People familiar with the matter said that self-driving company Momenta is preparing to be listed in Hong Kong, China, and its valuation has reached approximately US$9 billion. Momenta, which is backed by General Motors, is expected to raise about $1 billion through the initial public offering, the people said.
The company declined to comment. The company also has support from Toyota and SAIC Motor.
Momenta positions itself as the builder of the "brain" for self-driving cars and sells driver assistance solutions to automakers. In terms of driverless taxis, the company has established partnerships with ride-hailing giants Uber and Mercedes-Benz Group in Munich and Abu Dhabi respectively.
In Southeast Asia, the company has partnered with Grab, one of the region's largest ride-hailing and food delivery companies, to expand its business.
According to an announcement issued by the China Securities Regulatory Commission on June 10 and published on Thursday, Momenta plans to sell no more than 43.75 million shares in Hong Kong. The regulator has approved the company's submission.
