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On Monday, China’s securities regulator announced that it has authorized the initial public offering (IPO) of autonomous driving startup Momenta Global Limited in the United States.
Momenta plans to issue up to 63,352,856 ordinary shares and list them on either the Nasdaq Stock Market or the New York Stock Exchange.
This approval follows China’s recent measures to promote autonomous driving technologies. In June, China approved the first group of nine automakers to conduct tests on vehicles with advanced autonomous driving technologies on public roads. This initiative is part of a broader plan to accelerate the adoption of self-driving cars.
The auto industry classifies autonomous driving into five levels, ranging from driver assistance features like cruise control at level one to fully self-driving cars at level five.
China’s new guidelines aim to advance the technology towards these higher levels of autonomy.
In November, China issued a guideline for a nationwide scheme to start accepting applications from companies seeking to introduce more fully autonomous driving vehicles for mass adoption.
Under this plan, drivers in test vehicles are permitted to take their hands off the steering wheels, and automakers and fleet operators are responsible for safety.
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