Avatr's recent management adjustments have sparked considerable discussion within the industry.

According to relevant reports, Wang Hui, Executive Vice President of Changan Automobile and Chairman of Avatr Technology, will shift his focus to the group's global business next, leading the Southeast Asian and Central & South American markets; Chen Zhuo, who was promoted to Vice President in June this year, will take on more of Avatr's daily operations and business advancement. It needs to be stated that currently, Wang Hui remains Chairman of Avatr Technology and Executive Vice President of Changan Automobile, overseeing a portion of overseas business.

At first glance, this is a conventional matching of personnel to roles — Wang Hui already has senior experience in overseas business, so doing familiar work is natural; Chen Zhuo, as part of the younger generation of management, taking over a high-end brand also aligns with the training rhythm. However, combined with Avatr's current development stage and Changan's overall performance situation, behind this adjustment lies the current development situation of the brand and the group.

Three-party resources support, brand still in ramp-up phase

As a high-end new energy brand jointly built by Changan, Huawei, and CATL, Avatr's starting point can be said to be quite high. Manufacturing, intelligent technology, and battery — the three core links, all supported by industry top players, market expectations were maxed out when the brand first launched.

But developing to now, the brand is still in the ramp-up investment stage. Financially, cumulative losses from 2022 to 2025 exceeded 13.2 billion yuan, not yet exiting the loss period of the investment phase. In terms of sales, cumulative deliveries in the first half of this year were about 27,619 vehicles, a 51.3% year-on-year decrease. The annual target of 220,000 vehicles set at the beginning of the year was only 12.6% completed in half a year, the progress gap is relatively large. It is worth knowing that the domestic new energy market overall still maintained growth this year, Avatr's development pace has opened a considerable gap with the overall industry trend.

Wang Hui completes multiple strategic frameworks

Internally, he deepened the three-party strategic cooperation, established a full set of integrated development models, and also led the investment matters in Huawei's Yinwang Company. In November 2025, the cooperation with Huawei was upgraded to the HI PLUS joint co-creation model, no longer simply technology supply, but collaborative across the entire value chain from user insights, product definition to R&D, integrated marketing, and team building.

Externally, he clarified the global development logic for Avatr, promoted the brand entering global 34 country markets, and planned to expand the market scope to 46 to 50 countries in 2026.

However, these top-level layouts are currently still in the process of gradual implementation and have not yet been fully converted into tangible terminal sales and operating performance.

And the cooperation with Huawei also has topics that need to be sorted out in the long term. Currently, Huawei cooperates with multiple car companies at different depths. Avatr how to find its own positioning within Huawei's cooperation map, and strive for more adaptive resource allocation, is a matter that needs to be continuously explored in the brand development process.

In terms of capitalization, Avatr's HK listing is also being promoted. In November 2025, the company first submitted a listing application to the Hong Kong Stock Exchange, did not complete the hearing process within the specified time, and the application automatically expired on May 27, 2026; on June 30, the company resubmitted the listing materials, currently in the audit promotion stage, the specific listing schedule has not yet been clarified.

Overseas growth momentum is good, but also faces competition and localization challenges

In the first half of this year, Changan's overseas sales reached 455,000 vehicles, a 51.9% year-on-year increase; overseas revenue was 21.942 billion yuan, a 78.77% year-on-year increase, accounting for the proportion of total revenue from 16.89% in the same period last year to 33.43%. More importantly, the gross profit margin of overseas business reached 20.13%, significantly higher than the domestic business 11.67% level, having become an important growth and profit support for the group.

But behind the good-looking data, there are also many realistic challenges. First is market competition, Southeast Asia, Central & South America and other regions, now Chinese car companies are all accelerating layout, BYD, Geely, Chery, Great Wall and other brands have already entered, market competition continues to intensify, long-term gross profit margins face downward pressure.

