Chinese autonomous driving technology company Momenta has confidentially filed for an initial public offering in Hong Kong, according to people familiar with the matter, marking a significant step in the firm’s plans to raise capital for its expanding smart-vehicle technology business.

The company is reportedly working with China International Capital Corporation and Deutsche Bank as advisers on the potential listing.

Early discussions suggest the offering could raise at least one billion dollars, although details including the final size and timing of the share sale have not yet been determined.

Founded in 2016, Momenta has become one of China’s most prominent developers of autonomous driving systems.

The company focuses on advanced driver-assistance software that enables vehicles to navigate complex traffic environments while remaining under human supervision.

Its technology is used in partnership with major global automakers, reflecting growing international interest in China’s automotive innovation sector.

The company has attracted investment from major industry players, including General Motors, Toyota and technology conglomerate Tencent, helping fuel its rapid growth in the competitive field of artificial intelligence-driven mobility.

A recent funding round valued the firm at more than five billion dollars, highlighting strong investor confidence in its technology and future commercial potential.

Momenta’s decision to pursue a Hong Kong listing reflects broader shifts in global capital markets.

Chinese technology companies have increasingly turned toward regional exchanges amid evolving regulatory conditions and geopolitical tensions affecting access to U.S. markets.

For many firms, Hong Kong offers proximity to Asian investors while maintaining international financial connectivity.

The startup had previously explored the possibility of listing in New York, but that plan was reconsidered after regulatory approval to pursue a U.S. listing expired.

As a result, Hong Kong has emerged as the preferred venue for raising funds as the company prepares for its next phase of growth.

Momenta declined to comment publicly on the capital-markets plans, while advisers involved in the process have also refrained from providing details.

Because the filing was made confidentially, key elements of the potential offering—including valuation targets and the timeline for a public debut—remain under consideration.

The move comes as demand for autonomous driving technologies accelerates worldwide.

Automakers are investing heavily in advanced driver-assistance systems and self-driving platforms as part of a broader transformation toward intelligent vehicles and electric mobility.

If the listing proceeds, it would position Momenta among a growing group of technology companies seeking funding through Hong Kong’s equity markets, reinforcing the city’s role as a major financial hub for high-growth Asian technology firms.