China’s $6 billion autonomous driving giant confidentially files for Hong Kong IPO after abandoning US listing plans amid geopolitical pressure
A Defining Moment for Hong Kong’s Tech IPO Market
Momenta, the Chinese autonomous driving technology company backed by General Motors, Toyota, Mercedes-Benz and Bosch, has confidentially filed for an initial public offering on the Hong Kong Stock Exchange, according to people familiar with the matter. The filing, confirmed by multiple independent sources to Reuters in March 2026, marks a significant vote of confidence in Hong Kong’s technology listing market and confirms a major strategic pivot by Momenta away from the United States. Momenta had previously filed confidentially with US regulators for a New York listing, but that approval expired in June 2025 as US-China geopolitical tensions continued to make American capital markets a less hospitable destination for Chinese technology companies.
Who Is Momenta?
Founded in 2016 by Cao Xudong, a former scientist at Microsoft Research, Momenta is headquartered in Beijing and Suzhou and has grown into one of China’s most valuable autonomous driving technology developers. The company does not operate its own robotaxi fleet — instead it supplies advanced driver assistance systems directly to automakers, functioning as what analysts describe as a picks-and-shovels player in the autonomous driving gold rush. Its client list includes BMW, Mercedes-Benz, Audi, Toyota, Nissan, Honda and General Motors. BMW has been using Momenta’s systems to power driver assistance across its entire new model lineup in China since July 2025. The company has raised approximately $1.42 billion across nine funding rounds and carries a current valuation of $6 billion.
Why Hong Kong?
Momenta’s decision to file in Hong Kong rather than reapplying for a US listing reflects a broader trend among Chinese tech companies. Hong Kong IPO volumes surged dramatically in 2025, with the exchange raising $32 billion in new listings by mid-November — the best year since 2021. The exchange has also introduced a confidential listing application option for technology and biotech companies, matching a feature previously available only on US exchanges. For Momenta, Hong Kong offers access to substantial pools of both Chinese and international institutional capital, a listing process aligned with Chinese regulatory norms, and a market that understands and values autonomous driving technology.
The US-China Backdrop
The abandonment of the US listing plan is not simply a business decision. It reflects a structural shift in how Chinese technology companies are thinking about capital markets. Treasury Secretary Scott Bessent’s 2025 statements about the possibility of Chinese delistings from US exchanges sent a clear signal that Washington was willing to weaponise capital market access in its economic competition with Beijing. For Momenta and dozens of companies like it, Hong Kong provides a defensible alternative that does not require navigating an increasingly hostile US regulatory environment. The Hong Kong Exchanges and Clearing has actively courted this wave of Chinese tech listings.
A Critical Eye on Hong Kong as a Listing Destination
For democracy advocates, the flood of Chinese tech IPOs into Hong Kong is a double-edged story. On one hand, it validates Hong Kong’s role as a global financial centre and brings economic activity to the city. On the other hand, many of these companies are deeply integrated with the Chinese state’s strategic technology agenda — including autonomous driving systems that have direct military and surveillance applications. Human Rights Watch has documented how autonomous vehicle and AI technologies developed by Chinese companies are being used to enhance state surveillance. Listing these companies in Hong Kong without transparency about their data practices and government relationships raises legitimate questions about the kind of capital market Hong Kong is becoming. The Momenta IPO, when it proceeds, will be closely watched both as a market milestone and as a test of Hong Kong’s ability to attract and retain global investor confidence.
Pik Shan Leung
Investigative & Public Accountability Journalist, Apple Daily UK
Contact: pikshan.leung@appledaily.uk
Pik Shan Leung is an investigative journalist specializing in public accountability, governance oversight, and institutional transparency. Educated at a leading UK journalism school, she received formal training in investigative techniques, document analysis, and media law, preparing her for high-stakes reporting.
She has contributed investigative work to Apple Daily and other liberal Chinese publications, covering government spending, regulatory enforcement, and systemic misconduct. Her reporting relies on primary documents, verified data, and corroborated sources, ensuring accuracy and defensibility.
Pik Shan brings real-world newsroom experience handling sensitive investigations, including coordination with editors and legal review teams. Her work reflects disciplined sourcing practices and careful distinction between verified facts and allegations.
Her authority stems from sustained investigative output within established news organizations and adherence to strict editorial oversight. She follows transparency standards and correction protocols that reinforce reader trust.
At Apple Daily UK, Pik Shan Leung produces investigative journalism grounded in evidence, professional experience, and a commitment to holding institutions accountable through responsible reporting.
