Momenta Debuts on HKEX: Raises HK$5.89 Billion to Advance L4 Autonomous Driving and Global Expansion

On July 8, Momenta officially listed on the Hong Kong Stock Exchange, opening at HK$301 per share with a total market capitalization exceeding HK$70 billion. The IPO was priced at HK$295.60 per share, with a global offering of 19.9383 million shares, raising approximately HK$5.89 billion. The proceeds will be used to advance Level 4 (L4) high-level autonomous driving, develop physical AI world models, and accelerate overseas commercialization. Since its inception, Momenta has pursued a “One Flywheel, Two Legs” strategy: the “One Flywheel” refers to leveraging data collected from mass-produced vehicles on real roads to drive algorithmic iteration; the “Two Legs” represent its dual focus on L2 mass-production advanced driver-assistance systems (ADAS) and L4 autonomous driving, which share a common technical architecture and data pipeline. In the mass-production ADAS segment, according to industry statistics, between March 2025 and February 2026, Momenta captured a 65% market share in China’s third-party urban NOA (Navigate on Autopilot) solutions market. The company already serves all major Chinese passenger vehicle manufacturers and has established partnerships with nine of the world’s top ten automakers. In the L4 robotaxi space, Momenta has launched multi-dimensional collaborations with mobility platforms and automakers including Uber, Grab, Lumo, and Shangdao Mobility. Financial data shows that Momenta’s revenue grew from RMB 743 million in 2023 to RMB 2.413 billion in 2025, representing a compound annual growth rate of over 80%. License-based revenue surged 42-fold over the same three-year period. Gross margin also improved significantly, rising from 17.5% to 71.6% during this timeframe.