Momenta Lists on HKEX on July 8, 2026, at HK$295.6, Later Falls Below Issue Price

Momenta listed on the Hong Kong Stock Exchange on July 8, 2026, with an issue price of HK$295.6 per share. The base offering size was approximately HK$5.89 billion, which could reach HK$6.8 billion if the greenshoe option is fully exercised. Fourteen cornerstone investors subscribed for nearly half of the offering. The public offering was oversubscribed 413 times, and the international placement attracted institutional orders exceeding HK$100 billion. Based on the issue price, the company's total market value briefly exceeded HK$70 billion, corresponding to a price-to-sales ratio of about 25.1 times against 2025 revenue of RMB2.413 billion.

On its debut, Momenta opened 1.83% higher at HK$301, rose to an intraday high of HK$314.8, then retreated to close exactly at the issue price of HK$295.6. On July 9 and July 10, the stock's change was 0% on both days. On July 13, the fourth trading day, the share price fell below the issue price to HK$291.2, a decline of 1.49%.

Financially, Momenta's software licensing revenue grew from RMB23 million in 2023 to RMB968 million in 2025, a more than 40-fold increase over three years, with its share of total revenue rising from 3.1% to approximately 40%. The company's gross margin improved from 17.5% in 2023 to 71.6% in 2025. Under International Financial Reporting Standards (IFRS), the book net loss widened from RMB2.57 billion in 2023 to RMB3.458 billion in 2025. However, after excluding non-cash items such as fair value changes of convertible redeemable preferred shares, the adjusted net loss narrowed from RMB1.093 billion in 2023 to RMB303 million in 2025, with the loss ratio falling from 147% to 12.6%. Net cash outflow from operating activities decreased from RMB1.069 billion to RMB281 million, and the company's cash reserves exceeded RMB10 billion.

As of the listing, Momenta's mass-production solutions had been installed in over 1 million vehicles, with more than 210 designated models covering nearly all major domestic automakers. Nine of the world's top 10 automakers are its partners. The company said that its first 100,000-unit mass-production delivery took 24 months to achieve in 2022, while the fastest now takes just 40 days. In its Robotaxi business, Momenta is cooperating with platforms such as Uber, Grab, and Xiangdao Chuxing, and is in pilot discussions in Munich, Germany, among other locations. However, it has not yet generated scale revenue, and other L4-related revenue items in the prospectus are currently zero.

Compared with listed Horizon Robotics, Momenta's 2025 revenue was lower, but its gross margin was higher and its R&D expense ratio lower. Its adjusted net loss ratio of 12.6% was significantly below Horizon's. Momenta's revenue structure is mainly driven by mass-production vehicle solutions, while Robotaxi commercialization has not yet started.