Momenta takes 51% of a 300 million CNY SAIC joint venture for L2 and L3

Momenta Global (HKG: 6880) said on November 5, 2026, that its wholly owned unit Momenta Suzhou will form a joint venture with SAIC Motor (SHA: 600104) and Yandian Technology, a SAIC-controlled subsidiary, with registered capital of 300 million CNY (c. $44.7 million). The company name is still to be decided.

Ownership splits three ways. Momenta Suzhou will subscribe 153 million CNY (c. $22.8 million) for a 51% stake. SAIC will put in 75 million CNY (c. $11.2 million) for 25%, and Yandian will put in 72 million CNY (c. $10.7 million) for 24%. Together, SAIC and its subsidiary would hold 49%.

The venture is meant to deepen cooperation between Momenta and SAIC across global markets and full vehicle platforms, supplying higher-level intelligent-driving products and services that cover L2 and L3. Momenta framed the deal as lifting a long-running partnership to a new level, protecting a product lead and adding force to both sides' global competitiveness.

SAIC and Yandian make and sell vehicles and parts and also run auto-finance and related services. SAIC's A shares trade in Shanghai under 600104. Momenta, controlled through weighted voting rights and listed in Hong Kong, said the joint venture does not count as a notifiable transaction under Chapter 14 of the Listing Rules because every applicable percentage ratio is below 5%.

It also said that, to the best of its knowledge, SAIC, Yandian and their ultimate beneficial owners are not connected persons of Momenta, so Chapter 14A connected-transaction rules do not apply either. Cao Xudong, Momenta's board chairman, executive director and chief executive, signed the announcement for the board.

Momenta already supplies assisted-driving stacks from L2 toward higher levels; the new venture targets L2 and L3 products with SAIC (Momenta)

The filing is a voluntary announcement rather than a binding timetable for products, factories or markets. Momenta said it will publish further updates when there is material progress, and it warned that forward-looking statements about the group's business are not guarantees that plans will be completed.

The partnership lands as Momenta software is already in SAIC-branded cars. IM Motors' LS8 NEO electric SUV uses an IM AD ZETA assisted-driving system adapted to Momenta's world model.

Momenta's investor page describes mass-production assisted-driving features from L2 to L2++, with L3 and L4 planned, plus parallel robotaxi and robovan programs. Folding a majority-owned company around SAIC's platforms is a narrower, carmaker-specific path than those robot projects.

Giving Momenta a 51% stake, while SAIC keeps nearly half through the group and Yandian, locks the software supplier into SAIC's vehicle line-up without a full takeover of either side. The test is whether the joint venture can move from L2 volume features into paid L3 products that Chinese regulators and buyers will accept.

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