Momenta Shares Dip Below IPO Price After HKEX Debut; Robovan Runs in Suzhou for Over Four Months

From 2025 to 2026, the unmanned delivery segment saw a wave of new entrants, with companies including Wuling Motors, Zhuoyu Technology, Youjia Innovation, Dongfeng Motor, and Changan Automobile successively entering the field. On July 8, 2026, Momenta listed on the Hong Kong Stock Exchange with an issue price of HK$295.6 per share. It opened up more than 6% on the first day, with total market capitalisation exceeding HK$70 billion. After listing, the share price fluctuated and subsequently fell below the issue price, and has recently breached the HK$250 per share mark.

On July 27, 2026, Momenta announced that its Robovan business had been deployed in Xiangcheng, Suzhou, and had expanded into scenarios such as express delivery and night-time delivery. Prior to this, the Robovan unmanned delivery vehicles had already been in actual operation in settings such as JD Logistics' parks, with the business having been under way for more than four months. The announcement did not disclose customer information, specific partners, or the profit model, and only mentioned the progress of scenario expansion.

Industry data shows that in 2025, national sales of unmanned urban delivery vehicles reached 22,000 units, with a total fleet of 30,000 units. The unmanned delivery vehicle segment is highly competitive, with Neolix and Jushi as the leading players, together holding more than half of the market share. Platforms such as Meituan, JD Logistics, and SF Express participate through in-house development or equity investments, while other new entrants continue to flow in.

Momenta has accumulated a technology base in autonomous driving algorithms and perception models in the passenger vehicle segment, which can be transferred to the unmanned delivery vehicle domain. The company adopts a data-driven approach, iterating algorithms through massive data from production vehicles, and does not rely on high-definition maps. This technical path aligns with the needs of unmanned delivery vehicles. Unmanned delivery vehicles face the issue of road rights, with each city adopting a 'one city, one policy' management approach. Different companies take different measures: for instance, Jushi empowers customers to apply for road rights independently and provides a supporting recycling policy, while Neolix handles road rights applications on behalf of its clients. Momenta's announcement did not mention its arrangements for acquiring road rights.