Momenta Launches Hong Kong IPO with GIC, Fidelity and BlackRock Among 14 Cornerstone Investors

Momenta Global Limited, a global leader in physical AI, launched its global offering and Hong Kong public offering on June 29. The company plans to list on the main board of the Stock Exchange of Hong Kong under the stock code "6880.HK", becoming the first "physical AI stock" on the bourse.

The offering comprises 19,938,300 class A ordinary shares globally, including 1,993,840 Hong Kong offer shares (10% of the total) and 17,944,460 international offer shares (90%), subject to reallocation and a 15% over-allotment option (commonly known as the "greenshoe option"). The offer price has been fixed at HK$295.60 per share—a rare move in Hong Kong IPOs that underscores strong demand and the company's confidence in its prospects. Based on the offer price and assuming the over-allotment option is not exercised, Momenta expects to raise approximately HK$5.89 billion (US$751 million). CICC and Deutsche Bank act as joint sponsors.

Cornerstone investors commit US$375.75 million

Momenta has secured commitments from 14 cornerstone investors, who have collectively subscribed for approximately HK$2.94 billion (US$375.75 million), representing roughly 50% of the total offering size. The cornerstone investor group comprises three key categories: international long-only funds and sovereign wealth funds, strategic industry investors, and top-tier Chinese long-only institutions.

Among the international long-only funds and sovereign wealth funds, GIC and Fidelity International each committed US$100 million, BlackRock committed US$25 million, Oaktree committed US$20 million, and Franklin Templeton committed US$10 million, with the latter marking its first-ever appearance as a cornerstone investor in a Hong Kong IPO. The strategic industry investors include Mercedes‑Benz AG, which committed US$25 million, BYD, which participated through its investment arm Golden Link with a US$15 million commitment, and GigaDevice Semiconductor (HK) Limited, a supply chain partner, which committed US$6 million. The top-tier Chinese long-only institutions comprise leading private equity firms Gaoyi and Boyu, premier public fund managers China Asset Management (ChinaAMC) and GF Fund, and insurance industry leader CPIC, each committing US$10 million, while Suzhou Mosu Technology Co., Ltd. also participated as a cornerstone investor.

Industry analysts believe Momenta's exceptional cornerstone lineup signals three key messages.

First, GIC and Fidelity International lead an "all-star" international investor lineup in the Momenta IPO.

GIC, a globally renowned sovereign wealth fund with nearly US$1 trillion in assets under management—comparable to the market capitalization of Berkshire Hathaway—has invested in technology leaders including AI developer Anthropic and semiconductor giant TSMC. Since entering China in 1995, GIC has backed industry champions such as Alibaba, Meituan, and Kuaishou.

Fidelity International, a premier global asset manager with over US$1 trillion in AUM, has a long track record of investing in China's industry leaders, including Tencent, Alibaba, BYD, and CATL. More recently, it has built positions in AI frontrunners such as Zhongji InnoLight, Eoptolink, Cambricon, and Montage Technology.

The investment portfolios of these two lead cornerstone investors reflect a clear preference for high-growth AI technology companies, and their decision to lead the investment in Momenta signals that they view the company as a core asset in the AI sector.

The participation of BlackRock, Oaktree Capital, and Franklin Templeton further underscores broad institutional consensus on Momenta's financial performance and long-term value in physical AI. Long-only funds typically maintain high selection standards, favoring companies with proven business models and strong technological moats, and the convergence of premier international long-only funds and sovereign wealth funds points to a unanimous positive outlook on Momenta's growth trajectory over the coming years.

Second, a strategic industry "dream team" with Mercedes-Benz and BYD joining forces. Both Mercedes‑Benz and BYD are existing shareholders and strategic partners of Momenta, and their continued participation as cornerstone investors—increasing their commitments—strongly reinforces their confidence in Momenta's physical AI technology leadership and commercial prospects, while further deepening the strategic cooperation between the parties.

Third, top-tier domestic institutional coverage across private equity, public funds, and insurers. The domestic cornerstone investor group brings together China's top long-only institutions across private equity, public funds, and insurance—including Gaoyi, Boyu, ChinaAMC, GF Fund, and CPIC—demonstrating a strong consensus among leading Chinese financial institutions. This exceptional and diversified shareholder base provides not only strategic and capital support, but also business synergies, user growth, and global expansion capabilities that will contribute to Momenta's continued rapid growth.

Unlocking the "GPT moment" for physical AI with a world model

In April 2026, Momenta's R7 World Model achieved its first mass-production deployment, and as a foundational physical AI model, it supports Momenta's large-scale commercialization across passenger vehicles, robotaxi, and robovan, with future expansion into robotruck and other applications. The R7 World Model is poised to become a key catalyst in ushering in the "GPT moment" for physical AI.

Momenta has achieved leapfrog revenue growth over the past three years, with revenue growing from RMB743 million in 2023 to RMB2,412.5 million in 2025—more than tripling over the period and representing a compound annual growth rate of over 80%. Licensing revenue soared 42-fold over the same period, while gross profit margin quadrupled from 17.5% in 2023 to 71.6% in 2025. Driven by sustained revenue growth and margin expansion, Momenta's adjusted net loss narrowed significantly to RMB302.8 million in 2025, approaching breakeven and demonstrating strong earnings potential. As of the end of 2025, the company's cash reserves exceeded RMB10 billion, providing robust financial resources to accelerate its robo-market expansion and global growth.

According to the prospectus, approximately 60% of the net proceeds will be allocated to research and development to strengthen core technologies and advance next-generation autonomous driving solutions, approximately 20% will be used to accelerate the commercialization and scaled development of robotaxi solutions, approximately 10% will be deployed to strengthen the mass-produced vehicle solutions business and drive next-generation product development, and the remaining 10% will be reserved for working capital and general corporate purposes.

Fund managers who are bullish on Momenta believe the company's strong growth trajectory and revenue scale make it a rare asset in its segment within the Hong Kong market.

This Hong Kong IPO will not only inject strong momentum into Momenta's technological evolution and business expansion, but also set a new benchmark for the capitalization and scaling of the physical AI industry, marking an important milestone in the global transition of physical AI from theoretical research to commercial implementation. At the same time, the IPO is expected to further accelerate Momenta's globalization, promoting the advancement of the global physical AI industry with "China solutions" amid the wave of AI technology going global.