Momenta lists in Hong Kong as the territory's first physical-AI stock

A first day above the offer price

On 8 July 2026, Momenta's shares began trading on the main board of the Hong Kong Stock Exchange^[1]. The stock opened more than 6 percent above its issue price, and the company's market value passed 70 billion Hong Kong dollars on its first day^[1]. An opening price above the offer price means the shares investors were allocated are worth more, at the moment trading starts, than the price they paid; a first-day move of that size is a sign that demand ran ahead of the price the deal had been set at.

How the offering was built

Momenta priced the shares at 295.6 Hong Kong dollars each and sold about 22.93 million of them^[1]. An offering of this kind is usually split in two: a public offer aimed at retail investors and an international placing aimed at institutions. The public offer was about 414 times oversubscribed^[1] — investors placed orders for roughly 414 times the number of shares set aside for them, so allocations had to be cut back. The international placing received more than 100 billion Hong Kong dollars of orders^[1]. Market value, meanwhile, is the share price multiplied by the number of shares in existence, so a first-day figure moves with the price rather than being fixed at the offer.

Ten years of driving, ten years of robots

Cao Xudong said the company had spent ten years teaching AI to drive and would spend the next ten years extending that work to robots^[1]. The remark places the listing inside a longer timeline rather than at its end: driving is the base the company has been building, robots the stated next target. That framing is also where the “physical AI” label comes from — systems that sense, decide and act in the physical world, where mistakes have physical consequences, rather than only handling text and images. Chinese-language coverage of the listing described Momenta as the Hong Kong market's first physical-AI stock^[1].

Revenue up, losses accumulating

The Beijing News reported that the company lost more than 9.2 billion yuan over the three years to 2025^[2]. Over the same three years its revenue rose from 743 million yuan to 2.413 billion yuan^[2]. Put together, the two figures describe a business whose sales were climbing quickly while it was still spending more than it brought in — a shape familiar among companies that invest heavily ahead of a market they expect to be large, and one that investors have to weigh against the growth.

The Hong Kong frame

Paul Chan, Hong Kong's financial secretary, attended the listing ceremony and described Hong Kong as a super-converter for mainland technology going global^[1]. The image is of a place that changes one form into another: mainland technology companies on one side, international capital on the other. For a company now traded in the city, a listing is also a daily public price — a running judgment that will keep being made as revenue, losses and the robot plans develop.