Momenta has received filing approval from China’s Securities Regulatory Commission for an overseas listing, according to a recent notice. The company plans to issue no more than 43,754,060 overseas listed ordinary shares and seek a listing on the Hong Kong Stock Exchange. Momenta received filing approval from China’s Securities Regulatory Commission The firm had previously secured approval in June 2024 for a planned listing in the US, targeting either the Nasdaq or the New York Stock Exchange with an issuance size of up to 63,350,000 shares. However, that approval expired in July 2025 amid shifting external market conditions and a slower execution timeline. Subsequently, between late 2024 and early 2025, Momenta pivoted toward a Hong Kong listing and began confidential preparations for a renewed IPO plan, with the aim of going public in 2026 and a targeted valuation exceeding 100 billion yuan ($14.77 billion). Momenta CEO Cao Xudong has previously argued that the core of “physical AI” lies in a reinforcing cycle between data scaling and commercial scaling, with autonomous driving representing the closest sector to achieving such a closed loop. Based on this view, Momenta positions itself as a builder of foundation models for physical AI rather than a conventional autonomous driving company. The key embodiment of this strategy is its “world model” approach. In April, Momenta’s R7 world model entered mass production for the first time and was deployed in the SAIC-Volkswagen ID. ERA 9X model. Founded in 2016, Momenta initially focused on highway NOA, automated parking, and its L4 autonomous driving system MSD, gradually evolving from single-function modules to integrated system solutions. On the commercialization side, the company has adopted a platform-based strategy, aiming to deploy a single large model across passenger vehicles, Robotaxi, Robovan, and planning expansion into the Robotruck segment by 2027. As of April 2026, Momenta has delivered production systems for more than 70 vehicle models, secured designated programs for over 200 models, deployed its systems across more than 10 countries and regions, and equipped over 800,000 vehicles. A robotaxi powered by Momenta In the third-party urban NOA market, data from CIC’s “Autonomous Driving Industry White Paper” shows Momenta held a 65% market share between March 2025 and February 2026, maintaining a leading position. Its partnerships continue to expand. Nine of the world’s top ten automakers have entered mass production collaborations with the company, spanning more than 10 countries across Asia, Europe, and Oceania. Meanwhile, Momenta’s Robotaxi business has formed partnerships with mobility platforms including Uber, Grab, Lumo, and SAIC Mobility, as well as automakers such as Mercedes-Benz. Its services have been deployed across Asia, Europe, and the Middle East, with continued expansion into additional cities.
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