New Stock News | It is reported that ChuSu Technology has secretly submitted an application for listing in Hong Kong and plans to raise at least 1 billion US dollars.

According to reports, mainland intelligent driving company Momenta has secretly submitted an application for listing to the Hong Kong Stock Exchange, planning to raise at least $1 billion (approximately HK$7.8 billion), with CICC and Deutsche Bank as the sponsors. When asked about the reports, Momenta's representative responded by saying that there have always been rumors of an IPO in the past, and emphasized that the company has always been focused on business development rather than capital market related matters. Founded in 2016, Momenta is a global leader in autonomous driving technology, dedicated to creating a safer, more convenient, and more efficient future of intelligent transportation through groundbreaking AI technology. Based on data-driven "flywheel" technology insights, as well as a "two-legged" product strategy combining mass-produced autonomous driving (Mpilot) and fully autonomous driving (MSD), Momenta provides different levels of autonomous driving solutions. Public data shows that the founder and CEO Cao Xu Dong graduated from Tsinghua University and has previously worked as an engineer at Microsoft Research Asia and SenseTime, among other technology companies. Information shows that Momenta completed its first Series A financing round in 2016, raising $5 million. It has since undergone multiple rounds of financing, with a total of $500 million raised in its Series C round by 2021, with lead investors including SAIC Motor Corporation, Toyota from Japan, and Temasek from Singapore, as well as participation from Tencent and Prime Stone. It also completed a Series C+ financing round last year, with an estimated valuation of around $6 billion. In 2021, General Motors (GM) invested $300 million in Momenta, and the company had sought a listing in the United States in 2024.