Two informed sources revealed that Chinese autonomous driving technology developer Momenta has confidentially submitted an application for an initial public offering (IPO) in Hong Kong.

The sources indicated that amid escalating tensions between the U.S. and China, Momenta abandoned its plans to list in New York and is now joining a growing number of Chinese companies seeking to go public in the Asian financial hub.

A Reuters report in September noted that Momenta was considering switching its IPO venue from New York to Hong Kong after its approval from Chinese securities regulators for a U.S. listing expired in June.

Specific details of the Hong Kong IPO, including the offering size and timeline, have not yet been disclosed.

Momenta's investors include Japan's Toyota Motor and German auto parts supplier Bosch. At the time of reporting, Momenta did not immediately respond to Reuters' request for comment, while Hong Kong Exchanges and Clearing Limited (HKEX) also declined to comment.

The sources requested anonymity as the information is not public.

2025 has been the Hong Kong stock exchange's best year for new listings since 2021. According to Dealogic data, Hong Kong's IPO market has raised $32 billion by mid-November, up over 200% year-on-year.

Momenta is a leading Chinese supplier of advanced driver-assistance systems (ADAS), with technology similar to Tesla's autonomous driving solutions, enabling urban road navigation under human supervision.