--- title: "\"The first stock of physical AI\" is here! Momenta officially listed on the Hong Kong Stock Exchange, supporting a market value of 70 billion" type: "News" locale: "en" url: "https://longbridge.com/en/news/292202237.md" description: "On July 8th, the autonomous driving company MOMENTA officially listed on the Hong Kong Stock Exchange, becoming the \"first stock of physical AI\" in Hong Kong. The issue price was HKD 295.60 per share, with a first-day increase of over 6%, and a total market value exceeding HKD 70 billion. This IPO was heavily subscribed by dozens of top institutions including GIC and Temasek, as well as industry players like Mercedes-Benz and BYD, demonstrating the capital market's repricing and high recognition of the physical AI field" datetime: "2026-07-09T13:01:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292202237.md) - [en](https://longbridge.com/en/news/292202237.md) - [zh-HK](https://longbridge.com/zh-HK/news/292202237.md) --- # "The first stock of physical AI" is here! Momenta officially listed on the Hong Kong Stock Exchange, supporting a market value of 70 billion "The era of physical AI's ChatGPT has arrived." On July 8, Momenta officially listed on the Hong Kong Stock Exchange, becoming the first stock of "physical AI" in Hong Kong. The issue price was HKD 295.60 per share, and it opened on the first day with a rise of over 6% to HKD 314.8 per share, with a total market value exceeding HKD 70 billion. In the current market environment where technology stock valuations are becoming increasingly cautious, this opening is quite remarkable. However, more worth analyzing than the stock price performance on the first day is the signal revealed behind Momenta's IPO: the capital market is re-pricing "artificial intelligence in the physical world." Since its establishment in 2016, Momenta has gone through 10 years, emerging from a multitude of autonomous driving startups, and its true rarity lies in its pioneering verification of the grand concept of "physical AI." ## A "No-Sell" List: Dozens of Top Institutions Rarely Join Forces This time, Momenta's global offering consisted of 19,938,300 shares, with an issue price set at HKD 295.60 per share, expecting to raise approximately HKD 5.89 billion, along with a 15% over-allotment option. What truly caught the attention of the investment banking community was its anchor and cornerstone investor lineup. Momenta's anchor subscription lineup is luxurious, including dozens of top domestic and international institutions such as GIC, Fidelity International, BlackRock, Franklin Templeton, Abu Dhabi Investment Authority, Temasek, and more, with the subscription amount from long-term funds exceeding 15 times. Additionally, Momenta also introduced 14 institutions, forming an ultra-luxurious cornerstone investor group, with a total cornerstone subscription amount of approximately HKD 3 billion (about USD 376 million). Even more intriguing is the positioning of industry players. Mercedes-Benz and BYD both appeared on the cornerstone list, indicating that this is not merely a financial investment consideration. In this "whoever has the main engine manufacturer wins" track, the joint endorsement of these two leading car companies signifies that Momenta has been included in the core supplier's "main lineup." On the Chinese side, the participation of institutions such as Hillhouse Capital, Boyu Capital, Huaxia, GF Securities, and Pacific Insurance has achieved full-chain coverage from private equity to public offerings and then to insurance funds. According to insiders revealed to Lieyunwang, the competition for cornerstone placements in this round for Momenta was fierce, described as "hard to come by," with a lineup specification comparable to the cornerstone configuration during CATL's IPO. Such supply-demand conditions have almost disappeared in the Hong Kong IPO market over the past two years. The joint escort of this luxurious lineup not only represents a high recognition of Momenta's "physical AI" technology route but also serves as a long-term vote for its rarity ## From Autonomous Driving to Physical AI, Technological Scarcity Builds Core Barriers Capital has never just paid for stories. Momenta's rare collaboration with top global long-term funds is centered on its breakthrough beyond the boundaries of traditional autonomous driving, successfully establishing a market position for the scarce asset of "Physical AI." Since its establishment in 2016, Momenta has pioneered the "one flywheel, two legs" strategy. Based on the "data flywheel" technological insight, the mass production business and scalable robo business run in parallel, using the world model as a foundation, allowing Physical AI to transition from a technical concept to real life. In April of this year, the company launched the R7 world model and announced the mass production debut. In the tech circle, this move carries weight comparable to an IPO itself. As the foundational model for Physical AI, R7 aims to enable AI to truly understand the operational laws of the physical world. The decision-making logic of traditional autonomous driving is closer to "pattern matching": recognizing scenarios and then retrieving corresponding strategies. In contrast, R7 attempts to endow AI with deductive capabilities: if an electric bike suddenly darts out at an intersection, how will the physical trajectory evolve? If we decelerate now, what chain reactions might occur in the following seconds? This causal reasoning ability is key to solving long-tail driving challenges such as "dooring" and unprotected left turns, and it represents the most difficult hurdle for autonomous driving to transition from "usable" to "user-friendly." The significance of R7 lies in its proof that the "world model" is not just theoretical but a practical system that can operate stably on real roads. If R7 is the algorithmic foundation of Momenta, then the million mass-produced vehicles are the data moat that supports the continuous evolution of this foundation. The day before its listing, the company announced that the cumulative scale of mass-produced vehicles equipped with its intelligent driving system officially surpassed 1 million units. From