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Momenta's Hong Kong IPO prices at HK$295.60 as Chinese autonomous driving bets on software margins over profits

Momenta Global launched its Hong Kong IPO today at HK$295.60 per share, targeting $751 million as trading opens July 8. The autonomous driving software company posted 71.6% gross margins in 2025 alongside 3.46 billion yuan in losses, making its case that a software licensing model serving Toyota, Mercedes-Benz, BYD, and GM can eventually outrun its R&D burn.