Second is the difficulty of localization implementation. When Wang Hui was responsible for Southeast Asian business before, he proposed a target that the localization rate of Thailand factory would reach above 80%. But supply chain building, local talent training, compliance system construction and other work, all need long-term time and capital investment, the process of target landing is not easy. If the localization progress falls short of expectations, cost advantages will also be affected.

So this time letting Wang Hui manage some overseas business is also hoping to leverage his past experience to further consolidate the development foundation of the overseas market and consolidate the growth momentum.

Chen Zhuo takes over, the core is to grasp landing execution

Chen Zhuo, who took over Avatr, was just promoted to group vice president in June this year, and will face multiple realistic topics in the brand development process next.

Current Avatr does not lack top strategic frameworks, nor lacks three-party resource backing, but the operational work to make up is still many: how to narrow losses, how to improve terminal sales, how to smoothly promote the listing process, are all very practical problems. Brand positioning is high-end market, how to convert technical and resource advantages into product power perceived by consumers, how to improve brand volume and channel efficiency, are the key points that operations need to push.

After all, the previous stage was more about setting directions and building frames, next more tests are landing ability and refined operations. Especially in the three-party cooperation mode, how to coordinate the resources of all parties well, improve collaboration efficiency, let cooperation value fully release, very tests the new management team's operation ability.

As a core member of the Changan new generation management, Chen Zhuo's takeover has also injected new execution power into the brand, but from strategic planning to market results, there are still many links that need to be connected in between.

The logic of group layout behind the adjustment

This personnel adjustment, after all, is also a resource re-layout of Changan in the industry adjustment period.

In the first half of this year, Changan Automobile revenue decreased by 9.71% year-on-year, net profit attributable to shareholders decreased by 64.32% year-on-year. Domestic car market competition continues, price war background domestic business gross profit margin narrowed to 11.67%, profit pressure has appeared.

Avatr as Changan layout high-end new energy important carrier, currently still in investment period, not yet into profit contribution stage, continuous capital investment for the group is also a huge consumption.

So the logic of this wave adjustment is also clear: put the executive with the most experience to the overseas market with the highest growth certainty, guard the basic disk; let young managers operate high-end brands, promote landing execution. One side takes care of current performance stability, one side lays out long-term brand upgrade, is a very pragmatic development idea.

For Avatr, the big direction and framework are basically formed, next fight is refined operations and landing ability. This management team adjustment can bring how many changes, finally still has to look at product performance and market feedback.

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On August 26, Chery Fengyun T7 officially launched. The theme of this launch event was somewhat unique — no discussion of parameters, no stacking of configurations; the five words "Steady Happiness" permeated the entire venue. Well-known musician Hacken Wu appeared at the launch event in the role of "Happiness Experience Officer". What he talked about on stage was not how grand the tech concepts were, but whether the color schemes were pleasing, if the space was large enough, and if parking was troublesome. This perspective hit exactly on the simplest concerns of family users when choosing a car.

On that day, Hacken Wu himself became the 001 owner of the Fengyun T7. At the launch, he also jointly launched the Fengyun T7 "Happiness Co-creation Plan" with Chery Automobile Executive Vice President Li Xueyong.

A 100,000-level pure electric SUV, why talk about happiness? Let's look at the price first.

Price: Full series 600km range, trade-in price starting from 94,900 yuan

Fengyun T7 launches 3 models this time: 600km Enjoyment Edition MSRP 97,900 yuan, priority trade-in price 94,900 yuan; 600km Comfort Edition MSRP 108,900 yuan, priority trade-in price 105,900 yuan; 600km Smart Edition MSRP 118,900 yuan, priority trade-in price 115,900 yuan.

From now until September 30 placing an order, enjoy 8-fold gift package benefits: 6,000 yuan value Blaze Orange, Mountain Smoke Purple custom car colors free for a limited time; 2-year 60,000km 0% interest or 5-year 100,000km 3-year interest-free financial plan; 3,000 yuan/vehicle trade-in subsidy regardless of brand. Pre-sale period 1,000 yuan deposit worth 2,000 yuan car purchase amount expansion gift extended until August 31.

