Temasek-backed autonomous driving firm Momenta files for Hong Kong IPO: sources

The firm is joining a growing list of Chinese companies aiming to debut in the Asian financial hub

Chinese autonomous driving developer Momenta has confidentially filed for a Hong Kong initial public offering, two people with knowledge of the matter said.

Momenta is joining a growing list of Chinese companies aiming to debut in the Asian financial hub, after it opted out of New York amid heightened US-China tensions, the sources said.

Reuters reported in September that Momenta was considering shifting its IPO to Hong Kong from New York, following the expiration in June of an approval by China’s securities regulator to list in the US.

Details of the planned Hong Kong IPO, including offering size and timetable, were not immediately known.

Momenta, which is backed by investors such as Temasek Holdings, Toyota Motor and German auto parts supplier Bosch, did not immediately respond to Reuters requests for comment. The Hong Kong Exchanges and Clearing (HKEX), the city’s exchange operator, declined to comment.

The sources could not be named as the information was confidential.

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The Hong Kong bourse has had its best year for new listings since 2021. A total of US$32 billion had been raised by mid-November, up more than 200 per cent from a year earlier, according to Dealogic data.

Momenta is a leading Chinese supplier of advanced driving assisted system features, akin to Tesla’s self-driving technology that can navigate urban traffic under human drivers’ supervision. REUTERS

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