Chinese autonomous-driving startup Momenta Global Ltd. priced its Hong Kong initial public offering at the top of a marketed range, raising HK$5.9 billion ($752 million) in the city's largest tech listing since 2022. The deal, backed by General Motors, tests whether investors will embrace pre-revenue artificial intelligence companies after a two-year drought for speculative growth stories. Shares are scheduled to begin trading Wednesday on the Hong Kong exchange under ticker 9676.HK.

The offering attracted sufficient demand to cover the deal multiple times, according to people familiar with the matter, signaling renewed appetite for hard-tech ventures despite persistent losses. Momenta reported a net loss of 1.1 billion yuan ($152 million) for the first half of 2024 on revenue of 180 million yuan, reflecting heavy R&D spending on its "flywheel" approach that combines mass-market driver-assist systems with robotaxi development. GM's strategic investment, alongside participation from Mercedes-Benz and Toyota affiliates, provides both capital and OEM validation.

The listing arrives as China's autonomous-driving sector consolidates around a handful of well-funded players. Momenta's dual-track strategy — selling Level 2+ systems to volume automakers while developing Level 4 robotaxis — differentiates it from pure-play robotaxi operators that face longer regulatory paths to revenue. The IPO proceeds extend its runway through 2027, critical as Chinese OEMs accelerate ADAS adoption ahead of 2025 model cycles.