Chinese autonomous driving technology firm Momenta has confidentially filed for an initial public offering (IPO) in Hong Kong.
Bloomberg reported that the company is working with China International Capital Corp. (CICC) and Deutsche Bank on the planned listing.
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The company may aim to raise at least $1bn through the IPO although deliberations are ongoing and no final decisions have been made.
Momenta has been holding meetings with potential investors to assess early interest in the offering, the report added.
Additional banks could also be brought into the deal at a later stage.
Momenta had previously explored a listing in the US and confidentially filed for an IPO in 2024.
At that time, it was working with CICC, Goldman Sachs Group and UBS Group on the application, which has since lapsed.
The company is backed by several investors, including General Motors and Tencent Holdings.
General Motors announced a $300m investment in Momenta in 2021 to support the development of self-driving technology for its vehicles in China.
Founded in 2016 by a group of artificial intelligence engineers from Microsoft Research Asia, Momenta was valued at more than $5bn during a funding round last year.
Its other backers from the automotive sector include Mercedes-Benz, SAIC Motor and Toyota Motor, along with investors such as Temasek Holdings and Jack Ma’s Yunfeng Capital.
The company also maintains partnerships with Uber Technologies on robotaxi projects and with Grab Holdings.
More recently, Mercedes-Benz and Momenta expanded their collaboration in China following the launch of the all-electric CLA.
Their partnership focuses on deploying advanced driving and parking technologies designed for densely populated urban environments in the country.
Just Auto has contacted Momenta for comment.
