The global leader in physical artificial intelligence, Momenta (6880.HK), commenced trading on the main board of the Hong Kong Stock Exchange on July 8, marking its debut as the first listed company in the physical AI sector.
On its first day of trading, the stock opened at HK$301, climbing over 6% during the session and pushing the company's total market capitalization beyond HK$70 billion.
Details of the Global Offering
According to the allotment results announcement, the global offering comprised 19,938,300 shares, with the Hong Kong public offering accounting for 10% and the international offering for 90%. The offer price was set at HK$295.60 per share, raising net proceeds of approximately HK$5.656 billion from the global offering.
Should the over-allotment option be exercised in full, the total number of shares offered would increase to about 22.93 million, raising a total of around HK$6.8 billion.
Strong Investor Demand
Market reception was highly positive. The Hong Kong public offering segment received 209,045 valid applications, representing an oversubscription of 413.63 times.
The international offering attracted institutional orders exceeding HK$100 billion, covering sovereign and long-term funds from 15 countries and regions, achieving an oversubscription of approximately 44 times excluding cornerstone investors.
Prominent Cornerstone Investor Lineup
The cornerstone investor group was notably strong, with 15 participants collectively subscribing for 9,960,080 offer shares, representing 49.95% of the global offering.
Leading the group, Singapore's GIC and Fidelity International each received allocations worth US$100 million.
Other major investors included BlackRock and Mercedes-Benz, each committing US$25 million, and BYD investing US$15 million.
Several Chinese institutions, including Gaoyi Capital, Boyu Capital, China Asset Management, GF Fund Management, and Pacific Insurance, each invested US$10 million.
Business Milestones Ahead of Listing
On the day before its listing, July 7, Momenta announced that its mass-production business deployment had surpassed 1 million units.
To date, the company has delivered over 100 mass-production vehicle models, secured orders for more than 210 models, and serves 9 out of the world's top 10 automakers.
Its mass-production solutions have been implemented in over 10 countries and regions across Asia, Europe, and Oceania.
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