Market AnalysisJun 22, 20262 Min

Hong Kong IPO market heats up; Momenta targets $1 bn issue, Miduoduo files for IPO

As global markets stabilize after the US-Iran peace deal, companies planning to launch their initial public offerings (IPOs) are wasting no time and have sprung into action to ride on the positive momentum.

Momenta, the Chinese autonomous-driving start-up, has moved a step closer to a mega Hong Kong IPO. China’s Securities Regulatory Commission disclosed a filing notice approving the proposed share sale.

Notably, China’s overseas listing regime makes it mandatory for companies to complete a filing process with the securities regulator before proceeding with an offshore offering.

The filing notice dated June 10 allowed Momenta Global to issue up to 43.75 million overseas-listed ordinary shares and list them on the Hong Kong stock exchange.

General Motors-backed Momenta would be raising about $1 billion via the IPO, according to a report by the Wall Street Journal.

Momenta was founded in 2016. The company develops advanced driver-assistance systems and autonomous-driving technologies for car makers across the world.

Momenta has already partnered with car manufacturers like SAIC Motor and BYD and has expanded its business from assisted-driving systems to robotaxi technology.

Miduoduo files for Hong Kong IPO

Meanwhile, another Chinese company Miduoduo has already filed for an IPO in Hong Kong on Thursday.

Miduoduo is China's fifth-largest cross-border e-commerce marketing service provider. The company is planning to use the IPO proceeds to expand its direct e-commerce operations and build localised warehouses in key Southeast Asian countries including Thailand, Indonesia, Vietnam and Malaysia.

Notably, the launch of a public offer despite recent huge losses has raised some eyebrows. Miduoduo had reported that its revenue nearly doubled last year, driven by a new partnership with TikTok and a strategic focus on Southeast Asian markets.

However, the company reported a loss of $16.4 million in 2023, narrowing sharply to $163,000 in 2024 before widening again to $24.5 million in 2025. Revenue stood at $70.9 million, $71.1 million and $138.1 million, respectively, over the three years.

Adjusted for certain non-cash items, the company’s net profit stood at $59,000 in 2023, followed by a loss of $87,000 in 2024 and a $2.3 million profit in 2025.

Six companies tapped Hong Kong primary market this week

As many as six companies have already launched their Hong Kong IPOs this week seeking to raise a combined HK$19.8 billion ($2.5 billion).

Among these, Shenzhen-listed precision parts maker Lingyi iTech accounted for the largest offer at HK$8.3 billion. Lingyi iTech ⁠supplies precision parts and hardware for AI devices.

SG Micro Corp, a Chinese chip design company, aimed to raise up to HK$4.6 billion. Circuit Fabology Microelectronics Equipment, a ⁠semiconductor equipment maker, sought raising HK$3.2 billion, while Indonesian gold miner PT Merdeka Gold Resources was aiming to raise up to HK$2.39 billion through Hong Kong depositary receipts.

Beijing ⁠Zhongke WengeAI Science and Technology, an AI company, launched offer to raise HK$900.5 million, while smart parking systems provider Keytop Parking sought raising HK$399.9 million.

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