Two underlying benefits are particularly hard-core: Power battery thermal runaway damage due to own reasons, Chery compensates with same new car; Within one year of purchase, accident caused by intelligent driving assistance system in parking, intelligent guidance scenarios, compensation up to 5 million yuan.

Global Car: Slow work yields fine products, go overseas first then return home

Fengyun T7 positioning is "Global Quality Pure Electric SUV". It is not a simple domestic model modification for overseas export, but a native global car built from the start of R&D for the global market.

Chery ranked first in Chinese brand passenger car exports for 23 consecutive years, products sold to more than 130 overseas markets. Fengyun T7 homologous model Lepas L6 launched first in South Africa, Thailand, landed in Indonesia in August, entered EU in September, landed in Aus/NZ, UK, Israel, Malaysia markets in October.

"True global cars are not developed domestically first then modified for export." This sentence at the launch revealed the underlying logic of Fengyun T7.

To achieve "Native Global", Fengyun T7 went through a 3-year R&D cycle, polished relying on Chery Global 1+7+N R&D System. 10 global design centers, 100+ designers collaborated to build, gathered 5000+ global users for deep co-creation. Homologous model Lepas L6 appeared at Milan Design Week and received wide praise.

In terms of standards, Fengyun T7 is designed according to 2026 Edition E-NCAP Five-Star Safety Standard, adapting to vehicle use needs in 210 countries and regions worldwide.

Verification link shows more "slow work". Chery invested 81 exclusive durability test cars for simultaneous road testing, cumulative vehicle test mileage over 6 million kilometers, durability special test 1.45 million kilometers. Covers 7 extreme environments such as high temp, extreme cold, high humidity, high salinity, adapting to -40°C to 55°C ultra-wide temperature range.

Global road type verification covers over 95%: Brazil high speed bump, Mexico cobblestone road, Germany highway high curvature curve, South Africa unpaved muddy road, etc. Southeast Asia rainy season 500mm off-road water wading ability, Middle East high temp sun exposure, Nordic extreme cold snow rain, Indonesia high humidity environment, all included in verification scope.

Super Run: Full series 600km, Actual test 681.6km

Range is the core anxiety of pure electric users. Fengyun T7 full series standard equipped with 65.05kWh Rhino battery, CLTC range 600km — no high/low config range differentiation, entry level is long range. Media actual test range reached 681.6km, worthy of being called "reverse false labeling".

30%-80% fast charging only needs 20 minutes. Battery cycle life over 2500 times, whole vehicle usage cycle does not need to change battery.

Full series standard equipped with dual-source wide temperature range heat pump AC + High Voltage PTC, -30°C to 55°C ultra-wide temp range stable operation, -10°C range can increase 30%. AGS smart front grille reduces drag 12%. 14 items low drag design, 12-in-1 Kunpeng Drive comprehensive efficiency 90.8%, same electricity run further.

Safer: 80% High-Strength Steel + 9 Airbags + 6D Battery Protection

Fengyun T7 adopts nine-horizontal five-vertical cage body structure, high-strength steel proportion 80%, hot-formed steel proportion 18.84%. Unique shotgun structure and dual-frame subframe + Pack crash beam at same level, add force transmission channels to disperse collision energy.

Whole car equipped with 9 airbags, including 48L double-chamber far-end airbags and 1778mm integrated side curtain airbags, most at same level.

In terms of battery safety, 6D Lock Armor 31-layer protection structure, three-horizontal one-vertical design. IP68 waterproof reaches national standard 96 times, side anti-crushing 200kN is 2 times national standard. Passed 1008 hours salt spray test, national standard 1.5 times fire test.

Chassis led by former Maserati chassis tuning expert international team, 50.8:49.2 golden axle load ratio, 80km/h moose test capability, 500mm safe wading depth.

