On June 29th, Momenta disclosed its global offering documents and officially launched its IPO. It plans to be listed on the Hong Kong Stock Exchange under the stock code "6880" on July 8th, becoming the "first physical AI stock". Momenta has introduced 14 institutions as cornerstone investors, with Singapore Government Investment Corporation (GIC) and Fidelity International each contributing $100 million to lead the investment.
The final price of this IPO is HKD 295.6, without setting a price range. It is rare to directly determine the final issue price, which represents that Momenta is indeed very popular and reflects investors' confidence in Momenta's stock price. It is understood that without considering the green shoes, Momenta expects a total fundraising amount of approximately HKD 5.89 billion, while the total subscription amount of Cornerstone is approximately USD 376 million (approximately HKD 2.94 billion), accounting for 50% of the total fundraising amount. What is the concept of this number? Just give a few examples of celebrity companies going public.
By 2025, CATL's 23 cornerstone companies will invest a total of HKD 20.4 billion, accounting for approximately 50% of the global sales; Hengrui Pharmaceutical has invested HKD 4.15 billion, accounting for approximately 44%, in 7 cornerstone companies; Momenta's cornerstone accounts for nearly 50%, indicating that cornerstone investors are "crazily" competing for quotas.
In this cornerstone market of nearly HKD 3 billion, GIC and Fidelity International each invested a strong $100 million, which is equivalent to more than half of the cornerstone market share being "wrapped up" by them. So, why did these two top global long-term funds each invest $100 million to lock in an unprofitable physical AI company? What is it for again? We will elaborate on these later. In short, Momenta covers top institutional investors, industrial capital, and domestic long-term funds worldwide, which is quite rare in Hong Kong stock IPOs.
Specifically, GIC and Fidelity both received strong lead investments of $100 million; BlackRock contributed $25 million, Oaktree contributed $20 million, and Franklin Templeton contributed $10 million. Mercedes Benz and BYD contributed $25 million and $15 million respectively; Industry chain partner Zhaoyi Innovation invested 6 million US dollars. Top Chinese long-term private equity, public funds, and insurance funds include China's top private equity funds Gao Yi and Boyu, China's top public funds Huaxia Fund and Guangfa Fund, as well as long-term insurance fund Pacific Insurance, each contributing $10 million. In addition, cornerstone investors also include Suzhou Magic Speed.
According to the prospectus, about 60% of the funds raised by Momenta this time will be used for research and development to strengthen core technologies and promote the next generation of intelligent driving solutions, about 20% will be used to accelerate the commercialization and scale development of autonomous taxi service solutions, about 10% will be used to consolidate the mass production vehicle solution business and promote the development of new generation products, and about 10% will be used for working capital and general enterprise purposes.
GIC and Fidelity International lead investment in Momenta cornerstone
GIC's role as a cornerstone of the Hong Kong stock market itself is a signal worth paying attention to. Unlike Temasek, GIC is known for its extreme conservatism as it "hardly does any new stock cornerstone and only buys mature companies in the secondary market". In recent years, GIC's actions on the cornerstone of the Hong Kong stock market have been few and far between. In May 2025, GIC led the investment in Hengrui Pharmaceutical's Hong Kong IPO cornerstone for $268 million, which is a rare large-scale investment in recent years; In addition, GIC has also been involved in a small number of cases such as Shengbang Shares.
In other words, GIC's willingness to invest $100 million as the cornerstone lead for Momenta is already considered a "heavy position" in its own investment rhythm. The technology companies GIC has invested in in recent years include Anthropic, the leader of large models, TSMC, etc., and also have invested in Alibaba, Meituan, Kwai and other industry leaders.
From the perspective of investment targets, GIC prefers technology Internet and semiconductor companies with high growth attributes, and chooses to lead investment in Momenta, which means that it has regarded Momenta as one of the core targets of AI industry.
Fidelity International, which is leading the investment alongside GIC, has managed assets worth over $1 trillion. Fidelity International has made long-term investments in leading companies in various industries in China, such as Tencent, Alibaba, BYD, and CATL. In recent years, through its funds, it has also invested in leading companies in the AI optical module and computing power fields, such as Zhongji Xuchuang, Xinyisheng, Cambricon, and Lanqi Technology.
BlackRock is the world's largest asset management institution, with a management scale of $14 trillion by the end of 2025. In recent years, cornerstone cases in the Hong Kong stock market include Chint Technology. Oaktree Capital was founded by Howard Marks and will appear on the cornerstone lists of CATL and Hengrui Pharmaceuticals in May 2025. It is worth noting that CATL and Hengrui Pharmaceuticals are the two largest IPOs in the Hong Kong stock market in 2025, while Oaktree Capital has declined both. Now, it has increased its investment in Momenta, indicating its continued optimism towards Hong Kong technology assets.
Franklin Templeton's situation is even more unique. According to publicly available information, this global asset management giant founded by legendary investor Franklin Templeton has made its first appearance on the list of cornerstone investors in the Hong Kong stock market through Momenta's IPO.
Overall, the five top global investment institutions have been allocated a total of $255 million, accounting for nearly 70% of the $376 million cornerstone subscription total. This indicates that these international top institutions are using real money to systematically layout the AI track, and Momenta is undoubtedly a core target among them.
At the level of "top tier" strategic investors in the industry, Mercedes Benz contributed $25 million, BYD contributed $15 million, and industry chain partner Zhaoyi Innovation contributed $6 million.
