Momenta, the First Physical AI Stock, Becomes "Global Long-Term Choice": Global Sovereign and Long-Term Funds "Rush" to Subscribe, Oversubscription 44x July 8, 2026, leading global physical AI company Momenta officially lists on HKEX, stock code 6880.HK, becoming the "First Physical AI Stock". First day opening trading is hot, stock opens up over 6%, total market cap breaks 70 billion HKD.

Based on Momenta's previously announced allocation results, IPO pricing is 295.6 HKD/share. Assuming full exercise of the "Greenshoe" (Over-allotment Option), this global offering is approximately 22.93 million shares, raising total funds of approximately 6.8 billion HKD. Market subscription response is enthusiastic: public offering part receives 414x oversubscription; international offering part receives over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries/regions, total oversubscription (excluding cornerstone, before greenshoe) reaches approximately 44 times.

It is reported that Momenta's anchor subscription lineup is luxurious, including Government of Singapore Investment Corporation (GIC), Fidelity International, BlackRock, Franklin Templeton, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders, and other global top-tier institutions; at the same time, the full-scale positive outlook from domestic long-term capital further confirms Momenta's core status and strategic value in the domestic market: domestic top-tier private equity, public funds, and insurance capital gathered rarely, forming a solid local capital base. Long-term capital subscription amount alone exceeded 15 times, showing global long-term investors' confidence in Momenta's long-term value. Additionally, Momenta's IPO introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with total cornerstone subscription amounting to approximately 3 billion HKD (approximately 376 million USD). The composition of the entire cornerstone investor lineup is rare in recent Hong Kong stock market primary issuances: including international top-tier long-term funds and sovereign funds focusing on ultra-long cycle value growth, industry "top-spec" level strategic investors, as well as Chinese top-tier long-term institutions, fully highlighting Momenta's scarcity in the Hong Kong stock market, having become a "Global Long-Term Common Choice".

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

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta solely to follow a simple yet determined mission: Better AI, Better Life. Better AI stems from our curiosity. The 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 1 million lives in ten years, liberating 100% of time in ten years, doubling logistics and travel 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 started from the company's past technical accumulation and extended to the next stage of intelligent scenarios, "In the past ten years, we made AI learn to drive, bringing full-time drivers to every family; in the next ten years, we will bring full-time housekeepers, doctors, teachers, and other robot service scenarios to every family, creating a 'GPT Moment' for Physical AI. We hope to write the Eastern Silicon Valley legend with all Chinese AI companies, embrace the whole world, and let the whole world embrace Chinese technology."

Global Long-Term Common Choice: Anchored Subscription by Dozens of Top Long-Term Funds, Consistent Optimism

Carefully reviewing Momenta's anchor subscription institutions and cornerstone investor list reveals its extremely high gold content; every one is a leader in global finance, industry, and other specific fields.

For example, sovereign funds focusing on long-cycle value investment gathered Government of Singapore Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc. Asset management institutions gathered Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., an "All-Star Lineup", fully demonstrating consistent recognition of Momenta's financial performance and long-term value in the Physical AI field.

In the cornerstone list, Government of Singapore Investment Corporation and Fidelity International strongly led the investment, each allocated 100 million USD; BlackRock contributed 25 million USD, Oak Hill Capital contributed 20 million USD, Franklin Templeton contributed 10 million USD. Industry "top-spec" level strategic investors include leaders from international and Chinese automakers — Mercedes-Benz and BYD, contributing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice contributed 6 million USD. Chinese top-tier long-term private equity, public funds, and insurance capital include Chinese top private equity funds GaoYi and Boyu, Chinese top public funds Huaxia and GF, and long-term insurance capital leader Pacific Insurance, each contributing 10 million USD.

The past investment history of the two leading investors is remarkably impressive. Among them, globally famous sovereign fund Government of Singapore Investment Corporation has invested in a series of globally well-known tech companies in recent years, including large model leading company Anthropic, TSMC, etc., previously investing in Alibaba, Meituan, Kuaishou, and other well-known industry leaders. And globally top-tier asset management institution Fidelity International has conducted long-term investments in Tencent, Alibaba, BYD, CATL, etc., and in recent years has also invested in many AI sector leaders including Zhongji Innolight, Cambricon, etc. through its funds. Choosing to lead Momenta may mean they have viewed Momenta as one of the core targets in the AI track.

It is worth noting that Mercedes-Benz and BYD also appeared in the Momenta cornerstone list and joined hands. As benchmarks of the global automotive industry and leaders of new energy vehicle companies, Mercedes-Benz and BYD are both old shareholders and partners of Momenta. This time, as cornerstone investors, they continued to increase investment and accompanied Momenta all the way, fully reflecting recognition of Momenta's Physical AI technology leading advantages and commercial prospects, and further deepening the moat of their strategic cooperation.

