On July 8, 2026, Momenta, a globally leading physical AI company, was officially listed on the Hong Kong Stock Exchange with the stock code 6880On the first day of trading, the market opened hot, with the stock price rising by over 6% and the total market value exceeding HKD 70 billion.

According to Momenta's previously announced placement results, the listing price is HKD 295.6 per share. Assuming the "Green Shoes" (over allotment rights) are fully exercised, approximately 22.93 million shares will be offered globally, raising a total of approximately HKD 6.8 billion. The market subscription response is enthusiastic: the public offering received 414 times oversubscription; The international offering received over HKD 100 billion in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions, with a total oversubscription (excluding cornerstone and before green shoes) of about 44 times.

It is reported that Momenta's anchor subscription lineup this time is luxurious, including top global institutions such as GIC, Fidelity International, BlackRock, Franklin Templeton, ADIA, CPPIB, Temasek, Wellington, Schroders, etc; At the same time, the all-round optimism of domestic long-term capital further confirms Momenta's core position and strategic value in the domestic market: the rare gathering of top domestic long-term private equity, public equity, and insurance funds constitutes a solid local capital base. The subscription amount for long-term funds alone exceeds 15 times, demonstrating the confidence of global long-term investors in the long-term value of Momenta. It is also reported that Momenta has introduced 14 institutions to form a lineup of ultra luxury cornerstone investors in its IPO, with a total subscription amount of approximately HKD 3 billion (approximately USD 376 million). The composition of the entire cornerstone investor lineup is rare in recent years' initial offerings in the Hong Kong stock market: it includes international top long-term funds and sovereign funds that focus on ultra long cycle value growth, as well as industry "top tier" strategic investors and top Chinese long-term institutions, fully demonstrating Momenta's scarce position in the Hong Kong stock market and becoming a "global long-term choice".

Just the day before, Momenta announced that its mass production business has exceeded one million units.

At the listing ceremony, Momenta CEO Cao Xudong said, "Ten years ago, we founded Momenta to follow a simple yet steadfast mission: Better AI, Better Life. Better AI， Originating from our curiosity. The obsession and curiosity towards artificial intelligence make our lives' vibrant '. Better Life， Carrying our sense of mission. Believing in the value of technology lies in making people's lives safer, freer, and better. So, we have set three ten-year visions: saving millions of lives within ten years, liberating 100% of time within ten years, and doubling logistics travel efficiency within ten years. Nowadays, we have provided over one million users with a safer and more secure driving experience. ”

When talking about the future development direction of the company, Cao Xudong started from the company's past technological accumulation and extended it to the next stage of intelligent scenarios. "In the past decade, we have taught AI how to drive, bringing dedicated drivers to every family; In the next decade, we will bring dedicated robots such as aunts, doctors, and teachers to every household, creating a 'GPT moment' for physical AI. I hope to work with all Chinese AI companies to write the legend of Silicon Valley in the East, embrace the world, and let the world embrace Chinese technology. ”

Global Long Term Common Choice: Anchored and subscribed by dozens of top long-term funds, unanimously optimistic

By carefully reviewing Momenta's list of anchor subscription institutions and cornerstone investors, one can discover its high value, with each one being a leader in global financial, industrial, and other sub sectors.

For example, sovereign funds focused on long-term value investments have gathered the Singapore Government Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Board, and other institutions. Asset management agencies have also gathered an "all-star lineup" of companies such as Fidelity International, BlackRock, Goldman Sachs, Morgan Stanley, UBS, and China Investment Corporation, fully demonstrating their unanimous recognition of Momenta's financial performance and long-term value in the field of physical AI.

In the cornerstone list, Singapore Government Investment Corporation and Fidelity International, both leading strong investments, were allocated $100 million; BlackRock Group contributed $25 million, Oaktree Capital contributed $20 million, and Franklin Templeton Fund Group contributed $10 million. Top tier strategic investors in the industry include leading international and Chinese car companies - Mercedes Benz and BYD, with investments of $25 million and $15 million respectively; Industry chain partner Zhaoyi Innovation invested 6 million US dollars. Top Chinese long-term private equity, public equity, and insurance funds include China's top private equity funds Gao Yi and Boyu, China's top public equity funds Huaxia and Guangfa, and long-term insurance leader Pacific Insurance, each contributing $10 million.

