Temasek supports self-driving technology company Momenta in applying for a Hong Kong listing | Lianhe Zaobao

Temasek-supported Chinese autonomous driving technology company Momenta (Beijing Chusu Technology Co., Ltd.) has applied for a listing in Hong Kong. According to two informed sources, Momenta has secretly submitted its initial public offering (IPO) application in Hong Kong. Sources say that amid increasingly tense U.S.-China relations, Momenta has abandoned its plans to list in New York and has chosen to go public in Hong Kong, joining a growing number of Chinese companies. Reuters reported this news on Tuesday (December 2). In September, Reuters reported that after the application for listing in the U.S. expired in June, Momenta was considering moving its listing location from New York to Hong Kong, seeking approval from the China Securities Regulatory Commission. Details of the Hong Kong IPO, including the size and timetable of the offering, are currently unclear. Further Reading Singapore's Ai.R autonomous vehicle testing kicks off with 11 self-driving cars entering residential areas Grab Holdings invests $60 million in remote driving company, future investment may exceed $400 million Momenta's investors include Temasek Holdings, Toyota Motor, and German automotive parts supplier Bosch. The company has not yet responded to Reuters' request for comment. The Hong Kong Stock Exchange declined to comment. Due to the confidential nature of the information, sources could not be named The number of new stock listings on the Hong Kong Stock Exchange this year has reached its best record since 2021. According to Dealogic data, as of mid-November, the total amount of funds raised by new stocks in Hong Kong has reached USD 32 billion, an increase of over 200% compared to the same period last year. Momenta is a leading provider of advanced driver-assistance systems in China, with products similar to Tesla's autonomous driving technology, capable of automatically responding to urban traffic under the supervision of human drivers