- GIC, Fidelity, Mercedes-Benz, BYD anchor $759 million offering
- Autonomous driving leader bets on world model strategy for next growth phase
Autonomous driving company Momenta launched its Hong Kong initial public offering on June 29, with shares scheduled to begin trading on July 8 in what is set to become the city’s first listed “physical AI” company.
The company plans to offer 19.94 million shares at a final price of HK$295.60 ($37.7) each, raising approximately HK$5.89 billion.
China International Capital Corporation and Deutsche Bank are acting as joint sponsors.
14 cornerstone investors
The IPO has attracted 14 cornerstone investors, who have collectively committed about $376 million and will subscribe to nearly half of the shares on offer.
GIC and Fidelity International are leading the cornerstone tranche with investments of $100 million each.
They are joined by BlackRock with a $25 million commitment, Oaktree Capital Management with $20 million, and Franklin Templeton with $10 million, marking the firm’s first appearance as a cornerstone investor in a Hong Kong IPO.
Strategic investors are also well represented. Mercedes-Benz AG and BYD, both existing shareholders, have committed $25 million and $15 million respectively, reaffirming their support ahead of the listing.
A roster of long-term backers
Other participants include Chinese fabless semiconductor designer GigaDevice (兆易创新), which invested $6 million, alongside leading institutional investors including Gaoyi Entities (or Perseverance Asset), Boyu Capital, China Asset Management, GF Fund and China Pacific Insurance Company.
Momenta has attracted broad investor interest largely because of its “mass-production world model” strategy.
Jumping on the robotaxi bandwagon
In April, the company unveiled its production-ready R7 World Model, which is designed to support passenger vehicles as well as robotaxi and robovan applications.
According to China Insights Consultancy, vehicles equipped with Momenta’s urban navigation-on-autopilot (NOA) system ranked first globally among independent autonomous driving solution providers over the past 12 months.
During this period, the company captured a 65% share of China’s third-party urban NOA market.
CAGR of over 80%
Financially, the company has expanded rapidly. Revenue climbed from 743 million yuan in 2023 to 2.41 billion yuan in 2025, representing a compound annualized growth rate of more than 80%.
Gross margin surged from 17.5% to 71.6%, while adjusted net loss narrowed to 303 million yuan, bringing the company close to break-even.
