On July 8, 2026, Momenta, an autonomous driving company with an estimated valuation of around $9 billion, made its debut on the Hong Kong Stock Exchange (HKEX) under the ticker symbol 06880.HK, earning the distinction of being the 'first tangible AI stock.' The shares were priced at HK$295.6 each, with the global offering encompassing approximately 22.93 million shares and raising a total of roughly HK$6.8 billion (equivalent to about $751 million). The market exhibited a strong appetite for the offering, with the public portion oversubscribed by a staggering 414 times and institutional orders for the international placement surpassing HK$100 billion. On its inaugural trading day, the stock opened with a gain of over 6%, propelling its market capitalization beyond HK$70 billion. However, the share price experienced a downturn during the session, ultimately closing unchanged at the issue price of HK$295.6 per share.

Prior to its listing, Momenta had achieved a significant milestone by equipping over 1 million vehicles with its mass-produced solutions. The company had launched more than 100 mass-produced models and secured commitments for over 210 future models. Furthermore, it had forged partnerships with 9 out of the top 10 global automakers, solidifying its position in the industry.

Financial data disclosed that from 2023 to 2025, Momenta's revenue witnessed a remarkable surge, growing from RMB 743 million to RMB 2.413 billion, boasting a compound annual growth rate exceeding 80%. Gross profit also saw a substantial increase, climbing from RMB 130 million to RMB 1.727 billion, while the gross margin soared from 17.5% to 71.6%. However, the company's net loss attributable to the parent company expanded on an annual basis, reaching RMB 2.57 billion, RMB 3.206 billion, and RMB 3.458 billion in 2023, 2024, and 2025, respectively, accumulating losses in excess of RMB 9.2 billion. The primary drivers of these losses were fluctuations in the fair value of preferred shares and sustained high levels of R&D investment. Nevertheless, the adjusted net loss margin demonstrated a positive trend, decreasing from 147.2% in 2023 to 12.6% in 2025.