Chinese autonomous-driving startup Momenta has secured overwhelming demand for its Hong Kong initial public offering, with the deal oversubscribed 414 times.
The company attracted nearly 210,000 orders for its US$751 million (HK$5.89 billion) offering, underscoring strong institutional and retail interest in the sector despite a crowded listing calendar.
Momenta launched its shares alongside five other issuers, yet still managed to draw significant capital, highlighting the resilience of investor sentiment toward high-growth technology firms in the region.
The successful subscription comes at a pivotal moment for Hong Kong’s capital markets.
Nasdaq recently overtook Hong Kong as the world’s leading IPO market, driven largely by the massive listing of SpaceX earlier this month.
This shift marked a significant reversal in global capital flows, raising questions about Hong Kong’s ability to retain top-tier listings.