Good Wisdom: 8775 Chip + Lingxi Smart Cockpit 2.0 + Falcon 500

Fengyun T7 same-level first 4nm process 8775 Cockpit-Driving Integrated Chip, 72TOPS computing power. 15.6 inch 2.5K HD big screen, 1000nit brightness. Lingxi Smart Cockpit 2.0 x Doubao Large Model, full scene fuzzy voice interaction.

22 high-precision sensors support 300+ full scene automatic parking, including remote parking entry, exit car parking, cross-floor smart parking, 100-meter trail reversing. Highway navigation assistance predicts lane change 500 meters in advance, ramp merging.

Beautiful Global: Oriental Wind-riding Aesthetics, 6 Elegant Car Colors

Fengyun T7 adopts Oriental Wind-riding Aesthetics design, car length 4570mm, width 1852mm, height 1694mm, wheelbase 2700mm. 6 Oriental Elegant car colors: Blaze Orange, Mountain Smoke Purple, Cloud Pink Beige, Flowing Light Silver, Green Bamboo Grey, Ink Stone Black. Blaze Orange uses Axalta co-created Tri-coat three-layer luxury car paint craft.

Inside 84% space utilization rate, rear legroom 911mm+ floor pure flat. Rear seats 4/6 fold down form 1955mm×1310mm pure flat big bed. 9-layer cloud feel comfortable seats, 3-gear heating/ventilation. Trunk normal volume 450L, max can expand to 1550L.

Writing at the end

100,000-level pure electric SUV market, range shrinkage, safety reduction, smart price markup tricks are not rare. Fengyun T7 took a different road — complete strict verification in global market first, then return to domestic with sincere price. From 3-year R&D, 6-million km road test to 1.45-million km durability verification, this car "cannot be rushed at all".

But what it brings, perhaps is exactly "Steady Happiness" needed by family users: 600km range no anxiety, rock body protects perfectly, 9 airbags underpin safety, 8775 chip makes smart not compromising. 97,900 yuan starting price, after adding launch benefits less than 100,000 yuan can get a global quality pure electric SUV.

Fengyun T7 has already started listing to delivery. This "slow work" global car, whether it can move those family users who pursue stability and peace of mind in a fast-paced market? The answer might lie in the hands of everyone who sits in the car.

August 17, Geely Automobile Holdings Limited (0175.HK) released its 2026 interim results.Total revenue for the first half reached 173.6 billion yuan, a year-on-year increase of 15%, setting a new all-time record. Core attributable net profit reached 9.68 billion yuan, surging 46% year-on-year, with growth outpacing revenue growth; core attributable net profit margin at 5.6%. Amidst a continuous industry price war and profit pressure for most automakers, nearly 10 billion yuan in core profit has attracted market attention.

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On the same day, Geely Automobile Holdings Limited announced a management adjustment that attracted industry attention: Founder Li Shufu resigned as Chairman and Executive Director of Geely Automobile Holdings Limited, to be succeeded by An Conghui, who has worked in the Geely system for thirty years. The dual news of performance and personnel changes pushed Geely Automobile's stock price up by more than 5% in the afternoon.

Current Vice Chairman of the Board Gui Shengyue characterized this adjustment at the results meeting as:“This significant personnel change is not a simple replacement, but a strategic-level organizational evolution declaration of Geely Automobile.” This marks that Geely Automobile has moved from the "founder-driven" startup and development phases to the maturity phase driven by "institutions and teams".

Volume, Price, and Profit All Rise Together

In the first half of 2026, the "price for volume" strategy remained the main theme in the Chinese automotive market, yet Geely Automobile achieved simultaneous growth in volume, price, and profit.

The financial report shows,Geely Automobile's total sales volume in the first half exceeded 1.42 million units, setting a new high for the same period. Core attributable net profit per vehicle reached 6,806 yuan, a 45% year-on-year increase -- implying approximately 4,700 yuan for the same period last year, selling one car this year earns about 2,100 yuan more than last year. Revenue per vehicle increased by 16% year-on-year to 112,000 yuan.

