Momenta Becomes the Common Choice for Global Long-Term Investors as the First Physical AI Stock

Editor| Zhang Nan

Designer| Jing Jie

On July 8, globally leading Physical AI company Momenta officially listed on the Stock Exchange of Hong Kong, stock code 6880.HK, becoming the "first physical AI stock". Trading was hot on the first day, stock price opened up more than 6%, total market cap exceeded 70 billion HKD.

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta, solely to follow a simple yet firm mission: Better AI, Better Life. Better AI stems from our curiosity. The obsession and curiosity for 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. So, we set three ten-year visions: saving a million lives in ten years, liberating 100% of time in ten years, doubling logistics and mobility efficiency in ten years. Today, we have brought a safer and more reassuring driving experience to over 1 million users."

When discussing the company's future development direction, Cao Xudong extended from the company's past technical accumulation to the next stage of intelligent scenarios. "In the past ten years, we taught AI to drive, bringing a dedicated driver to every family; in the future ten years, we will bring services of dedicated housekeepers, doctors, teachers, and other robots to every family, creating the 'GPT moment' for Physical AI. We hope to write the Silicon Valley legend of the East together with all Chinese AI companies, embrace the world, and also let the world embrace Chinese technology."

According to the placement results announced by Momenta previously, the listing price was 295.6 HKD/share. Assuming the "Green Shoe" (overallotment option) is fully exercised, the global offering will be about 22.93 million shares, with total funds raised around 6.8 billion HKD. Market subscription response was enthusiastic: the public offering part obtained 414 times oversubscription; the international offering part received over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions, with total oversubscription (excluding cornerstone, before green shoe) reaching about 44 times.

It is reported that Momenta's anchor subscription lineup was luxurious, including GIC (Government of Singapore Investment Corporation), Fidelity International, BlackRock, Franklin Templeton, ADIA (Abu Dhabi Investment Authority), Temasek, and other global top institutions; meanwhile, the comprehensive optimism from domestic long-term capital further confirmed Momenta's core position and strategic value in the domestic market. The amount subscribed by long-term capital alone exceeded 15 times, demonstrating global long-term investors' confidence in Momenta's long-term value.

It is worth noting that Momenta's Hong Kong listing attracted nearly 20 global mainstream automakers to release exclusive congratulatory posters at the same time. From Mercedes-Benz, Toyota, and General Motors to Nissan, SAIC, etc., covering luxury, joint venture, and independent top brands across all categories. This display of status is unique.

During this listing process, apart from the subscription by long-term funds, long-term investment by automakers also became one of the key points of public attention. According to public information, in several key development stages before the IPO, Momenta had already received strategic investment from 7 globally renowned automakers including Mercedes-Benz, BYD, SAIC, General Motors, Toyota, Hyundai, and Chery. This means that from both a capital perspective and an industry perspective, Momenta has become the "common choice of global long-term investments".

The above shareholder structure is not common in the automotive field, also showing that the cooperation between Momenta and mainstream automakers is no longer just single project delivery, but long-term cooperation centering on intelligent driving and Physical AI capabilities. Among them, Mercedes-Benz and BYD appear simultaneously in Momenta's cornerstone investor list, having strong industry representation.

Mercedes-Benz represents the global automotive industry's ultimate requirements for safety and performance. Its rigorous verification standards within the century-old car manufacturing system are the world-renowned "touchstone" of the global automotive industry. BYD, as the world's largest new energy vehicle manufacturer, masters the whole industry chain capability from chips to entire vehicles, having the industry's most ultimate test for the large-scale landing delivery capability of technical solutions. At the critical node of Momenta about to land on the capital market, the two automakers both chose to become cornerstone investors, which is both the top certification that its Physical AI technology passes through "the most rigorous global mass production standards", and more importantly, the final trust vote cast for its commercial landing capability.

Actually, Mercedes-Benz and BYD's support for Momenta extends far beyond the strategic investment level. Momenta's intelligent driving solutions have been mounted on multiple mass-produced models under Mercedes-Benz and BYD. In addition, Momenta and Mercedes-Benz jointly landed a luxury Robotaxi fleet in Abu Dhabi, planned to officially start operations in 2026. The dual escort of capital and orders directly confirms Momenta's technical leading edge, and also marks that the commercial relationship between Momenta and these two automakers has completely crossed the traditional client-supplier stage, advancing to a deep strategic symbiosis centering on Physical AI core capabilities.

Mercedes-Benz and BYD are just two representative cases in Momenta's automaker cooperation map. Currently, the scale of mass-produced vehicles equipped with Momenta systems has exceeded 1 million units, successfully delivered over 100 mass-produced models, with cumulative designated models exceeding 210 units. Momenta's customers have covered all mainstream passenger vehicle enterprises domestically, and 9 out of the top 10 globally ranked automakers have already cooperated with it.

From global top automakers to long-term capital, Momenta's listing this time presents a relatively clear dual recognition of industry and capital: On one hand, automakers such as Mercedes-Benz and BYD verify its leading role in the intelligent automobile industry chain through continuous cooperation and strategic investment; on the other hand, the participation of global long-term funds also reflects market attention to the long-term development space of Physical AI.

For Momenta, the listing is not only a new starting point for the capital market, but also means its cooperation with global automakers enters a deeper stage.