MOMENTA-W (06880) has announced the details of its initial public offering, which will be open for subscription from June 29 to July 3, 2026.
The company plans a global offering of 19,938,300 shares, with approximately 10% allocated for the Hong Kong public offering and about 90% for the international offering, along with a 15% over-allotment option.
The final offer price has been set at HK$295.60 per share, with each board lot consisting of 20 Class A ordinary shares.
Trading of the Class A ordinary shares on the Main Board of The Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on Wednesday, July 8, 2026.
About the Company
MOMENTA is a leading autonomous driving company, recognized for its technological advancements and commercial achievements.
According to CIC data, the company ranks first globally among all independent intelligent driving solution providers, based on both the sales volume of vehicles equipped with its urban NOA solution over the past twelve months ended February 28, 2026, and the cumulative number of mass-produced vehicle models equipped with its urban NOA solution as of the same date.
The group is focused on developing and commercializing intelligent driving technology to enhance safety and efficiency in the mobility and logistics sectors, primarily through mass-production vehicle solutions and scaled autonomous mobility applications.
It is currently in the early stages of deploying L3/L4 level autonomous driving solutions and is progressing towards higher levels of automation.
Cornerstone Investors
The company has entered into cornerstone investment agreements with a group of prominent investors.
These cornerstone investors, including GIC, Fidelity International, BlackRock, Mercedes-Benz Group, Oaktree, Jinxing, Franklin Templeton, Boyu, Gaoyi entities, CPIC, GF Fund Management, ChinaAMC (Hong Kong), Suzhou Mosu, and GigaDevice, have agreed to subscribe for shares at the offer price for a total amount of approximately US$376 million.
At the offer price of HK$295.60, the cornerstone investors will subscribe for a total of 9,960,100 offer shares.
This represents approximately 49.95% of the total offer shares under the global offering (assuming the over-allotment option is not exercised), 4.23% of the total issued share capital upon completion of the global offering (assuming no over-allotment and excluding any potential issuance under the pre-IPO share incentive scheme), and 4.18% (assuming full exercise of the over-allotment option and excluding any potential issuance under the pre-IPO share incentive scheme).
Use of Proceeds
Assuming an indicative offer price of HK$295.6 per share for both the Hong Kong public offering and the international offering, and that the over-allotment option is not exercised, the company estimates net proceeds from the global offering to be approximately HK$5.615 billion after deducting underwriting commissions and estimated expenses.
The group intends to use the net proceeds from the global offering as follows: approximately 60% will be used over the next five years to strengthen core R&D, including core algorithms, automated toolchains, and the Momenta core platform, to consolidate its leading position in technological innovation within the intelligent driving industry.
About 20% of the net proceeds will be allocated to accelerate the commercialization and scaling of its autonomous taxi service solutions.
Roughly 10% will be used to consolidate its mass-production vehicle solutions, support next-generation product development, and further deepen long-term cooperation with global original equipment manufacturers.
The remaining 10% will be used for working capital and general corporate purposes, including daily operational needs, expenses arising from business expansion, and other uses supporting the implementation of the group's business plans.
Financial Performance
The company's financial performance showed significant growth during the track record period.
Revenue increased by 78.4% from RMB 743 million in 2023 to RMB 1.325 billion in 2024, and further increased by 82.1% to RMB 2.413 billion in 2025.
Gross profit was RMB 130 million, RMB 649 million, and RMB 1.727 billion for 2023, 2024, and 2025, respectively.
The adjusted annual loss (a non-IFRS measure) was RMB 1.093 billion, RMB 959 million, and RMB 303 million for 2023, 2024, and 2025, respectively.
The adjusted annual net loss margin (a non-IFRS measure) was 147.2%, 72.4%, and 12.6% for those respective years.
Comments