MOMENTA-W (ASX: 06880) commenced its public offering from June 29 to July 3, with plans to issue 19.938 million shares. Ten percent of the offering is allocated for public subscription in Hong Kong, with an offer price of HK$295.6 per share, aiming to raise approximately HK$5.89 billion. Each board lot consists of 20 shares, requiring an initial investment of HK$5,971.6. The company is expected to commence trading on July 8, with China International Capital Corporation and Deutsche Bank acting as joint sponsors.

Market data indicates that as of June 30, the public offering portion of MOMENTA has attracted HK$14.57 billion in margin financing applications. This represents a subscription level 23.7 times greater than the HK$589 million allocated for public subscription.

Company Profile and Business Focus

The company is a leader in the autonomous driving sector, distinguished by its technological advancements and commercial achievements. According to data from Zhuo Shi Consulting, the firm ranks first globally among all independent intelligent driving solution providers. This ranking is based on both the sales volume of vehicles equipped with its urban NOA solution over the twelve months ended February 28, 2026, and the cumulative number of mass-produced vehicle models equipped with the solution as of the same date.

MOMENTA focuses on developing and commercializing intelligent driving technologies to enhance safety and efficiency in mobility and logistics. Its strategy involves delivering solutions for mass-produced vehicles and scaling up autonomous mobility applications. The company is currently in the early stages of deploying Level 3 and Level 4 autonomous driving solutions and is continuously progressing towards higher levels of automation.

Cornerstone Investment Agreements

The group has entered into cornerstone investment agreements with several prominent investors. These cornerstone investors include GIC, Fidelity International, BlackRock, Mercedes-Benz Group, Oaktree, Jinxing, Franklin Templeton, Boyu, Gaoyi Entities, CPIC, GF Fund Management, ChinaAMC (Hong Kong), Suzhou Mosu, and GIGADEVICE (collectively referred to as the Cornerstone Investors). Under these agreements, the Cornerstone Investors have agreed to subscribe for a certain number of offer shares, amounting to a total investment of approximately US$376 million, at the offer price.

Financial Performance

Financial data shows that from 2023 to 2025, MOMENTA-W's revenue increased from RMB 743 million to RMB 2.413 billion. Notably, its licensing revenue grew from RMB 23 million in 2023 to RMB 968 million in 2025, representing an approximate 42-fold increase over three years. The company's overall gross profit margin improved significantly, rising from 17.5% to 71.6% during this period. As of the end of 2025, the company held cash reserves exceeding RMB 10 billion.