HK Stock Market Move | MOMENTA-W (06880) rises over 8%, plans to form a joint venture with SAIC Motor Corporation and two other parties to deepen strategic cooperation in the advanced intelligent driving sector.

MOMENTA-W (06880) rose over 8% intraday, up 6.96% as of press time at HK$143, with a turnover of HK$4.1685 million. On the news front, MOMENTA-W announced that its wholly-owned subsidiary Momenta Suzhou has reached an agreement with SAIC Motor Corporation and Yandian Technology to jointly establish a joint venture (name pending) with a registered capital of RMB300 million. The registered capital of the joint venture will be subscribed as follows: Momenta Suzhou will subscribe RMB153 million, accounting for 51% equity in the joint venture; SAIC Motor Corporation will subscribe RMB75 million, accounting for 25% equity in the joint venture; and Yandian Technology will subscribe RMB72 million, accounting for 24% equity in the joint venture. The announcement stated that the establishment of the joint venture aims to deepen the group's cooperation with SAIC Motor Corporation globally and across all vehicle platforms, providing high-level intelligent driving products and services covering L2, L3 and above. This move will elevate the strategic cooperation among the parties to a new level, help maintain long-term product leadership, and inject new momentum into enhancing the global competitiveness of all parties.