60 institutions are queuing to place big bets. How much money has Momenta made for its investors?

On July 8, Momenta officially listed on the Hong Kong Stock Exchange. The company's offering price was HK$295.6 per share, with its intraday peak reaching HK$314.8. By market close, the stock price settled at HK$295.6, matching the offering price, corresponding to a market capitalization of approximately HK$69.6 billion.

Despite closing flat on its first trading day, primary market investors have already reaped substantial profits. Data from Zero2IPO Jiachen CVSource shows that Momenta is backed by 92 relevant investment entities affiliated with 60 institutional investors, making it one of the autonomous driving companies worldwide with the most distinguished shareholder roster of automotive enterprises.

Zero2IPO Jiachen breaks down exactly how much these 92 funds and 60 institutional investors have earned from the "first publicly listed Physical AI stock".

01.

The Top 5 Institutions with the Highest Returns

The biggest winners are three early investors that entered during Series A financing. Greater Good Investment Holdings joined in January 2017 via Series A, delivering an MOIC of 84.27x. ZhenFund and BlueLake Capital entered in the same round, both recording an MOIC of 82.79x. BlueLake Capital's equity stake is valued at 1.171 billion yuan, while ZhenFund's stake is worth 569 million yuan.

The second-biggest winner is Sinovation Ventures. Sinovation Ventures participated in January 2017 through Series A and subsequent Series B rounds, achieving an MOIC of 23.08x with an equity value of 626 million yuan.

The third-biggest winner is Shunwei Capital. Shunwei Capital joined via Series A and Series B rounds, posting an MOIC of 15.35x with an equity value of 2.169 billion yuan.

The fourth-biggest winner is Ninebot Capital. Ninebot Capital entered in August 2017 through Series B, with an MOIC of 14.17x.

The fifth-biggest winner is CDH Investments. CDH Investments participated in Series A financing in January 2017, and continued to invest in Series B and C rounds, delivering an MOIC of 13.7x.

In addition, institutions that joined during Series B such as NIO Capital (11.85x), Cathay Capital (11.74x), and Joy Capital (9.19x) also secured lucrative returns.

02.

Collective Bets from Automotive Industrial Capital

Unlike most startups that rely purely on financial investment, Momenta's capital structure carries distinct industrial attributes.

Momenta has a total of 10 automotive industrial investors, including 7 automakers (SAIC Motor, NIO, Mercedes-Benz, General Motors, Toyota, BYD, Chery) and 3 leading enterprises in the automotive industry chain (Bosch, Desay SV, Luxshare Precision). Among them, 6 automakers (excluding NIO) are both customers and shareholders. This model of deep integration between industrial capital and commercial orders serves as the core competitive barrier that differentiates Momenta from other autonomous driving companies.

NIO Capital is one of Momenta's earliest investors in the automotive industry chain. It joined in August 2017 via Series B, with multiple funds under its management delivering a combined MOIC of approximately 11.85x and a total equity value exceeding 2 billion yuan. Focused on investment in the mobility industry chain, NIO Capital's entry provided Momenta with critical industrial resources in the field of intelligent automotive development.

SAIC Motor is the largest external shareholder. It entered in January 2017 through Series A financing via ShangQi Capital, and continued to increase its stake in Series C rounds. After the listing, SAIC holds approximately 8.65% of the shares, corresponding to an equity value of 5.218 billion yuan and an MOIC of 3.56x. SAIC is Momenta's earliest automaker shareholder and also its partner with the deepest mass production cooperation.

General Motors joined in September 2021 via Series C, holding 8.58% of shares with an equity value of 5.173 billion yuan and an MOIC of 2.68x.

Mercedes-Benz entered in August 2017 through Series B and subsequent Series C rounds, holding 6.13% of shares with an equity value of 3.527 billion yuan and an MOIC of 2.5x.

Toyota joined in January 2021 via Series C, recording an MOIC of 3.29x. BYD entered in June 2021 through Series C, with an MOIC of 2.93x. Chery Automobile joined in the same period, achieving an MOIC of 3.22x.

Desay SV, an upstream automotive component enterprise, entered in September 2017 via Series B, with an MOIC of 3.81x. Bosch also joined in January 2021 through Series C, delivering an MOIC of 3.29x. Luxshare Precision participated in September 2025 via Series C, with an MOIC of 1.48x.

Judging from the investment timeline of the aforementioned industrial parties, 2021 was clearly a turning point for Momenta's leapfrogging development in capital operations. That year, the company successively completed a series of Series C financings, raising a total of 1 billion US dollars and setting a record for the largest financing in China's autonomous driving sector that year. All core players in the global automotive industry chain joined in, meaning Momenta not only obtained financial support but also locked in the world's most critical mass production customers and strategic synergy resources.

