Momenta Lists on HKEX Amid Pressure on Smart Driving Valuations

[Company Listing] Momenta officially listed on the Hong Kong Stock Exchange (HKEX) on July 8, 2026, with an opening price of HK$301 and a market capitalization exceeding HK$70 billion.

Core Developments: Smart Driving Sector Cools Down; Shifts to a New 'Physical AI' Narrative

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  Initially planned a U.S. IPO but failed to proceed; pivoted to HKEX in late June 2026, coinciding with widespread market fatigue toward smart driving concepts.

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  Competitors such as Horizon Robotics, Pony.ai, and WeRide had already gone public around the same period, diluting the exclusivity of the "first smart driving stock" label.

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  Momenta is now positioning itself as the "first Physical AI stock," aiming to break away from traditional smart driving narratives to attract investor interest.

Key Metrics: Mass Production and Customer Base Underpin Valuation

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  Cumulative deployments in mass-produced vehicles exceed 1 million units, with partnerships spanning 24 OEMs.

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  Previously targeted a valuation of RMB 100 billion, yet its actual listing market cap stands at approximately HK$70 billion, reflecting cautious sentiment in the secondary market.