the first 100,000 units delivered taking 24 months, to now being able to complete the same scale of delivery in as little as 40 days, the exponential leap in delivery efficiency heralds the comprehensive transition of Physical AI technology from concept validation to large-scale implementation. Behind this delivery speed is the true manifestation of the data flywheel effect—more vehicles bring more real road condition data, richer data trains stronger algorithm models, and stronger models enhance user experience, attracting more automotive clients and end users. Currently, Momenta has established partnerships with 24 global automotive companies, covering all major domestic passenger car manufacturers, with nine of the top ten automotive companies globally as its clients, and maintaining the industry's leading market share in third-party city NOA. On the day of its listing, Momenta sparked a rare industry linkage event—nearly 20 globally renowned automotive companies simultaneously released congratulatory messages and posters through official social media, rallying support for it. The lineup of automotive companies can be described as "half of the global automotive industry's social circle," including leading manufacturers both domestically and internationally such as IM Motors, GAC, Mercedes-Benz, Toyota, and BMW, joining hands to envision new prospects for the Physical AI industry ## The "GPT Moment" of Physical AI The reason digital AI (such as large language models) has exploded first is that the internet text data is inexhaustible, and the verification cost is nearly zero. In contrast, data from the physical world, such as real driving scenarios, complex road interactions, and unpredictable emergencies, is much harder to obtain, has longer testing cycles, and has much stricter safety requirements. However, the potential value landscape of the physical world may far exceed that of the digital world. When AI's capabilities extend from "processing information" to "understanding and acting on the physical world," it will leverage trillion-dollar industries such as automotive, robotics, and intelligent manufacturing. Autonomous driving is precisely the first area where this transformation has erupted and is the easiest to validate. Autonomous driving has a strong scale effect and first-mover advantage, and its impact may even surpass that of the chip industry. As a software product, the marginal cost of autonomous driving is zero, so its scale effect is reflected not only in cost but also in the continuous improvement of user experience. Cao Xudong, founder of Momenta, believes that the intelligent driving industry has a very strong scale effect and first-mover advantage, predicting that ultimately 2-3 suppliers in China and 3-4 globally will prevail. This is not alarmist—once the first-mover advantage of the data flywheel is established, latecomers are not only chasing algorithmic gaps but also the generational gap in data volume. When leading players already possess tens of billions of kilometers of real road condition data, latecomers, no matter how advanced their algorithms are, lack the same scale of data for training and validation. The core of physical AI lies in the dual-driven approach of "data scaling" and "business scaling," with both providing positive feedback to each other. Autonomous driving is currently the only physical AI field that successfully runs through both types of scaling. Momenta has already proven the feasibility of this path through 1 million mass-produced vehicles and the R7 world model. In a sense, Momenta's IPO marks the formal inclusion of "physical AI" into the mainstream valuation perspective of the capital market. The "ChatGPT moment of physical AI" may not have truly popularized yet, but Momenta's IPO has already made the capital market realize: that moment may be approaching at an unexpectedly rapid pace ### Related Stocks - [06880.HK](https://longbridge.com/en/quote/06880.HK.md) - [GIC.US](https://longbridge.com/en/quote/GIC.US.md) - [BLK.US](https://longbridge.com/en/quote/BLK.US.md) - [BEN.US](https://longbridge.com/en/quote/BEN.US.md) - [MBGYY.US](https://longbridge.com/en/quote/MBGYY.US.md) - [01211.HK](https://longbridge.com/en/quote/01211.HK.md) - [002594.CN](https://longbridge.com/en/quote/002594.CN.md) - [02601.HK](https://longbridge.com/en/quote/02601.HK.md) - [601601.CN](https://longbridge.com/en/quote/601601.CN.md) - [300750.CN](https://longbridge.com/en/quote/300750.CN.md) - [02238.HK](https://longbridge.com/en/quote/02238.HK.md) - [601238.CN](https://longbridge.com/en/quote/601238.CN.md) - [7203.JP](https://longbridge.com/en/quote/7203.JP.md) - [TM.US](https://longbridge.com/en/quote/TM.US.md) - [BMW.DE](https://longbridge.com/en/quote/BMW.DE.md) - [BMWYY.US](https://longbridge.com/en/quote/BMWYY.US.md) - [BTX.US](https://longbridge.com/en/quote/BTX.US.md) - [BIT.RT*.US](https://longbridge.com/en/quote/BIT.RT*.US.md) - [BDJ.US](https://longbridge.com/en/quote/BDJ.US.md) - [BSTZ.US](https://longbridge.com/en/quote/BSTZ.US.md) - [BIT.RT.US](https://longbridge.com/en/quote/BIT.RT.US.md) - [HYDD.SG](https://longbridge.com/en/quote/HYDD.SG.md) - [BYDDY.US](https://longbridge.com/en/quote/BYDDY.US.md) - [BYDDF.US](https://longbridge.com/en/quote/BYDDF.US.md) - [81211.HK](https://longbridge.com/en/quote/81211.HK.md) - [HCCD.SG](https://longbridge.com/en/quote/HCCD.SG.md) - [03750.HK](https://longbridge.com/en/quote/03750.HK.md) - [TOYOF.US](https://longbridge.com/en/quote/TOYOF.US.md) - [BMW3.DE](https://longbridge.com/en/quote/BMW3.DE.md) ## Related News & Research - [Momenta Global says stabilizing manager buys 2,990,740 shares at HK$242.2-HK$295.6 during IPO stabilization period](https://longbridge.com/en/news/294603387.md) - [Momenta Global Ends Share Price Stabilization as Over-Allotment Option Lapses](https://longbridge.com/en/news/294604058.md) - [These 40-something founders say they have something the AI kids don't](https://longbridge.com/en/news/295385596.md) - [How Cursor recruits elite AI engineers when huge salaries aren't enough](https://longbridge.com/en/news/295332350.md) - [3 artificial intelligence (AI) stocks to load up on in August](https://longbridge.com/en/news/295327066.md)