Momenta moves closer to Hong Kong IPO after US listing setback
Autonomous-driving start-up seeks to issue up to 43.75 million shares after an earlier US IPO approval expired
Chinese autonomous-driving start-up Momenta moved a step closer to a Hong Kong initial public offering after mainland China’s securities regulator disclosed a filing notice approving the proposed share sale.
The proposed listing would add another autonomous-driving company to Hong Kong’s market, following a wave of capital-raising by Chinese intelligent-driving firms seeking funding for research, product development and commercial expansion.
On Thursday, the China Securities Regulatory Commission published a filing notice dated June 10 allowing Momenta Global to issue up to 43.75 million overseas-listed ordinary shares and list on the Hong Kong stock exchange.
The company submitted its overseas listing materials through its mainland operating entity, Momenta (Suzhou) Technology.
Under China’s overseas listing regime, companies must complete a filing process with the securities regulator before proceeding with an offshore offering.