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July 8, 2026, the leading global Physical AI company Momenta officially listed on the Hong Kong Stock Exchange, stock code 6880.HK, becoming the first "Physical AI" stock on HKEX. The opening price on the first day rose over 6%, with total market cap exceeding 7 billion HKD.
The IPO issue price for this offering is set at HKD 295.6 per share. If the greenshoe option is fully exercised, the global offering will be approximately 22.93 million shares, with total fundraising of about 6.8 billion HKD. Market subscription was extremely vigorous: the public offering was oversubscribed 414 times; the international offering received over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions. Excluding cornerstones, the oversubscription ratio was approximately 44 times.
Momenta introduced 14 cornerstone investors, with a total subscription amount of approximately 3 billion HKD. The Government of Singapore Investment Corporation (GIC) and Fidelity International each led with 100 million USD; BlackRock invested 25 million USD, and Oaktree Capital invested 20 million USD. In terms of industrial capital, Mercedes-Benz invested 25 million USD, and BYD invested 15 million USD — the two global top automakers are both old shareholders and partners, adding more as cornerstones this time. Mercedes-Benz and BYD's joint backing is not common in recent HKEX IPOs. Additionally, Chinese institutions such as Gao Yi, Boyu, Huaxia Fund, GF Fund, and CPIC each invested 10 million USD.
Deep bonding with the automotive industry is its core value. As of now, mass-produced vehicles equipped with the Momenta system have exceeded 1 million units, successfully delivering over 100 mass-produced models, with cumulative fixed-point models exceeding 210. Customers cover all mainstream passenger car enterprises domestically. Among the top 10 global automakers, 9 have partnered with them. Partner brands include joint ventures and luxury brands such as Mercedes-Benz, BMW, Audi, SAIC Volkswagen, GAC Toyota, and Dongfeng Nissan, as well as independent brands such as Hongqi, Chery Fenxiang, GAC Hyper, and IM Motors. Mass production delivery efficiency continues to surge — completing the first 100,000 units in 2022 took 24 months; now, delivering the same scale can be done in less than 40 days.
Financial data shows that from 2023 to 2025, Momenta's revenue grew from 743 million yuan to 2.413 billion yuan, with a CAGR of over 80%; gross margin improved from 17.5% to 71.6%, quadrupling in three years. By the end of 2025, the company's cash reserves exceeded 10 billion yuan. In the third-party urban NOA market, Momenta holds 65% market share.
From a technology perspective, Momenta is based on the R7 world model, supporting mass deployment in multiple scenarios such as passenger cars, autonomous taxis (Robotaxi), autonomous logistics vans (Robovan), and autonomous trucks (Robotruck). Mass production solutions have been deployed in more than 10 countries and regions including Asia, Europe, Oceania, Latin America, and North Africa; Robotaxi has partnered with global mobility platforms such as Uber, Grab, Lumo, Xiangdao Travel, and automakers like Mercedes-Benz.
At the listing ceremony, CEO Cao Xudong stated: "In the past ten years, we taught AI to drive, bringing a dedicated driver to every family; in the next ten years, we will bring robot service scenarios such as dedicated nannies, doctors, teachers, etc., to every family." Funds raised from this IPO will be used to promote next-generation intelligent driving solutions, expand autonomous business, and global layout. Momenta's listing is not only a milestone in the capitalization of the Physical AI track, but also highlights the industrial power of Chinese intelligent driving technology going global with "Chinese solutions".
