Momenta Kicks Off Hong Kong IPO with Powerful Line-up of 14 Cornerstone Investors

Momenta, a leading Chinese autonomous driving technology company, officially launched its initial public offering (IPO) on June 29, with plans to list on the Hong Kong Stock Exchange (HKEX).

For this offering, Momenta has secured an elite lineup of 14 heavyweight institutions as cornerstone investors, with total subscriptions amounting to approximately HK$3 billion. Among them are top-tier global automakers, with both Mercedes-Benz and BYD participating for a combined investment of US$40 million.

Beyond these two automotive giants, the cornerstone investor lineup is impressive, featuring a blend of top-tier international funds and renowned investment institutions from Hong Kong and China's Mainland. Participants include global long-term funds such as Singapore's sovereign wealth fund GIC, Fidelity International, BlackRock, Oaktree Capital Management, and Franklin Templeton. Joining them is a formidable array of Chinese public equity, private equity, and insurance capital, including China Asset Management, GF Fund, Perseverance Asset Management, Boyu Capital, and China Pacific Insurance.

Under the proposed IPO structure, Momenta's global offering comprises two segments: a public offer in Hong Kong and an international offering, backed by a 15% green shoe option (over-allotment option). The final offer price for this listing was set at HK$295.6. Excluding the exercise of the greenshoe option, the total fundraising proceeds are expected to reach approximately HK$5.89 billion.