HK Stock Market Move | MOMENTA-W (06880) Surges Over 12% in Early Trading; SAIC and MOMENTA Plan to Form Smart Driving Joint Venture

MOMENTA-W (06880) surged over 12% in early trading. As of press time, it was up 12.27% at HK$151, with a turnover of HK$10.9211 million. On the news front, SAIC Motor Corporation recently announced plans to jointly establish a joint venture with MOMENTA and others to further strengthen R&D in advanced smart driving technology and enhance the global competitiveness of its vehicle products. According to the announcement, the joint venture will have registered capital of RMB300 million, with MOMENTA holding a combined 51% stake and SAIC Motor Corporation and Yandian Technology holding a combined 49%. Public information shows that SAIC is MOMENTA's earliest strategic investor and its largest institutional shareholder. This joint investment establishes a longer-term organizational and capital link for SAIC and MOMENTA to deepen their smart driving cooperation. For SAIC, the joint venture will serve the development of advanced smart driving R&D capabilities and drive closer integration of intelligent technology with vehicle product requirements; for MOMENTA, deepening cooperation with an automotive group helps expand synergies between technology R&D and mass-production applications.