BUSINESS

Chinese Autonomous Driving Startup Momenta Advances Hong Kong IPO Plan

Published: Jun. 24, 2026 2:38 a.m. GMT+8

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Momenta is a leading autonomous driving supplier in China. It completed multiple rounds of financing prior to filing for an IPO. Photo: VCG

Chinese autonomous-driving startup Momenta has passed the listing hearing for its Hong Kong initial public offering, according to a Tuesday exchange filing, though the company did not disclose a listing date or fundraising target.

The milestone underscores the rapid rise of the smart-driving supplier, whose backing by global automakers could help it gain overseas market share as geopolitical tensions weigh on domestic rival Huawei Technologies Co. Ltd.

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Momenta passed Hong Kong IPO hearing; plans to use proceeds for R&D, robotaxis, and Level 4 overseas deployment.
Major shareholders include SAIC (9.45%), GM (9.4%), Mercedes-Benz (6.4%), and Toyota (1.5%).
Despite 64.5% global urban Level 2 assisted-driving market share, Momenta had 2.41 billion yuan revenue and 3.46 billion yuan net loss in 2025, trailing Huawei’s profitable auto unit.

AI generated, for reference only

Who’s Who

Momenta: Momenta is a Chinese autonomous-driving startup founded in 2016 by CEO Cao Xudong. It passed its Hong Kong IPO hearing in 2025. Major shareholders include SAIC, GM, Mercedes-Benz, and Toyota. Momenta leads global urban Level 2 assisted driving with a 64.5% market share, and plans to use IPO funds for R&D and robotaxis.

SAIC Motor Corp. Ltd.: SAIC Motor Corp. Ltd. holds a 9.45% stake in Chinese autonomous-driving startup Momenta, making it a major external automotive shareholder. SAIC Mobility also partners with Momenta for robotaxi operations globally.

General Motors Co.: General Motors Co. holds a 9.4% stake in Chinese autonomous-driving startup Momenta, which recently passed its Hong Kong IPO hearing. GM is among several global automakers backing Momenta, potentially aiding its overseas expansion as geopolitical tensions affect rival Huawei.

Mercedes-Benz Group AG: Mercedes-Benz Group AG holds a 6.4% stake in Chinese autonomous-driving startup Momenta. It also partners with Momenta for robotaxi operations across Asia, Europe, and the Middle East.

Toyota Motor Corp.: Toyota Motor Corp. holds a 1.5% stake in Chinese autonomous-driving startup Momenta, which recently passed its Hong Kong IPO listing hearing. Momenta focuses on advanced Level 2 driver-assistance systems and robotaxis, with global automakers among its shareholders.

BYD Co. Ltd.: BYD Co. Ltd. is an investor in Chinese autonomous-driving startup Momenta, according to a Hong Kong IPO filing. The article lists BYD among major shareholders including SAIC, GM, Mercedes-Benz, and Toyota. BYD's stake in Momenta supports the startup's development of smart-driving systems and robotaxis.

Chery Automobile Co. Ltd.: Chery Automobile Co. Ltd. is an investor in Chinese autonomous-driving startup Momenta, which has passed its Hong Kong IPO listing hearing. Chery holds a stake alongside other major automakers like SAIC, GM, Mercedes-Benz, Toyota, BYD, and Hyundai.

Hyundai Motor Co.: Hyundai Motor Co. is an investor in Chinese autonomous-driving startup Momenta, which recently passed its Hong Kong IPO listing hearing. Momenta focuses on Level 2 driver-assistance systems and robotaxis, with backing from global automakers like Hyundai.

Huawei Technologies Co. Ltd.: Huawei Technologies Co. Ltd. is a major smart-driving supplier rivaling Momenta. In 2025, its auto unit had 45.02 billion yuan revenue and remained profitable. It plans 93 vehicle models with its systems by end of 2026, serving 3 million users, with an 18 billion yuan R&D budget. However, U.S. sanctions hinder its global adoption, benefiting Momenta.

Uber Technologies Inc.: According to the article, Uber Technologies Inc. is a global mobility platform partnering with Momenta for robotaxi operations in multiple cities across Asia, Europe, and the Middle East.

Grab Holdings Ltd.: In the article, Grab Holdings Ltd. is listed as a global mobility platform that partners with Momenta for robotaxi operations across Asia, Europe, and the Middle East. No further details about Grab are provided.

SAIC Mobility: SAIC Mobility is a mobility platform that partners with Momenta for robotaxi operations across Asia, Europe, and the Middle East. It is part of SAIC Motor Corp., which holds a 9.45% stake in the autonomous-driving startup Momenta.

AI generated, for reference only

What Happened When

2016：: Momenta was founded by CEO Cao Xudong.

2016：: Momenta was founded by CEO Cao Xudong.

2025：: Momenta held a 64.5% global share of urban Level 2 assisted driving based on equipped vehicle sales, ranking first worldwide. Momenta generated 2.41 billion yuan in revenue with a gross margin of 71.6%, and incurred a net loss of 3.46 billion yuan.