Momenta's shares opened at HK$295.60 during its initial public offering, which raised HK$5.89 billion ($751 million). The stock was trading at HK$304 shortly after the market opened.
The company plans to allocate 60% of the net proceeds to enhance its core technology, including proprietary algorithms and its automation toolchain, while 20% will be used to accelerate the commercialization of its robotaxi services. The remaining funds will support the development of next-generation products and working capital.
Founded in 2016 and led by CEO Cao Xudong, Momenta has already launched commercial robotaxi services in Shanghai and is expanding through partnerships with major automakers like Audi, Honda, and Mercedes-Benz AG.
The company is also collaborating with Uber to introduce robotaxi services in Europe and has formed a strategic partnership with Grab to enhance autonomous driving technologies in urban markets. Momenta's revenue is projected to grow significantly, with estimates of 2.41 billion yuan in 2025, up from 1.32 billion yuan in 2024.
The successful IPO comes amid a wave of tech listings in Hong Kong, reinforcing the city's status as a leading capital-raising hub for AI-related companies, according to KPMG China's Louis Lau