The Wall Street lender is targeting senior-level additions in Japan, particularly in sectors such as technology, media and telecommunications, while also preparing for expansion in China pending final regulatory approval for its wholly owned securities business, Kaustubh Kulkarni, Citi’s Asia head of investment banking, said on Monday.

Despite geopolitical tensions, including disruptions linked to the Iran conflict, Citi is pressing ahead with regional growth plans as deal activity across Asia remains relatively resilient, driven by corporate restructuring, governance reforms and strategic acquisitions.

“Japanese companies are becoming a lot more creative and open for strategic conversations,” Kulkarni said, pointing to governance-driven changes in corporate structures and rising shareholder activism as key drivers of stronger client engagement.

He said the bank wants to close coverage gaps in Japan by hiring senior bankers who can provide the level of client access and leadership that local companies value, while improving coordination between domestic and international teams to win more cross-border M&A mandates and sponsor-related transactions.

Some emerging markets such as Indonesia and the Philippines, which are more sensitive to energy shocks, have seen slower initial public offering and capital markets activity, Kulkarni said. By contrast, deal momentum in Japan, South Korea and Taiwan has remained stronger because those markets are less directly exposed to such volatility.

Citi’s global investment banking fees rose 12% year-on-year in the first quarter, reflecting stronger advisory and capital markets activity across several regions.In China, the bank is awaiting final approval from regulators to operate its own securities unit, which would house its onshore investment banking business.

Kulkarni said the firm had already entered hiring mode for China, with a focus on bankers capable of covering “new-age” and high-growth companies, though he declined to provide details on specific appointments.

Hong Kong’s offshore equity capital markets have also shown a strong recovery, with more than HK$140 billion ($18 billion) raised through initial public offerings by late April, marking the strongest start to a year since 2021 and representing an increase of more than 400% from the same period a year earlier.

Citi is also considering a third senior hire in Australia to complete a broader regional buildout after appointing two senior bankers in healthcare and natural resources to strengthen leadership coverage in those sectors.

Kulkarni became Citi’s sole head of Asia investment banking after former co-head Jan Metzger left in March to join Standard Chartered.

The expansion signals Citi’s intention to reinforce its advisory franchise in Asia as competition intensifies among global banks for regional M&A and capital markets mandates, particularly in Japan and Greater China where corporate restructuring and cross-border transactions .

The move places Momenta among a growing wave of Chinese technology and mobility companies choosing Hong Kong as their preferred listing destination. The decision follows months of strategic evaluation as firms seek more predictable listing pathways during a period of heightened scrutiny in cross-border financial activities.

Sources say the company’s confidential filing underscores its intention to secure funding for further development of its advanced driving technologies while navigating a more favorable regulatory setting in Asia. Details regarding the size of the offering, valuation expectations, and the timeline for the listing have not yet been disclosed, given that the process remains in its early stages.

Momenta had previously explored a listing in New York, but the plan shifted after approval from mainland regulators to pursue a U.S. IPO expired earlier this year. The broader climate of tightening oversight, combined with ongoing tensions in U.S.-China economic relations, has led multiple Chinese companies to reassess listing venues and prioritize markets perceived to be more stable and strategically aligned.

The Hong Kong stock exchange has seen renewed momentum this year as technology, automotive, and energy-focused firms seek capital to expand regionally and globally. By mid-November, new listings in Hong Kong had reached their strongest levels since 2021, with significantly higher fundraising compared to the previous year, driven by improving sentiment and a strengthening pipeline of late-stage tech companies entering the market.

Momenta’s investor base includes major global automotive players such as Toyota Motor and Bosch, both of whom have supported the company’s efforts to develop scalable autonomous driving solutions. This backing has helped place Momenta among China’s leading suppliers of advanced driver-assistance systems, particularly technologies that enable vehicles to navigate complex city conditions under driver supervision.

The company has built its reputation on machine learning–based systems that continuously collect and analyze driving data, enabling rapid upgrades to navigation, safety, and automation features. Its technology is increasingly positioned as a key component in next-generation smart mobility solutions, supporting both consumer vehicles and commercial fleet applications.

Analysts say a successful Hong Kong listing would provide Momenta with the capital required to advance R&D efforts and strengthen strategic partnerships with global automakers. With competition intensifying in China’s autonomous driving sector, companies are racing to secure large-scale funding to accelerate deployment, broaden testing environments, and meet regulatory requirements expected in future commercial rollouts.

Market observers note that the timing of Momenta’s IPO plans aligns with a period of renewed investor interest in autonomous driving and vehicle intelligence technologies. As electric vehicles and smart mobility platforms gain wider adoption, hardware-software integration has become a priority for both Chinese and international manufacturers.

The company’s decision to pursue a listing in Hong Kong also reflects broader trends in the region’s capital markets, where technology-oriented firms increasingly view the city as a hub that offers strong liquidity, international investor access, and a regulatory environment more attuned to the needs of emerging industries. Hong Kong’s rising IPO volumes suggest that confidence is returning after several years of volatility driven by global macroeconomic shifts.

People familiar with the matter emphasised that the confidential status of the filing restricts further disclosures at this stage. However, industry observers expect more details on the offering structure to emerge once the regulatory review progresses and market conditions permit a formal announcement.

Momenta continues to position itself as a major contributor to China’s autonomous driving ecosystem, aiming to compete with leading global players by targeting both domestic and international markets. Its upcoming IPO is expected to serve as an important milestone in its broader strategy to expand commercial deployment and strengthen its long-term financial foundation.