Mercedes, GIC to back autonomous driving firm Momenta’s Hong Kong IPO: sources

Published Sat, Jun 27, 2026 · 12:31 PM

[HONG KONG] Momenta Global, the Chinese autonomous driving startup, has roped in carmaker Mercedes-Benz and Singapore wealth fund GIC as cornerstone investors for its Hong Kong IPO, people with knowledge of the matter said.

Fidelity International and BlackRock are also in talks to become cornerstone investors, the people said, asking not to be identified because the information is private. Momenta is targeting to raise about US$750 million to US$800 million from the offering, and plans to set aside around half of the IPO shares for cornerstone investors, according to the people.

Momenta is considering seeking a post-money valuation of about US$9 billion in the IPO, which could launch as soon as on Jun 29, the people said.

Deliberations are ongoing and details of the offering could change, the people said. Momenta did not immediately respond to queries outside regular business hours. Representatives for GIC, Fidelity and BlackRock declined to comment.

Mercedes, which has held a stake in Momenta since 2017, said it planned to continue its strategic collaboration with the Chinese firm, and declined to comment on the IPO plans.

Suzhou-based Momenta is backed by investors including General Motors and Chinese Internet giant Tencent Holdings. It’s following self-driving firms including Pony AI and WeRide that have tapped Hong Kong’s capital markets to support technological development.

The company previously considered listing in the US, where it confidentially filed for an IPO in 2024, people familiar with the matter said at the time.

Founded in 2016, Momenta supplies technology for mass-produced vehicles and robotaxi services. The company posted a loss of 3.5 billion yuan (S$668 million) on revenue of 2.4 billion yuan in 2025, according to its listing paperwork.

China International Capital Corp and Deutsche Bank are leading Momenta’s IPO. BLOOMBERG