Mercedes Benz and BYD, one is a top international car company in the world, and the other is a leader in China's new energy vehicle industry. The two companies are neither financial investors nor temporary supporters. They are both old shareholders and partners of Momenta. This time, as a cornerstone, they continue to increase their investment, demonstrating their recognition of Momenta's long-term operation and optimism for the future.
Moreover, the significance of car companies as a cornerstone is different from that of long-term funds: long-term funds bet on financial returns and technological trends, while car companies bet on their own supply chain and industry judgment as a cornerstone. Mercedes Benz and BYD are willing to lock up their positions with real money, indicating that they have practical industry level recognition of Momenta's technology roadmap and business prospects, rather than just looking at financial figures. At the same time, there are international and Chinese car companies working together as the cornerstone, which is also quite rare in recent Hong Kong stock IPOs.
In terms of Chinese cornerstone, Gao Yi and Boyu each contributed 10 million US dollars, Huaxia Fund and Guangfa Fund each contributed 10 million US dollars, and Pacific Insurance contributed 10 million US dollars. In addition, cornerstone investors also include Suzhou Magic Speed.
Gaoyi Asset Management and Boyu Capital are familiar faces in the cornerstone market of Hong Kong stocks in 2025, both appearing on the 23 cornerstone list of CATL. Boyu also participated in the cornerstone of Hengrui Pharmaceutical.
The participation of Pacific Insurance needs to be viewed within a larger trend. From 2020 to 2024, there were only a few cases of insurance funds participating in cornerstone investments in Hong Kong stock IPOs, with a total of no more than 10. In 2025, Taikang Life Insurance, China Post Life Insurance, Dajia Life Insurance, Taiping Asset Management (Hong Kong) and other institutions participated in the cornerstone subscription of 12 Hong Kong stock IPOs, with a total amount of HKD 2.62 billion. As of May 27, 2026, 7 insurance funds have participated in 17 Hong Kong stock IPOs, with a total amount exceeding HKD 2.5 billion.
Pacific Insurance has always been a relatively cautious one, participating in four companies including CATL and Zijin Gold International in 2025, and only participating in one company, Sige New Energy, as of May 2026. In other words, Pacific Insurance is by no means a "must-have IPO", its actions are closer to being carefully selected. Choosing Momenta is a very certain judgment in the context of accelerating the allocation of hard technology assets by insurance funds in the era of low interest rates.
From the perspective of the overall lineup, this three-tier structure of "international long-term+industry top allocation+full coverage of Chinese capital" is indeed rare in recent Hong Kong stock IPOs, and Momenta is one of the few cases that has won top institutions at all three levels at the same time. This brings us back to Momenta's unique ecological niche as the first physical AI stock.
The first stock of physics AI
In April of this year, the Momenta R7 world model achieved mass production and made its debut. R7 is a foundational model that can understand physical laws and deduce the evolution of the world, supporting Momenta's large-scale implementation in areas such as passenger cars, autonomous taxis, and unmanned vehicles.
The world model is considered a key breakthrough in stimulating the "GPT moment" of physical AI, and Momenta is the world's first company to adopt a "two legged" strategy - based on the "data flywheel" technology insight, mass production solutions are parallel to scalable Robo, using the world model as the foundation, allowing physical AI to move from technological concepts to real life.
Since its establishment in 2016, Momenta has been doing this, following the strategy of "one flywheel, two legs" to go deeper. The money earned from mass production of assisted driving supports the research and development of autonomous driving, and the data flywheel accumulated from autonomous driving in turn enhances the experience of mass production solutions. This closed loop has been in operation for ten years and has become the foundation of the 'first stock of physical AI'.
The financial data also supports the confidence of new and old shareholders. From 2023 to 2025, Momenta's operating revenue will increase from 743 million yuan to 2.413 billion yuan, tripling in three years, with an average annual compound growth rate of over 80%. The licensing revenue increased from 23 million yuan to 968 million yuan, a 42 fold increase in three years; The gross profit margin increased from 17.5% to 71.6%, quadrupling in three years. After adjustment, the loss for the year has rapidly narrowed from 1.093 billion yuan to 303 million yuan, approaching breakeven.
By the end of 2025, the company's cash reserves will exceed 10 billion yuan, which is also one of the reasons why Momenta continues to deepen its focus on physical AI. In 2025, Momenta will invest 1.869 billion yuan in research and development, accounting for 77.5% of its annual revenue, with a cumulative R&D investment of 4.66 billion yuan in the past three years. As of the end of 2025, the company has 1157 R&D personnel, accounting for nearly 82% of the total, with over two-thirds holding a master's degree or above.
Therefore, with strong business growth in mass production of autonomous driving/intelligent driving, a three-year compound annual growth rate of 80% in revenue growth, strong cash reserves, and 10 years of continuous investment and deep cultivation in physical AI, it can be imagined that Momenta will definitely be a scarce target in the niche market after its listing.
This IPO in Hong Kong will inject strong momentum into Momenta's technological evolution and business expansion, and also set a new benchmark for the capitalization and scale development of the physical AI industry. Looking back in a few years, it will definitely be an important milestone for physical AI. Behind the 14 ultra luxury cornerstone arrays, it reflects the global consensus that physical AI is becoming increasingly powerful, focusing on the trend of physical AI moving from theory to large-scale commercial implementation. Momenta is the anchor of this consensus and trend.