Before the IPO, Momenta has obtained multiple rounds of financing, and the shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top-tier financial investors. An ultra-luxurious and diversified shareholder lineup not only provided strategic and capital support for Momenta but also assisted Momenta's high-speed growth from aspects such as business synergy, user growth, and global layout.

Mass Production Breaks 1 Million Units: One Model "Conquers the World", Accelerating Towards "General Physical AI" Era

Momenta was founded in 2016 and is a leading global physical AI company, committed to creating a better life through breakthrough AI technology. Momenta is based on World Model, based on "Data Flywheel" technology insights, Mass Production and Scalable Robo businesses run "side by side", letting Physical AI enter real life.

This April, Momenta R7 World Model mass production premiere opened the "Physical AI Prologue". Momenta is committed to building the Physical AI foundation platform, supporting the scaled landing of passenger cars, Unmanned Logistics Vehicles (Robovan), Unmanned Trucks (Robotruck), and Unmanned Taxis (Robotaxi), and will also expand to robots and other fields. As a foundation model for Physical AI, R7 World Model is expected to become the key breakthrough point for stimulating Physical AI "GPT Moments" and lead the industry to accelerate towards the "General Physical AI" era.

With the first-mover advantage in Physical AI, World Model, and commercialization, Momenta's "Flywheel Effect" has fully appeared: in 2022, the first 100,000 units of mass production took 24 months, and now it can complete 100,000 unit delivery in less than 40 days at the fastest. Currently, the scale of mass production vehicles equipped with Momenta systems has broken 1 million units, successfully delivering over 100 mass production models, with cumulative designated models exceeding 210 units. Momenta's customers cover all mainstream passenger car enterprises in China, and 9 out of the world's top 10 automakers have cooperated with it.

The prospectus shows that Momenta's revenue scale achieved a leap in growth in the past three years: from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.413 billion yuan, tripling in three years, with an annual compound growth rate exceeding 80%. Among them, licensing revenue growth was particularly bright, tripling 42 times in three years. Meanwhile, Momenta's gross margin continued to rise, increasing from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. As of the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating Robo market and globalization development.

In terms of global layout, Momenta's mass production solutions have landed in over 10 countries/regions in Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Hego, and automakers such as Mercedes-Benz. It has landed in Asia, Europe, and Middle East regions, and plans to land in multiple new cities and regions globally this year.

This Hong Kong IPO will not only inject strong momentum into Momenta's technology evolution and business expansion but also set a new benchmark for the capitalization and scaled development of the Physical AI industry, becoming an important milestone for global Physical AI shifting from theoretical research to commercial landing. At the same time, IPO is expected to further accelerate Momenta's globalization process, promoting the progress of the global Physical AI industry with "Chinese Solution" in the wave of AI technology going overseas.

July 8, 2026, leading global physical AI company Momenta officially lists on HKEX, stock code 6880.HK, becoming the "First Physical AI Stock". First day opening trading is hot, stock opens up over 6%, total market cap breaks 70 billion HKD.

Based on Momenta's previously announced allocation results, IPO pricing is 295.6 HKD/share. Assuming full exercise of the "Greenshoe" (Over-allotment Option), this global offering is approximately 22.93 million shares, raising total funds of approximately 6.8 billion HKD. Market subscription response is enthusiastic: public offering part receives 414x oversubscription; international offering part receives over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries/regions, total oversubscription (excluding cornerstone, before greenshoe) reaches approximately 44 times.

It is reported that Momenta's anchor subscription lineup is luxurious, including Government of Singapore Investment Corporation (GIC), Fidelity International, BlackRock, Franklin Templeton, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders, and other global top-tier institutions; at the same time, the full-scale positive outlook from domestic long-term capital further confirms Momenta's core status and strategic value in the domestic market: domestic top-tier private equity, public funds, and insurance capital gathered rarely, forming a solid local capital base. Long-term capital subscription amount alone exceeded 15 times, showing global long-term investors' confidence in Momenta's long-term value. Additionally, Momenta's IPO introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with total cornerstone subscription amounting to approximately 3 billion HKD (approximately 376 million USD). The composition of the entire cornerstone investor lineup is rare in recent Hong Kong stock market primary issuances: including international top-tier long-term funds and sovereign funds focusing on ultra-long cycle value growth, industry "top-spec" level strategic investors, as well as Chinese top-tier long-term institutions, fully highlighting Momenta's scarcity in the Hong Kong stock market, having become a "Global Long-Term Common Choice".

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

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta solely to follow a simple yet determined mission: Better AI, Better Life. Better AI stems from our curiosity. The 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 1 million lives in ten years, liberating 100% of time in ten years, doubling logistics and travel 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 started from the company's past technical accumulation and extended to the next stage of intelligent scenarios, "In the past ten years, we made AI learn to drive, bringing full-time drivers to every family; in the next ten years, we will bring full-time housekeepers, doctors, teachers, and other robot service scenarios to every family, creating a 'GPT Moment' for Physical AI. We hope to write the Eastern Silicon Valley legend with all Chinese AI companies, embrace the whole world, and let the whole world embrace Chinese technology."

