Chinese autonomous driving startup Momenta Global has secured Mercedes-Benz and Singapore wealth fund GIC as cornerstone investors for its Hong Kong IPO, according to people with knowledge of the matter. Fidelity International and BlackRock are also in talks to become cornerstone investors. Momenta is targeting to raise about US$750 million to US$800 million from the offering and plans to set aside around half of the IPO shares for cornerstone investors. The firm is considering seeking a post-money valuation of about US$9 billion in the IPO, which could launch as soon as on Jun 29. Deliberations are ongoing and details could change. Mercedes, which has held a stake in Momenta since 2017, said it planned to continue its strategic collaboration. Suzhou-based Momenta is also backed by General Motors and Tencent Holdings. Founded in 2016, the company posted a loss of 3.5 billion yuan on revenue of 2.4 billion yuan in 2025. China International Capital Corp and Deutsche Bank are leading the IPO.