Momenta, a Chinese intelligent driving startup, has successfully cleared its listing hearing with the Hong Kong Stock Exchange (HKEX). On June 23, 2026, the company released its post-hearing listing application materials, though the exact IPO date and fundraising amount have yet to be disclosed.
Founded in 2016 by CEO Cao Xudong, Momenta has grown into a key player in the intelligent driving sector. Its pre-IPO shareholder base includes a mix of leading domestic and international automotive heavyweights. Major investors prior to the listing included SAIC Motor (9.45% stake), General Motors (9.37%), Mercedes-Benz (6.39%), and Toyota (1.54%), along with BYD, Chery, and Hyundai.
Financial Performance and Market Position
According to the listing documents, Momenta generated 2.41 billion yuan (approximately $354.4 million) in revenue in 2025, achieving a gross margin of 71.6%. The company reported a net loss of 3.46 billion yuan ($508.8 million) for the year, largely due to R&D spending of 1.87 billion yuan ($275 million). However, when excluding non-cash items such as employee equity and fair value changes in preferred shares, the adjusted operating loss for 2025 was 300 million yuan ($44.1 million), a narrowing from the adjusted losses in 2024.
Momenta remains a dominant force in the L2 advanced driver-assistance systems (ADAS) market. By the end of 2025, the company had secured design wins for 170 vehicle models, with 68 models already in mass production. According to Frost & Sullivan data cited by Caixin, Momenta holds the top global market share of 64.5% in the urban L2 ADAS segment based on vehicle sales volume.
Strategic Outlook and Global Ambitions
Momenta plans to use the IPO proceeds to accelerate R&D for next-generation intelligent driving solutions, enhance AI computing power and data storage, commercialize its robotaxi services, and deploy L4-level autonomous fleets overseas.
Industry analysts quoted by Caixin note that Momenta occupies a unique “ecological niche.” Unlike competitors such as Huawei—whose automotive business unit faces international market limitations due to U.S. sanctions—Momenta has built deep partnerships with multinational automakers. Many of these global firms are both customers and shareholders.
Momenta’s global footprint is expanding. Its ADAS products are now available in over 10 countries across Asia, Europe, Oceania, Latin America, and North Africa. Additionally, its robotaxi services have established collaborations with global mobility platforms, including Uber, Grab, Lumo, SAIC’s Saic Mobility, and Mercedes-Benz, with operations currently active in cities across Asia, Europe, and the Middle East.
