Chinese autonomous driving developer Momenta is weighing a change in its listing plans, with the company considering Hong Kong as the venue for its initial public offering instead of New York, Reuters said in a report, citing sources.
The move would add Momenta to a growing list of Chinese firms looking to raise capital closer to home as US-China financial tensions intensify.
The consideration comes after approval from China’s securities regulator for a US listing expired in June.
The permit had been granted in mid-2023, according to the regulator’s website.
Momenta, a leading supplier of advanced driver assistance systems in China, has recently told some investors it is weighing a Hong Kong listing in 2026, two of the people told the news agency.
They added that discussions are still in early stages and plans may shift.
The company, backed by Toyota Motor and German auto supplier Bosch, is also working on a pre-IPO fundraising round.
The report added that the round could involve participation from Mercedes-Benz and Hyundai.
Details such as the size, timing and valuation of the share sale have yet to be finalised.
The company denies confirmed plans
In response to queries, Momenta said it has not made a final decision regarding its IPO venue.
The company denied informing investors of a confirmed plan to list in Hong Kong in 2026 and said it had not announced or confirmed the details of any fundraising round or its potential backers.
Hong Kong Exchanges and Clearing, the city’s bourse operator, declined to comment.
The China Securities Regulatory Commission did not respond to a request for comment.
Mercedes-Benz also declined to respond, while Hyundai confirmed it sees “a compelling use case” to collaborate with Momenta in China, without elaborating.
Hong Kong cements its role as global listing hub
Momenta’s possible shift underscores Hong Kong’s role as the dominant fundraising venue for Chinese companies at a time when US lawmakers are increasing pressure on Chinese listings.
The city has emerged as the world’s leading exchange by IPO and secondary listing volumes this year, surpassing the New York Stock Exchange, according to LSEG data.
More than 230 companies have filed publicly for listings in Hong Kong so far, with Chinese issuers raising nearly $20 billion.
That compares with just $776 million raised by Chinese firms in the US, where tea chain Chagee Holdings’ $473 million offering was the largest.
Expanding footprint beyond China
Founded in 2016 by former Microsoft executive Cao Xudong, Momenta has been expanding its international presence.
The company runs a research centre in Stuttgart, Germany, and plans to begin level 4 autonomous vehicle tests there with Uber next year.
Momenta’s advanced driver assistance technologies are already used by Toyota, Mercedes-Benz and Audi in China.
Alongside firms like lidar producer Hesai and battery maker CATL, Momenta has become one of the key technology providers shaping the future of smart electric vehicles.
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