Momenta officially published its Post Hearing Information Pack (PHIP) on June 23 on the Hong Kong Stock Exchange. After the Listing Committee reviewed and approved the application, the company has entered the final sprint of its IPO. Momenta’s core financial figures: from 2023 to 2025, revenue increased from RMB 743 million to RMB 2.413 billion, with a three-year compound annual growth rate (CAGR) of 80%.
Hong Kong Stock IPO Progress: The Legal Significance of PHIP and the Sponsors
According to HKEX rules, the publication of the PHIP indicates that the listing applicant has passed the Listing Committee’s hearing and is an important procedural milestone before listing, but it does not mean the listing is completed. As of the time of reporting, the specific listing date has not been announced and will be subject to Momenta’s subsequent official announcements. The joint sponsors are China International Capital Corporation (CICC) and Deutsche Bank. After listing, Momenta is expected to position itself as a “physical AI foundation model builder.”
Three-Year Financial Summary: Revenue, License Revenue, and R&D Expenditure
The financial data disclosed in Momenta’s IPO prospectus are as follows:
Revenue (2023): RMB 743 million; Revenue (2025): RMB 2.413 billion, three-year CAGR 80%
License revenue (2023): RMB 23 million; License revenue (2025): RMB 968 million, 42-fold growth over three years
Cash reserves (end of 2025): more than RMB 10 billion
R&D expenses (2025): RMB 1.869 billion, accounting for 77.5% of revenue
Share of R&D personnel: nearly 82%
Market Position and Technology Milestones: 65% City NOA and the R7 World Model
Market position (data from Zhixun Consulting): In the China “third-party” city NOA (navigation-assisted driving) market from 2025 to 2026, Momenta ranks first with a 65% sales market share. Momenta disclosed that it has reached partnerships with nine of the top ten global automakers. The scale of production vehicles equipped with its solutions exceeds 900,000 units; it has accumulated over 100 vehicle models delivered and over 210 designated models.
Technology milestone: In April 2026, Momenta released the R7 world model. The company claims it is the world’s first production-ready physical AI foundation model, able to understand physical laws and predict future evolution. The architecture is divided into three layers: pre-training, simulation, and reinforcement learning, supporting application scenarios such as passenger cars, Robotaxi, and Robovan.
Geographic layout: As of the time of reporting, Momenta’s solution has been deployed in more than 10 countries including Asia and Europe. The company said it plans to expand into the Robotruck segment.
Frequently Asked Questions
What does the release of PHIP for Momenta’s Hong Kong stock listing mean?
According to HKEX rules, publishing the PHIP is a required step after the listing applicant passes the hearing. It means the application has entered the final stage of the IPO, but it does not equal the completion of the listing. The specific listing date depends on Momenta’s subsequent official announcement; as of the time of this report, it has not been disclosed.
What does the 42-fold growth in Momenta’s “license revenue” reflect about its business model?
According to the prospectus, “license revenue” is a charging model in which Momenta authorizes automakers to use its physical AI system, featuring high marginal efficiency. The growth from RMB 23 million to RMB 968 million—42 times—reflects Momenta’s scalable process of expanding licenses to more mass-production vehicle models, making it the fastest-growing revenue category in its business model.
What are the data source and methodology behind the 65% city NOA market share figure?
According to the figures cited in the report, the 65% sales market share figure comes from Frost & Sullivan, with the scope defined as the 2025 to 2026 China “third-party” city NOA market. “Third-party” refers to city navigation-assisted driving solutions that are not developed in-house by automakers, but instead provided by suppliers such as Momenta. The data source is the industry reports from the market research organization.
