China's autonomous driving startup Momenta is reportedly considering a Hong Kong or US initial public offering as soon as this year that could raise up to US$1 billion (HK$7.8 billion).

The General Motors-backed firm is working with financial advisors on the possible deal, according to Reuters.

Founded in 2016, Momenta said it provides software in perception, high-definition maps and data-driven path planning that could enable full self-driving, according to its website.

Apart from GM, the firm is also backed by China's state-owned SAIC Motor, Toyota Motor and Bosch, together with institutional investors such as Singapore's sovereign fund Temasek and billionaire Jack Ma Yun's Yunfeng Capital.

Meanwhile, artificial intelligence-powered robot developer CloudMinds is seeking to go public in the city as early as this year and raise as much as US$500 million, sources said, adding that the Shanghai-based firm is working with China International Capital Corporation (3908) and Haitong International Securities Group (0665) on preparations for the share sale.

In other IPO news, online investment service provider JF Wealth (9636) has reportedly raised HK$1.01 billion from its share sale in Hong Kong by pricing shares at HK$17 apiece, according to Bloomberg. At HK$17, the price is toward the bottom end of its indicated range, which is between HK$16.98 to HK$18.78 per share.

JF Wealth introduced five cornerstone investors for the offering including New China Asset Management (Hong Kong) to subscribe for US$44 million worth of shares.

Established in 2018, JF Wealth mainly generates revenue from three services, including high-end investor education, financial literacy education and financial information software.

It is the largest online investor content provider in China and had an 11.2 percent market share for high-end online investment and financial education services in 2021, the provider said, citing third-party data.

The firm is expected to debut on March 10.

In China, logistics real estate developer ESR (1821) intends to spin off and list its three logistics projects in Jiangsu province on the Shanghai Stock Exchange in the form of real estate investment trust.

Autonomous driving startup eyes US$1b IPO