On July 8, 2026, the world's leading physical AI company Momenta officially listed on the Hong Kong Stock Exchange, with the stock code 6880.HK, becoming the "first stock of physical AI." The opening day saw a hot market, with the stock price rising over 6% at the opening, and the total market value exceeding HKD 70 billion.

According to the placement results previously announced by Momenta, the listing price was HKD 295.6 per share. Assuming the full exercise of the "green shoe" (over-allotment option), approximately 22.93 million shares were globally offered, raising a total of about HKD 6.8 billion. The market response was enthusiastic: the public offering portion was oversubscribed by 414 times; the international offering portion received institutional orders exceeding HKD 100 billion, covering sovereign funds and long-term funds from 15 countries and regions, with total oversubscription (excluding cornerstone investors, pre-green shoe) reaching about 44 times.

It is reported that Momenta's anchor subscription lineup is luxurious, including top global institutions such as the Government of Singapore Investment Corporation (GIC), Fidelity International, BlackRock, Franklin Templeton, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, and Schroders; at the same time, domestic long-term capital is fully optimistic, further confirming Momenta's core position and strategic value in the domestic market: top domestic long-term private equity, public funds, and insurance capital rarely gather, forming a solid local capital base. The subscription amount from long-term funds alone exceeded 15 times, demonstrating global long-term investors' confidence in Momenta's long-term value. Additionally, it is understood that Momenta's IPO introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with a total cornerstone subscription amount of about 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 not only top international long-term funds and sovereign funds focused on ultra-long-term value growth but also "top-tier" strategic investors from the industry, as well as top domestic long-term institutions, fully highlighting Momenta's scarce position in the Hong Kong stock market, which has become "the common choice for global long-term investors."

Just the day before, Momenta announced that its mass production business has surpassed 1 million units.

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta with a simple yet determined mission: Better AI, Better Life. Better AI stems from our curiosity. Our obsession and curiosity about artificial intelligence make our lives 'vibrant.' Better Life carries our sense of mission. We believe the value of technology lies in making people's lives safer, freer, and better. Therefore, we set three ten-year visions: saving one million lives in ten years, freeing up 100% of time in ten years, and doubling logistics and travel efficiency in ten years. Today, we have provided over 1 million users with a safer and more reassuring driving experience."

When discussing the company's future development direction, Cao Xudong extended from the company's past technological accumulation to the next stage of intelligent scenarios, "In the past decade, we have taught AI to drive, bringing dedicated drivers to every family; in the next decade, we will bring dedicated robots such as maids, doctors, and teachers to every family, creating the 'GPT moment' of physical AI. We hope to write the legend of Silicon Valley in the East together with all Chinese AI companies, embrace the whole world, and let the whole world embrace Chinese technology."

A Global Long-term Common Choice: Secured subscriptions from dozens of top long-term funds, with unanimous optimism

A careful review of the list of anchor subscription institutions and cornerstone investors of Momenta reveals its high value, with each being a leader in their respective fields of global finance and industry.

For example, sovereign funds focusing on long-cycle value investment include the Government of Singapore Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, and Oman Investment Authority. Asset management institutions include an "all-star lineup" of Fidelity International, BlackRock, Goldman Sachs, JP Morgan, 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, the Government of Singapore Investment Corporation and Fidelity International led with investments of $100 million each; BlackRock contributed $25 million, Oak Tree Capital contributed $20 million, and Franklin Templeton Fund Group contributed $10 million. Top-tier strategic investors in the industry include leading international and Chinese automotive companies—Mercedes-Benz and BYD, which invested $25 million and $15 million, respectively; industry chain partner Zhaoyi Innovation invested $6 million. Top Chinese long-term private equity, public funds, and insurance funds include top private equity funds Gao Yi and Bo Yu, top public funds Huaxia and Guangfa, as well as leading long-term insurance capital Pacific Insurance, each investing $10 million The past investment history of the two leading investors is quite impressive. Among them, the globally renowned sovereign fund, Singapore Government Investment Corporation, has invested in a series of globally recognized technology companies in recent years, including the leading large model company Anthropic and TSMC. It has previously invested in well-known industry leaders such as Alibaba, Meituan, and Kuaishou. Meanwhile, the top global asset management institution, Fidelity International, has made long-term investments in Tencent, Alibaba, BYD, and CATL, and in recent years has also invested in many AI industry leaders such as Zhongji Xuchuang and Cambricon through its funds. Choosing to lead the investment in Momenta may indicate that it has regarded Momenta as one of the core targets in the AI sector.

