- Momenta has confidentially filed for a Hong Kong IPO, abandoning plans for a New York listing, according to Reuters.
- Momenta's clients include international automakers such as Mercedes-Benz, BMW, Audi, Toyota, and Nissan.
Chinese autonomous driving startup Momenta has confidentially filed for a Hong Kong initial public offering (IPO), Reuters reported today, citing two people familiar with the matter.
Amid heightened US-China tensions, Momenta abandoned plans for a New York listing in favor of Hong Kong, the sources said.
Specific details of the Hong Kong IPO, including the offering size and timeline, remain unclear, Reuters noted.
Hong Kong's stock market previously did not permit companies to file listing applications confidentially, unlike US exchanges.
On May 6, Hong Kong's securities regulator and the Hong Kong Stock Exchange announced they would begin allowing technology and biotechnology companies to opt for confidential listing applications.
Founded in 2016, Momenta initially headquartered in Beijing. In March 2019, it relocated its headquarters to Suzhou, a city near Shanghai.
Its operations span China and multiple international markets including Germany, Japan, and the US. Tt has secured strategic investments from SAIC Motor Corp (SHA: 600104), General Motors, Mercedes-Benz, Toyota, and Bosch, according to its website.
On September 26, Bloomberg reported that Momenta was seeking a new round of financing with a valuation far exceeding $5 billion.
Momenta confidentially filed for a US IPO last year, though the progress of the transaction depends on market conditions, the Bloomberg report noted.
Also on September 26, Reuters reported that Momenta was considering shifting its IPO from New York to Hong Kong.
Momenta ranks among China's most prominent smart driving solution providers after Huawei, serving international automakers including Mercedes-Benz, BMW, Audi, Toyota, and Nissan.