The direct reason for profit improvement is the optimization of the product structure. Zeekr brand sales reached 178,000 units in the first half, accounting for only 12.5% of total sales, but contributing 31.7% of revenue, with an average transaction price of about 350,000 yuan. Galaxy secured the mainstream new energy basic market with nearly 520,000 units, China Star exceeded 580,000 units, retaining the sales crown among Chinese brand fuel passenger cars. High-end upward, mainstream stability, fuel cash flow -- After two years of "One Geely" strategic integration, the four brands have for the first time clearly assumed their respective positions.

At the same time, expenses did not expand with the scale. Administrative expense ratio decreased by 0.2 percentage points year-on-year to 1.7%, R&D investment ratio decreased by 0.3 percentage points to 5.2%, selling expense ratio remained flat compared to last year despite major expansion overseas. Absolute value of R&D investment grew by 8% to 9.06 billion yuan. Gross margin for the first half improved to 17.9%.

Gui Shengyue gave a progressive judgment at the results meeting: this financial report is "expected" -- Geely's sales and profit are likely to set new records in the coming years; also "eye-catching" -- the industry average profit margin is only 1.6%, while Geely's net profit margin reaches 5.6%; but "not stunning" -- domestic total car sales declined by double digits year-on-year, and chip and bulk raw material prices surged. He also stated: "I believe that in the near future, stunning financial reports will appear."

21 Years Listed, Dividends Far Exceed Financing

While profits grew, Geely Automobile continued to increase shareholder returns. Cumulative share repurchases totaled 1.885 billion HKD in the first half, on July 30, implemented a dividend of 0.5 HKD per share, a 51.5% year-on-year increase, with total dividends reaching 5.39 billion HKD. This marks the fifth consecutive year Geely Automobile's core profit payout ratio exceeds 30%.

Li Shufu, Chairman of Geely Holding Group and Lifetime Honorary Chairman of Geely Automobile Holdings Limited, disclosed a set of comparative data at the interim results press conference: when Geely Automobile stock was listed on the HKEX on May 19, 2005, the share price was 0.4 HKD, market cap 1.6 billion HKD; by August 12, 2026, share price 18.06 HKD, market cap 194.8 billion HKD. Annual dividends grew from 40 million HKD in 2005 to 5.4 billion HKD in 2025. "The amount raised by the company from the capital market is far less than the amount distributed to shareholders as dividends. We insist on annual dividends to reward shareholders," Li Shufu said. "We basically keep our promises, honoring them with integrity and fulfilling them with capability."

As of the end of June, Geely Automobile's cash reserves reached 69.56 billion yuan, at a historical high.

Deepening "One Geely"

After Li Shufu resigned, he was appointed as Lifetime Honorary Chairman. His evaluation words for his successor, Geely Automobile Holdings Limited Board Chairman An Conghui, were rare -- "Talented and virtuous, excellent in character and study, firm in ambition, super strong willpower". He specifically emphasized:An Conghui is an outstanding professional talent cultivated within the Geely system.”

Public data shows An Conghui joined Geely Holding Group in 1996, starting his career as an auditor. The next thirty years' resume covered almost every key node of Geely Automobile's industrial expansion: from auditor to chief engineering officer, from general manager to group president, led the CVVT engine project, participated in Volvo acquisition and integration, and single-handedly created Lynk & Co. In 2021, he volunteered to step down as CEO of Geely Automobile Group and started building the Zeekr brand from scratch -- less than three years to drive Zeekr to the NYSE. In early 2026, he served as CEO of Geely Holding Group.

