The first stock of physical AI rings the bell, how will the market price the future of physical AI?

Momenta will be listed on the Hong Kong Stock Exchange on July 8, 2026, with an issue price of HKD 295.6 and a market capitalization of approximately HKD 70 billion. As the "first stock of physical AI," it provides intelligent driving algorithms with a gross margin of up to 71.6%. Its revenue has tripled over three years, but it has accumulated losses of nearly HKD 10 billion. The market has differing views on its valuation, recognizing the scarcity of the sector but holding a cautious attitude towards its high valuation and profit cycle