Carefully reviewing Momenta's anchor subscription institutions and cornerstone investor list reveals its extremely high gold content; every one is a leader in global finance, industry, and other specific fields.

For example, sovereign funds focusing on long-cycle value investment gathered Government of Singapore Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc. Asset management institutions gathered Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., an "All-Star Lineup", fully demonstrating consistent recognition of Momenta's financial performance and long-term value in the Physical AI field.

In the cornerstone list, Government of Singapore Investment Corporation and Fidelity International strongly led the investment, each allocated 100 million USD; BlackRock contributed 25 million USD, Oak Hill Capital contributed 20 million USD, Franklin Templeton contributed 10 million USD. Industry "top-spec" level strategic investors include leaders from international and Chinese automakers — Mercedes-Benz and BYD, contributing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice contributed 6 million USD. Chinese top-tier long-term private equity, public funds, and insurance capital include Chinese top private equity funds GaoYi and Boyu, Chinese top public funds Huaxia and GF, and long-term insurance capital leader Pacific Insurance, each contributing 10 million USD.

The past investment history of the two leading investors is remarkably impressive. Among them, globally famous sovereign fund Government of Singapore Investment Corporation has invested in a series of globally well-known tech companies in recent years, including large model leading company Anthropic, TSMC, etc., previously investing in Alibaba, Meituan, Kuaishou, and other well-known industry leaders. And globally top-tier asset management institution Fidelity International has conducted long-term investments in Tencent, Alibaba, BYD, CATL, etc., and in recent years has also invested in many AI sector leaders including Zhongji Innolight, Cambricon, etc. through its funds. Choosing to lead Momenta may mean they have viewed Momenta as one of the core targets in the AI track.

It is worth noting that Mercedes-Benz and BYD also appeared in the Momenta cornerstone list and joined hands. As benchmarks of the global automotive industry and leaders of new energy vehicle companies, Mercedes-Benz and BYD are both old shareholders and partners of Momenta. This time, as cornerstone investors, they continued to increase investment and accompanied Momenta all the way, fully reflecting recognition of Momenta's Physical AI technology leading advantages and commercial prospects, and further deepening the moat of their strategic cooperation.

Before the IPO, Momenta has obtained multiple rounds of financing, and the shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top-tier financial investors. An ultra-luxurious and diversified shareholder lineup not only provided strategic and capital support for Momenta but also assisted Momenta's high-speed growth from aspects such as business synergy, user growth, and global layout.

Momenta was founded in 2016 and is a leading global physical AI company, committed to creating a better life through breakthrough AI technology. Momenta is based on World Model, based on "Data Flywheel" technology insights, Mass Production and Scalable Robo businesses run "side by side", letting Physical AI enter real life.

This April, Momenta R7 World Model mass production premiere opened the "Physical AI Prologue". Momenta is committed to building the Physical AI foundation platform, supporting the scaled landing of passenger cars, Unmanned Logistics Vehicles (Robovan), Unmanned Trucks (Robotruck), and Unmanned Taxis (Robotaxi), and will also expand to robots and other fields. As a foundation model for Physical AI, R7 World Model is expected to become the key breakthrough point for stimulating Physical AI "GPT Moments" and lead the industry to accelerate towards the "General Physical AI" era.

With the first-mover advantage in Physical AI, World Model, and commercialization, Momenta's "Flywheel Effect" has fully appeared: in 2022, the first 100,000 units of mass production took 24 months, and now it can complete 100,000 unit delivery in less than 40 days at the fastest. Currently, the scale of mass production vehicles equipped with Momenta systems has broken 1 million units, successfully delivering over 100 mass production models, with cumulative designated models exceeding 210 units. Momenta's customers cover all mainstream passenger car enterprises in China, and 9 out of the world's top 10 automakers have cooperated with it.

The prospectus shows that Momenta's revenue scale achieved a leap in growth in the past three years: from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.413 billion yuan, tripling in three years, with an annual compound growth rate exceeding 80%. Among them, licensing revenue growth was particularly bright, tripling 42 times in three years. Meanwhile, Momenta's gross margin continued to rise, increasing from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. As of the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating Robo market and globalization development.

In terms of global layout, Momenta's mass production solutions have landed in over 10 countries/regions in Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Hego, and automakers such as Mercedes-Benz. It has landed in Asia, Europe, and Middle East regions, and plans to land in multiple new cities and regions globally this year.

This Hong Kong IPO will not only inject strong momentum into Momenta's technology evolution and business expansion but also set a new benchmark for the capitalization and scaled development of the Physical AI industry, becoming an important milestone for global Physical AI shifting from theoretical research to commercial landing. At the same time, IPO is expected to further accelerate Momenta's globalization process, promoting the progress of the global Physical AI industry with "Chinese Solution" in the wave of AI technology going overseas.