This adjustment was not a simple "up-down" replacement, but a precise adjustment involving four people. Li Shufu resigned as Chairman and Executive Director of Geely Automobile Holdings Limited, continuing to serve as Chairman of Geely Holding Group. An Conghui succeeded as Chairman of Geely Automobile Holdings Limited. Li Donghui resigned as Vice Chairman of the Board, continuing as Executive Director. Gui Shengyue resigned as Managing Director, switched to Vice Chairman of the Board, continuing as Executive Director. Gan Jiayue was appointed Managing Director, responsible for daily operations.

Everyone moved one step, sorting out the three-level governance structure of Board, Strategic Layer, and Executive Layer at once. Gui Shengyue further explained at the results meeting: Geely Automobile will be the only listed company within the Geely system under Chairman An Conghui. This means Geely will continue to implement the "Taizhou Declaration", concentrating all high-quality resources of the group to make the listed company larger, more substantial, and stronger.

Li Shufu elaborated on Geely's core values in the video: "User First, Strategy Leading, Core Vitality Guarantee". He particularly explained: "Core Vitality is the vitality of the enterprise, the morale of employees, we must keep employees' hearts together with the enterprise." Geely established a Talent Group specifically, initiating the "Cross-Era Leap Talent Training Plan" and "Cross-Era Practical Professional Ability Training Plan" in 2026. From the Cornerstone Plan to the Cross-Era Leap Plan, Geely is building a full-chain training system from high school graduates to executives.

Overseas Acceleration and Technical Turnaround

The overseas market has become the second growth curve. Overseas sales in the first half exceeded 474,000 units, already surpassing the total export volume of 2025, a 158% year-on-year increase. Overseas sales exceeded 100,000 units consecutively in June and July, ranking third among Chinese automakers in overseas sales. Based on this, Geely Automobile raised the annual overseas sales target from 640,000 units to 920,000 units, aiming to achieve 1 million units in annual sales.

An Conghui revealed at the results meeting that Geely established the long-term strategy of "selling two-thirds of cars overseas" from the beginning of its establishment. Specifically implemented as the "123456" framework -- creating 1 overseas Geely system, Europe 600k level, ASEAN 500k level, Latin America & Africa 400k level, Eastern Europe 300k level, Middle East & Asia 200k level, total 2 million units plan. Overseas local production capacity layout was disclosed for the first time systematically: Volvo European factory will undertake luxury car production within the Geely system, starting production in 2028; Proton Malaysia factory increased from 200,000 units to 500,000 units; Ford Spain factory 500,000 units capacity; Renault Brazil project 300,000 units capacity; Renault South Korea factory is already in production.

In the fuel vehicle field, Gan Jiayue revealed a major strategic shift: "In the future, we will no longer develop traditional fuel vehicles, but turn all fuel vehicles to i-HEV. This is a major decision made by the management team and product strategy committee." i-HEV Smart Hybrid technology fuel consumption is 12% lower than the Japanese hybrid benchmark, with 0-100 km/h acceleration 1 second faster. In the second half, Monjaro, Preface, Boyue L and other i-HEV models will be launched.

From the start of 2026 to date, Geely Automobile is the only Chinese passenger car stock with positive stock price growth among A-shares and H-shares. Dozens of domestic and foreign investment banks including Citigroup, Morgan Stanley, JPMorgan, etc., have given ratings such as "Overweight" and "Buy".

Against the backdrop of an intense industry price war and sustained pressure on the average profit margin of China's auto industry, this performance report of nearly 1 billion yuan in core profit provides the strongest confidence for this handover brewing for years. From An Conghui joining Geely in 1996 to him succeeding as Chairman of Geely Automobile Holdings Limited in 2026, it has been exactly thirty years. Li Shufu continues to helm the overall situation at the Geely Holding Group level, while An Conghui and his professional manager team operate the listed company, with clear powers and responsibilities, each sticking to their position. Li Shufu said at the interim results press conference: "The amount raised by the company from the capital market is far less than the amount distributed to shareholders as dividends. We insist on annual dividends to reward shareholders. We basically keep our promises, honoring them with integrity and fulfilling them with capability."

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.