Momenta Lists on HKEX in July 2026 at HK$295.6, Closes Flat, Later Drops Below Issue Price
Momenta listed on the Hong Kong Stock Exchange on July 8, 2026, at an issue price of HK$295.6, raising about HK$5.89 billion. The IPO was oversubscribed 413 times, and market cap exceeded HK$70 billion. On debut, the stock closed flat at the issue price. On July 13, it fell 1.49% to HK$291.2. Software license revenue grew from RMB23 million in 2023 to RMB968 million in 2025, gross margin rose from 17.5% to 71.6%, and adjusted net loss narrowed from RMB1.093 billion to RMB303 million, with loss rate falling from 147% to 12.6%.
Momenta listed on the Hong Kong Stock Exchange on July 8, 2026, with an issue price of HK$295.6. 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 tranche was oversubscribed 413 times, and the international tranche attracted institutional orders exceeding HK$100 billion. Based on the issue price, the company's total market capitalization briefly exceeded HK$70 billion, corresponding to a price-to-sales ratio of about 25.1 times on its 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 price was unchanged at 0% on both days. On July 13, the fourth trading day, the stock fell below the issue price to HK$291.2, down 1.49%.
Financially, Momenta's software license revenue grew from RMB23 million in 2023 to RMB968 million in 2025, an increase of over 40 times in three years, and its share of total revenue rose from 3.1% to about 40%. The company's gross margin improved from 17.5% in 2023 to 71.6% in 2025. Under IFRS, reported net loss expanded from RMB2.57 billion in 2023 to RMB3.458 billion in 2025, but after excluding non-cash items such as fair value changes of convertible redeemable preferred shares, adjusted net loss narrowed from RMB1.093 billion in 2023 to RMB303 million in 2025, with the loss rate 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 were installed in over 1 million vehicles, with cumulative designated models exceeding 210, covering almost all major domestic automakers, and 9 of the world's top 10 automakers were cooperating with it. The company stated that in 2022, it took 24 months to achieve the first 100,000-unit mass production delivery, and now it can be completed in as fast as 40 days. In its Robotaxi business, Momenta is cooperating with platforms such as Uber, Grab, and Xiangdao Chuxing, and is conducting pilot discussions in Munich, Germany, but has not yet generated scaled revenue; other L4-related revenue items in the prospectus are currently zero.
Compared with the listed Horizon Robotics, Momenta's 2025 revenue scale is lower than Horizon's, but its gross margin is higher, R&D expense ratio is lower, and adjusted net loss rate of 12.6% is significantly lower than Horizon's. Momenta's revenue structure is mainly contributed by mass-production vehicle solutions, and Robotaxi commercial monetization has not yet started.