The Zhitong Finance App learned that MOMENTA-W (06880) rose more than 12% in early trading. As of press release, it rose 12.27% to HK$151, with a turnover of HK$10,921,100.

According to the news, SAIC Motor Group recently announced that it plans to establish joint ventures with MOMENTA and others to further strengthen research and development of advanced smart driving technology and enhance the competitiveness of vehicle products in the global market. According to the announcement, the joint venture has a registered capital of 300 million yuan, MOMENTA holds a total of 51% of the shares, and SAIC Motor Group and Yandian Technology hold a total of 49% of the shares.

According to public information, SAIC Motor is MOMENTA's earliest strategic investor and its largest institutional shareholder. This joint investment has established a longer-term organizational and capital bond for SAIC Motor and MOMENTA to deepen smart driving cooperation. For SAIC Motor, the joint venture will serve advanced smart driving R&D capacity building and promote the further integration of intelligent technology with vehicle product requirements; for MOMENTA, deepening cooperation with the Automobile Group will help expand the collaborative space for technology R&D and mass production applications.

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