Momenta, the Suzhou-based autonomous driving software company, has launched trading on the Hong Kong Stock Exchange after raising $752 million in its initial public offering. The listing, trading under stock code 6880, values the company at approximately $9 billion and marks one of the largest tech IPOs in Hong Kong this year.

The company sold roughly 19.9 million Class A shares priced at HK$295.60 each, pulling in HK$5.9 billion.

A New York detour that never happened

Momenta originally eyed a New York listing before pivoting east amid escalating geopolitical tensions between the US and China. Hong Kong has been quietly positioning itself as the default destination for Chinese tech companies that might have once headed to the Nasdaq.

Fourteen cornerstone investors pledged around $376 million to anchor the offering. That group includes GIC, Singapore’s sovereign wealth fund, and Fidelity International.

Fast revenue growth, faster losses

Revenue hit RMB 2.41 billion ($354.5 million) in 2025, an 82% jump year-over-year. But net losses also widened to RMB 3.45 billion in 2025, driven primarily by heavy research and development spending.

Gross profit margin climbed to 71.6% in 2025 from 49% the prior year. That improvement came largely from licensing and technical services revenue.

Momenta has built partnerships with 24 original equipment manufacturers, including BMW, Audi, and Toyota. Its software now runs in more than 733,000 vehicles.

Robotaxis and global expansion

Beyond selling software to carmakers, Momenta has secured operating approvals for robotaxi services in both Suzhou and Shanghai. The company also has plans to launch robotaxi operations in Abu Dhabi and Munich in 2026.