It is noteworthy that Mercedes-Benz and BYD also appear on the cornerstone list of Momenta and are jointly supporting it. As benchmarks in the global automotive industry and leaders in the new energy vehicle sector, both Mercedes-Benz and BYD are not only old shareholders of Momenta but also partners. This time, they continue to increase their investment as cornerstone investors, fully reflecting their recognition of Momenta's leading advantages in physical AI technology and commercial prospects, and further deepening the strategic cooperation moat between them.

Before the IPO, Momenta had already secured multiple rounds of financing, gathering a lineup of shareholders that includes the most core industrial and technological strategic investors globally, as well as top financial investors. This ultra-luxurious and diversified shareholder lineup not only provides strategic and capital support for Momenta but also assists in its rapid growth through business synergy, user growth, and global layout.

Mass production breakthrough of over one million units: A single model "conquers the world," accelerating towards the "general physical AI" era

Founded in 2016, Momenta is a global leader in physical AI, dedicated to creating a better life through groundbreaking AI technology. Momenta is based on a world model and, leveraging insights from its "data flywheel" technology, operates its mass production business and scalable robotic business in parallel, bringing physical AI into real life.

In April of this year, Momenta's R7 world model was mass-produced and launched, marking the beginning of the "physical AI prologue." Momenta aims to build a foundational platform for physical AI to support the large-scale deployment of passenger cars, unmanned logistics vehicles (Robovan), autonomous trucks (Robotruck), and autonomous taxis (Robotaxi), and will also expand into fields such as robotics. As the foundational model for physical AI, the R7 world model is expected to become a key breakthrough that ignites the "GPT moment" for physical AI and lead the industry towards the "general physical AI" era.

With its first-mover advantages in physical AI, world models, and commercialization, Momenta's "flywheel effect" has fully manifested: the first 100,000 units of mass production took 24 months in 2022, while now it can complete 100,000 units in less than 40 days. Currently, the scale of mass-produced vehicles equipped with the Momenta system has surpassed one million units, successfully delivering over 100 mass-produced vehicle models, with the cumulative number of designated models exceeding 210 Momenta's clients cover all mainstream passenger car companies in China, and 9 out of the top 10 global automakers have already collaborated with it.

The prospectus shows that Momenta's revenue has achieved leapfrog growth over the past three years: from 2023 to 2025, Momenta's operating income is expected to grow from 743 million yuan to 2.413 billion yuan, tripling in three years, with an average annual compound growth rate exceeding 80%. Notably, the growth rate of licensing revenue is particularly impressive, increasing 42 times over three years. Meanwhile, Momenta's gross margin continues to improve, rising from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. By the end of 2025, the company's cash reserves will exceed 10 billion yuan, providing strong support for accelerating the Robo market and global development.

In terms of global layout, Momenta's mass production solutions have been implemented in more than 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established partnerships with global mobility platforms such as Uber, Grab, Lumo, and Xiangdao Mobility, as well as automakers like Mercedes-Benz. It has already launched in Asia, Europe, and the Middle East, with plans to expand into multiple new cities and regions globally this year.

This IPO in Hong Kong will not only inject strong momentum into Momenta's technological evolution and business expansion but also set a new benchmark for the capitalization and scaling of the physical AI industry, marking an important milestone in the transition of global physical AI from theoretical research to commercial implementation. Additionally, the IPO is expected to further accelerate Momenta's globalization process, promoting the advancement of the global physical AI industry with a "Chinese solution" amid the wave of AI technology going overseas