investment. When automakers publicly support a supplier’s IPO, it indicates the company’s software has transitioned from testing to real-world deployment. BYD’s participation is particularly noteworthy, reflecting its extensive R&D investments and strategic partnership beyond ordinary procurement arrangements.
The third group consists of top-tier Chinese investment institutions like Gaoyi, Boyu, China Asset Management, GF Fund, and China Pacific Insurance. Gaoyi and Boyu are known for rigorous value analysis and rarely invest early-stage high-risk tech companies publicly. ChinaAMC and GF Fund manage over CNY3 trillion (about USD441.6 billion) combined, and their involvement in a tech IPO highlights their appetite for Hong Kong-listed tech firms. CPIC, guided by its insurance-liability-focused investment approach, typically demands clear industry positioning and safety margins, so its participation can be viewed as an implicit endorsement of Momenta’s valuation.
The convergence of these investor categories on this IPO is unusual. Momenta’s decision to set a fixed offer price instead of a price range underscores their confidence that demand was fully secured before the book opened, reflecting strong conviction in the company’s growth potential.
Founded in 2016, Momenta develops autonomous driving technologies, providing a broad product lineup including advanced driver assistance systems (ADAS) and autonomous driving solutions. Its scalable vehicle production generates extensive live-road data and revenue, fueling continuous algorithm enhancements. The company’s large-scale autonomous operations further validate and expand its capabilities, creating a positive cycle of data collection, technological improvement, and commercial deployment.
As of June, over 900,000 vehicles from 24 global automakers have been equipped with Momenta’s systems. Its solutions are active in more than 10 countries across Asia, Europe, Oceania, Latin America, and North Africa. In Chinese cities, around 65% of cars sold between March 2025 and February 2026 feature Momenta’s Navigate-on-Autopilot system, according to industry data.
Momenta also runs robotaxi and logistics vehicle businesses, holding commercial licenses and operating mass-produced robotaxi fleets in multiple cities worldwide. In April, the company introduced its R7 World Model, a unified foundational platform supporting large-scale commercialization across its ADAS, robotaxi, and robovan segments, with plans to expand into the robotruck sector.
Its revenue has grown impressively, with a compound annual growth rate exceeding 80% over the past three years, rising from CNY743 million (USD109.4 million) in 2023 to an estimated CNY1.3 billion (USD194.3 million) in 2024 and CNY2.4 billion in 2025. Licensing revenue increased 42-fold in this period, reaching CNY968 million and accounting for 40% of total revenue in 2025, reflecting the company’s shift toward a scalable software platform model.
Gross margins have expanded rapidly, reaching 71.6% last year from 17.5% in 2023, approaching the profitability profile of mature software companies. Meanwhile, adjusted net losses narrowed to CNY303 million from CNY1.1 billion. As of December 31, the company held cash reserves exceeding CNY10 billion.
Approximately 60% of the IPO proceeds will be reinvested into research and development, 20% to accelerate the commercial rollout of robotaxi services, 10% to its vehicle mass-production solutions, and the remaining 10% for general corporate purposes. With its dual-focus on licensed software sales and autonomous driving operations, along with consistent revenue growth, industry analysts regard it as a rare and valuable asset on the Hong Kong market.
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