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.