03.

What Returns Have State-Owned Capital Generated?

State-owned capital forces in Momenta's shareholder list cannot be overlooked.

China Merchants Capital joined in June 2018 via Series B, with an MOIC of 5.52x. As an industrial investment platform with central state-owned enterprise background, China Merchants' early layout in Momenta reflects the national team's strategic judgment on the autonomous driving track.

Yizhuang State Investment entered in September 2025 through Series C. Its two funds, Beijing Yitang Chuangxin and Beijing Intelligent Connected Vehicle Industry Fund, hold a combined equity value of 909 million yuan with an MOIC of 1.48x. Yizhuang State Investment is a state-owned capital operation platform of the Beijing Economic-Technological Development Area, and Momenta's Robotaxi business also takes Yizhuang as an important operational base.

China New Fund joined in December 2025 via Series C, recording an MOIC of 1.43x. As a national-level industrial investment fund under China New Holding Group, China New Fund represents the national team's latest layout in the Physical AI track.

Greater Bay Area Fund entered in December 2025 through Series C. Its two funds, Mega Prime Development and GBA Equity Fund I, hold a combined equity value of 162 million yuan with an MOIC of 1.43x. As a strategic government-guided fund for the Guangdong-Hong Kong-Macao Greater Bay Area, the Greater Bay Area Fund's entry reflects regional state-owned capital's policy support for the Physical AI industry.

Two funds under CICC Capital Private Equity joined in the same period, also delivering an MOIC of 1.43x. The CICC Qichen series funds combine state-owned attributes and market-oriented operations, embodying the recognition of top-tier brokerage-affiliated capital for Momenta.

Sun Life Insurance entered in September 2018 via Series B, with an MOIC of 3.81x. As an insurance-affiliated capital entity, Sun Life Insurance's participation provided Momenta with long-term financial support.

04.

Internet Giants and Overseas Institutions Are Not Absent

The two major internet giants Tencent and Alibaba both appear in Momenta's shareholder list.

Tencent joined in May 2018 through Series B and Series C rounds, with an equity value of 1.052 billion yuan and an MOIC of 3.12x. Tencent's participation opens up new possibilities for Momenta in the mobility ecosystem and data scenario development.

Alibaba entered in September 2025 via Series C. Its three funds, Alisoft China, Accelerator XVI, and ANTFIN Singapore, hold a combined equity value of 1.373 billion yuan with an MOIC of 1.48x. Ant Group joined in simultaneously, marking the collective bet of internet giants on the Physical AI track.

Yunfeng Capital entered in June 2021 through Series C, with an equity value of 1.709 billion yuan and an MOIC of 2.66x. Co-founded by Jack Ma and Yu Feng, Yunfeng Capital's investment in Momenta reflects its judgment on the long-term value of autonomous driving.

Overseas capital occupies an important position in Momenta's shareholder landscape.

Temasek joined in August 2017 via Series B and Series C rounds, holding 4.51% of shares with an equity value of 2.722 billion yuan and an MOIC of 3.98x. As Singapore's sovereign wealth fund, Temasek's participation signifies that Momenta has obtained endorsement from top-tier international sovereign capital.

InnoVen Capital entered in September 2018 through Series B, with an MOIC of 3.81x. InnoVen is a venture debt platform under Temasek, forming complementary support to Temasek's equity investment.

Anlan Capital joined in the same period via Series B, recording an MOIC of 5.52x. Anlan Capital is a diversified overseas asset management firm based in Hong Kong, founded by Ji Zhenyu, focusing on emerging market investments. Joy Velocity entered in August 2017 through Series B and Series C rounds, with an MOIC of 3.84x.

The 60 institutional investors cover automakers, state-owned capital, sovereign wealth funds, internet giants, and top-tier market-oriented institutions. Among them, ZhenFund achieved 83x returns, BlueLake Capital 83x, and Sinovation Ventures 23x. Behind these figures lies the foresight of those early investors in 2017 who first bet on the mass production path of autonomous driving.

SAIC Motor, General Motors, Mercedes-Benz, Toyota, Bosch, BYD — these seven global automotive enterprises are both customers and shareholders. This model of deep integration between industrial capital and commercial orders is the core competitive barrier that sets Momenta apart from other autonomous driving companies.

The flat close on the first trading day may indicate that the market is still digesting the company's valuation. But for primary market investors, the figures mentioned above have already told the whole story.

This article is from the WeChat Official Account "Zero2IPO Jiachen", written by Jiachen who loves learning, and published by 36Kr with authorization.