The physical AI company Momenta (Stock Code: 6880.HK) has disclosed its global offering prospectus, officially launching its initial public offering subscription and planning to list on the Hong Kong Stock Exchange on July 8th. China International Capital Corporation Limited and Deutsche Bank AG are acting as joint sponsors.
According to the offering plan, Momenta intends to globally issue 19,938,300 shares in this IPO. The Hong Kong public offering comprises 1,993,840 shares, while the international offering consists of 17,944,460 shares, representing 10% and 90% of the total global offering shares, respectively. The offering also includes a 15% over-allotment option. The final listing price has been set directly at HK$295.6, with no price range established. Excluding the potential exercise of the over-allotment option, the total expected gross proceeds are approximately HK$5.89 billion. After deducting underwriting commissions and related expenses, the estimated net proceeds are around HK$5.615 billion.
Allocation of Proceeds
The prospectus indicates that approximately 60% of the net proceeds will be allocated to research and development. This includes enhancing core algorithms, the closed-loop automated toolchain, and the Momenta core platform. Within this portion, about 40% is earmarked for boosting AI computing power and data storage capacity, while roughly 20% is designated for directly expanding the R&D team. Around 20% of the proceeds will be used to accelerate the commercialization and scaling of autonomous ride-hailing services. Approximately 10% is intended for consolidating the mass-production vehicle solutions business and advancing new product development. The remaining 10% is allocated for working capital and general corporate purposes.
Notable Cornerstone Investor Lineup
Momenta has secured 14 institutional cornerstone investors for this offering, with a total subscription amount of approximately $376 million (around HK$2.944 billion). Based on the offer price, the cornerstone investors will subscribe for 9,960,080 shares, accounting for about 49.95% of the total global offering shares.
The cornerstone group encompasses three categories of institutions. Among international top-tier long-term funds and sovereign wealth funds, GIC and Fidelity International are the lead investors, each allocated $100 million. BlackRock, Inc. has committed $25 million, Oaktree Capital Management, L.P. $20 million, and Franklin Templeton $10 million. Regarding industrial strategic investors, Mercedes-Benz Group AG has invested $25 million and BYD Company Limited $15 million. Supply chain partner GigaDevice Semiconductor (Beijing) Inc. has committed $6 million. Among Chinese institutions, Gaoyi Capital, Boyu Capital, ChinaAMC, GF Fund Management, and China Pacific Insurance (Group) Co., Ltd. have each invested $10 million. Additionally, Suzhou Mosu is also included as a cornerstone investor.
Mercedes-Benz and BYD are both existing shareholders and deep partners of Momenta, and they have further reinforced their commitment by participating as cornerstone investors in this IPO. According to the pre-IPO shareholding structure disclosed in the prospectus, Mercedes-Benz initially invested in Momenta as early as 2017 and participated in multiple subsequent financing rounds. BYD also made a strategic investment during a critical growth phase of the company.
Market Leadership and Financial Performance
According to data from Frost & Sullivan, based on vehicle sales equipped with city Navigate on Autopilot (NOA) solutions over the 12 months ended February 28, 2026, and the cumulative number of mass-production vehicle models, Momenta ranks first among global independent intelligent driving solution providers. In the domestic third-party city NOA supplier market, Momenta holds a market share of 65%.
The prospectus shows that Momenta's revenue grew from RMB 743 million in 2023 to RMB 2.413 billion in 2025, representing a compound annual growth rate exceeding 80%. Within this, licensing revenue surged from RMB 23 million in 2023 to RMB 968 million in 2025, a 42-fold increase over three years. The overall gross margin improved from 17.5% in 2023 to 71.6% in 2025. As of the end of 2025, the company's cash reserves exceeded RMB 10 billion.
However, the company has not yet achieved profitability. It reported cumulative losses exceeding RMB 9.2 billion for the period from 2023 to 2025.
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