The past investment history of the leading investor can be described as remarkable. Among them, Singapore Government Investment Corporation, a world-famous sovereign fund, has invested in a series of world-famous technology companies in recent years, including Anthropic, TSMC, etc., which are big model leading companies. It has previously invested in Alibaba, Meituan, Kwai and other well-known industry leaders. And the world's top asset management institution, Fidelity International, has made long-term investments in Tencent, Alibaba, BYD, CATL, etc. In recent years, it has also invested in many AI industry leaders such as Zhongji Xuchuang and Cambrian through its funds. Choosing to lead investment in Momenta may mean that it has identified Momenta as one of the core targets in the AI arena.

It is worth noting that Mercedes Benz and BYD have also appeared on the Momenta cornerstone list and joined forces to support it. As benchmarks in the global automotive industry and leaders of new energy vehicle companies, Mercedes Benz and BYD are both old shareholders and partners of Momenta. This time, as the cornerstone, they continue to increase investment and accompany Momenta along the way, fully reflecting their recognition of Momenta's leading advantages and business prospects in physical AI technology, and further deepening the moat of strategic cooperation between each other.

Prior to its IPO, Momenta had obtained multiple rounds of financing and its shareholder lineup gathered the world's most core industry and technology strategic investors, as well as top global financial investors. The ultra luxurious and diversified shareholder lineup not only provides strategic and capital support for Momenta, but also contributes to its rapid growth in business collaboration, user growth, and global layout.

Mass production exceeds one million units: a set of models' conquering the world ', accelerating towards the era of' universal physics AI '

Momenta was founded in 2016 and is a leading global physics AI company dedicated to creating a better life through breakthrough AI technology. Momenta is based on a world model and insights from "data flywheel" technology. Its Mass Production and Scalable Robo businesses run parallel, bringing physical AI into real life.

In April of this year, the Momenta R7 world model was mass-produced and launched, marking the beginning of the "Physical AI Prologue". Momenta is committed to building a foundation platform for physical AI, supporting the large-scale implementation of passenger cars, unmanned vehicles (Robovan), autonomous trucks (Robotruck), and autonomous taxis (Robotaxi), and will also expand to fields such as robotics. As the foundation model of physical AI, the R7 world model is expected to become a key breakthrough in stimulating the "GPT moment" of physical AI and leading the industry to accelerate towards the era of "universal physical AI".

With its first mover advantage in physical AI, world modeling, and commercialization, Momenta's "flywheel effect" has fully manifested: the first 100000 units produced in 2022 took 24 months, and now it can be delivered in less than 40 days at the earliest. At present, the scale of mass-produced vehicles equipped with Momenta system has exceeded 1 million units, and more than 100 mass-produced models have been successfully delivered, with a cumulative number of designated models exceeding 210. Momenta's customers have covered all mainstream passenger car companies in China, and 9 of the top 10 global car companies have cooperated with them.

According to the prospectus, Momenta's revenue scale has achieved a leapfrog growth in the past three years: from 2023 to 2025, Momenta's operating revenue has increased from 743 million yuan to 2.413 billion yuan, tripling in three years, with an average annual compound growth rate of over 80%. Among them, the growth rate of license revenue is particularly impressive, increasing 42 times in three years. At the same time, Momenta's gross profit margin continues to increase, from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. By the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating the development of the Robo market and globalization.

In terms of global layout, Momenta's mass production solutions have been implemented in more than 10 countries and regions in Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established partnerships with global travel platforms such as Uber, Grab, Lumo, and Xiangdao, as well as car companies such as Mercedes Benz. It has currently landed in Asia, Europe, and the Middle East, and plans to launch in multiple new cities and regions around the world this year.

This IPO in Hong Kong not only injects strong momentum into Momenta's technological evolution and business expansion, but also sets a new benchmark for the capitalization and scale development of the physical AI industry, becoming an important milestone for the global physical AI to shift from theoretical research to commercial implementation. At the same time, the IPO is expected to further accelerate Momenta's globalization process and promote the progress of the global physical AI industry with the "Chinese solution" in the wave of AI technology going global.