Momenta Debuts in Hong Kong, Hits HK$70 Billion Market Cap on July 8

Momenta, an autonomous-driving company, listed in Hong Kong and reached a market capitalization of HK$70 billion on its first trading day on July 8, 36Kr reported. Founder Cao Xudong said the company has achieved over 50% market share in designated vehicle models and over 60% market share in mass-produced vehicles equipped with its assisted-driving systems. Momenta's Hong Kong IPO prospectus shows it has accumulated more than 210 designated vehicle models and surpassed 1 million mass-produced vehicles with its technology, while maintaining a headcount of just over 1,000 employees. The company reported gross margin increases over the past three years to 17.5%, 49%, and 71.6%, with revenue doubling year by year and losses narrowing. Cao also said he planned to bring the price of Momenta's integrated hardware-and-software advanced assisted-driving solution to below 5,000 yuan in 2026, but the target was not met due to rising memory prices, though he said it was close.