It is reported that Momenta secretly filed for an IPO in Hong Kong. It has raised over 8.9 billion yuan in total, with investments from Toyota, Mercedes-Benz, and Shunwei Capital.

According to Reuters on December 2nd, two people familiar with the matter revealed that Chinese autonomous driving technology developer Momenta has secretly submitted an application for an initial public offering (IPO) in Hong Kong.

Original report from Reuters

The sources pointed out that against the backdrop of ongoing geopolitical tensions, Momenta may have abandoned its plan to list in New York and turned to Hong Kong, an Asian financial center.

If the news is true, Momenta will officially join the growing ranks of Chinese companies seeking to list in Hong Kong.

Reuters reported in September this year that after the approval from the China Securities Regulatory Commission for its U.S. listing expired in June, Momenta was considering moving its IPO location from New York to Hong Kong.

Since the relevant information is confidential, specific details of the IPO, including the fundraising scale and listing schedule, are still unclear.

In response to the news, Momenta did not immediately reply to Reuters' request for comments, while the Hong Kong Exchanges and Clearing Limited (HKEX) declined to comment.

Momenta's one - stage end - to - end flywheel large model

According to official news, Momenta is a global leader in the field of intelligent driving and is opening up a new path to achieve large - scale autonomous driving. Currently, Momenta is centered around the data - driven "flywheel effect" and combines the "dual - track parallel" product strategy to promote the mass production of assisted driving and autonomous driving Robo (such as Robotaxi) and comprehensively improve the future travel experience.

01. Valuation exceeds 42.5 billion yuan, evolving from a unicorn to an IPO

Momenta's financing history spans nine years, with investments received from its startup stage to pre - IPO. Its current valuation has reached $6 billion (approximately 42.54 billion yuan).

Momenta's financing history (Source: Qichacha)

The investment in 2016 can be regarded as its startup period. Two months after its establishment, Momenta received a $5 million Series A financing (approximately 35.45 million yuan), led by Blue Lake Capital, with participation from Sinovation Ventures and ZhenFund.

In the same year, it completed the Series A1 financing led by Shunwei Capital. The financing at this stage reflected the early investors' recognition of Momenta's "data - driven" technology route.

2017 - 2018 can be regarded as Momenta's growth period. It completed the Series B financing in 2017.

In this round of financing, Series B1 was co - led by NIO Capital and Daimler Group, with participation from Shunwei Capital, Sinovation Ventures, and Jiuhua Ventures. Series B2 was led by Cathay Capital, with participation from GGV.

In October 2018, Momenta completed a $200 million Series C financing (approximately 1.418 billion yuan). At this point, the company's valuation exceeded $1 billion (approximately 7.09 billion yuan) for the first time, making it the first unicorn enterprise in the autonomous driving field.

This stage also attracted strategic investors such as Tencent, CMG Ventures, Guoxin Capital, Yuanhe Origin, and CCB International.

In 2021, Momenta received even more investments. It completed a $500 million Series C financing (approximately 3.545 billion yuan) in March 2021 and another $500 million Series C+ financing (approximately 3.545 billion yuan) eight months later. The cumulative Series C financing exceeded $1 billion (approximately 7.09 billion yuan).

The Series C financing was led by SAIC Motor, Toyota, Bosch, Temasek, and Yunfeng Capital, while the Series C+ financing was led by SAIC Motor, General Motors, Toyota, Bosch, and Temasek.

This round of financing set the record for the largest - scale financing in the Chinese autonomous driving field that year.

In 2025, Momenta completed two rounds of financing, including Series C12 and Series C13. After the Series C13, Momenta's valuation reached $6 billion (approximately 42.54 billion yuan).

If the news of Momenta's listing in Hong Kong materializes, another high - market - value Chinese intelligent driving enterprise may emerge in the Hong Kong stock market.

02. Conclusion: Momenta's capital sprint begins

From a unicorn in the past to now sprinting for a Hong Kong IPO, Momenta's nine - year advancement not only witnessed its own valuation leap exceeding 42.5 billion yuan but also reflected the practical choice of autonomous driving enterprises to flexibly adjust their capital paths in a complex geopolitical environment.

Backed by the rich resources of automobile giants such as SAIC, Toyota, and General Motors, if Momenta can successfully list on the HKEX, it will inject stronger impetus into its "flywheel effect".

In the second half of the large - scale mass production of autonomous driving, this dual sprint of capital and technology has just begun.

This article is from the WeChat official account "CheDongXi", author: Janson, editor: Zhihao. It is published by 36Kr with authorization.