Congratulations to Momenta (HKEX: 6880), Blue Lake Capital’s Angel Portfolio Company, on Its Successful HKEX Listing as the World’s First Publicly Listed Physical AI Company

On July 8, 2026, Momenta, a pioneer in Physical AI, officially debuted on the Hong Kong Stock Exchange (HKEX: 6880), becoming the world’s first publicly listed Physical AI company. The stock opened more than 6% higher on its first trading day, bringing the company’s market capitalization above HK$70 billion.

The IPO was priced at HK$295.6 per share. Assuming the full exercise of the over-allotment option (greenshoe), the offering raised approximately HK$6.8 billion. Investor demand was exceptionally strong, with the Hong Kong public offering oversubscribed by 414 times. International institutional orders exceeded HK$100 billion, while the international tranche excluding cornerstone investors was oversubscribed by 44 times, underscoring the extraordinary enthusiasm from global investors.

The cornerstone investor lineup ranks among the strongest seen in recent Hong Kong IPOs, with total subscriptions of approximately HK$3 billion. The offering attracted a distinguished group of global sovereign wealth funds, long-term institutional investors, leading automakers, and China’s top long-term capital. Sovereign investors including GIC, Abu Dhabi Investment Authority (ADIA), Temasek, and the Canada Pension Plan Investment Board (CPPIB) participated alongside global asset managers such as BlackRock, Fidelity, and Schroders. Strategic shareholders Mercedes-Benz and BYD further increased their holdings, while leading Chinese investment institutions including Hillhouse, Boyu Capital, China AMC, and China Pacific Insurance also participated. Long-term institutional investors subscribed for more than 15 times the allocated shares, reflecting strong global conviction in both the Physical AI sector and Momenta’s long-term growth prospects.

Blue Lake Capital led Momenta’s angel financing round in 2016, shortly after the company’s founding, and has supported the company throughout its decade-long journey. During this period, Momenta achieved a series of key milestones, including the large-scale commercialization of assisted driving solutions and the launch of its R7 World Model for mass production.

On the eve of its IPO, Momenta reached another major business milestone. The cumulative number of production vehicles equipped with Momenta’s intelligent driving system surpassed one million, with deployments across more than 100 production vehicle models and over 210 awarded vehicle programs. The company now partners with nine of the world’s top ten automakers, while significantly improving deployment efficiency—reducing the time required to support every additional 100,000 production vehicles to as little as 40 days.

Momenta’s financial performance also demonstrates strong growth momentum. Revenue increased from RMB743 million in 2023 to RMB2.413 billion in 2025, representing more than a threefold increase over three years and a compound annual growth rate exceeding 80%. Licensing revenue surged 42-fold during the same period, while gross margin expanded from 17.5% to 71.6%. As of the end of 2025, the company held more than RMB10 billion in cash reserves, providing substantial financial resources to support continued technology innovation and global expansion.

As a global leader in Physical AI, Momenta has built its technology around the R7 World Model and pursues a dual-engine strategy combining mass-production assisted driving with scalable autonomous mobility services. Its product portfolio spans passenger vehicles, Robotaxis, and Robovans, with future expansion planned into autonomous trucking and household service robots. Momenta’s production solutions have already been deployed in more than ten countries and regions, while its Robotaxi business has established strategic partnerships with Uber, Grab, Mercedes-Benz, and other global partners to accelerate commercial deployment across multiple international markets.

At the listing ceremony, Momenta Founder and CEO Cao Xudong reaffirmed the company’s three long-term missions for the next decade: saving one million lives, freeing 100% of people’s time, and doubling logistics and mobility efficiency. Looking ahead, he emphasized that while the past decade witnessed AI achieving large-scale deployment in vehicles, the next decade will be driven by world models that extend Physical AI into home service robotics, creating the industry’s “GPT moment” for Physical AI and bringing China’s AI innovations to the global stage.

As the lead investor in Momenta’s angel round, Blue Lake Capital views the company’s successful IPO as a powerful validation of long-term value investing. Following the successful listings of Jushuitan, Yiheda, and Chaozhuo Aviation, Momenta marks another milestone portfolio company for the firm. Blue Lake Capital will continue supporting Momenta in advancing foundational Physical AI technologies, accelerating global expansion through the capital markets, and driving the worldwide commercialization of China’s cutting-edge intelligent technologies, while setting a new benchmark for the commercialization and capitalization of Physical AI.