Momenta于2026年7月8日在香港交易所上市，发行价为295.6港元/股，基础发行规模约58.9亿港元[1]。首日开盘后股价回落至发行价收盘，其后几个交易日基本持平，但到上市第四个交易日（7月13日）跌破发行价至291.2港元，跌幅1.49%[1]。上市时公司总市值一度突破700亿港元，对应2025年营收24.13亿元，市销率约25.1倍[1]。绿鞋护盘期内即已出现破发，反映市场对其"物理AI"叙事估值的质疑[1]。
公司核心竞争力体现在自动驾驶业务的快速增长上。量产智驾方案已搭载超过100万台车辆，累计定点车型超过210款，全球前十大车企中有九家与之合作[1]。软件许可收入实现了爆发性增长，从2023年的0.23亿元增至2025年的9.68亿元，增长超过40倍，占营收比重从3.1%上升至40%[1]；同期毛利率也大幅改善，从17.5%提升至71.6%[1]。经调整净亏损则从2023年的10.93亿元下降至2025年的3.03亿元，亏损率从147%收窄至12.6%，公司正逐步实现自我造血[1]。然而，Robotaxi业务作为公司双腿战略的另一支柱，目前尚未形成规模化收入，L4相关收入仍为零[1]。
Momenta made its Hong Kong stock exchange debut on July 8, 2026, pricing its shares at HK$295.6 per share, with a base offering size of approximately HK$5.89 billion and potential full greenshoe exercise bringing it to HK$6.8 billion.[1] The company's market capitalization briefly surpassed HK$70 billion on its first day, corresponding to a price-to-sales ratio of approximately 25.1 times based on 2025 revenues of 2.413 billion yuan.[1] However, the stock's performance soon reflected investor concerns about the company's "physics AI" narrative, with shares falling below the IPO price to HK$291.2 on the fourth trading day, representing a decline of 1.49%.[1]
The offering received strong institutional interest, with the public tranche oversubscribed 413 times and international allocations attracting over HK$100 billion in orders.[1] Despite robust demand, the stock broke through its offer price within the greenshoe stabilization period, signaling market apprehension regarding valuation.[1]
Momenta's business demonstrates significant operational progress, with software licensing revenue surging from 23 million yuan in 2023 to 968 million yuan in 2025—a more than 40-fold increase—while growing to represent 40% of total revenue.[1] The company's gross margin expanded substantially from 17.5% in 2023 to 71.6% in 2025.[1] Its adjusted net loss narrowed from 1.093 billion yuan in 2023 to 303 million yuan in 2025, with the loss ratio decreasing from 147% to 12.6%, indicating progress toward profitability.[1] The company's autonomous driving solutions have been deployed across more than one million vehicles, with over 210 vehicle models receiving design wins, and partnerships with nine of the world's ten largest automakers.[1] However, Momenta's Robotaxi business remains nascent, with L4-related revenue currently at zero.[1]
