ZWC Portfolio Company Momenta Officially Lists on HKEX, Becoming Hong Kong’s First Physical AI Stock

July 8, 2026 - Momenta (6880.HK), a portfolio company of ZWC Partners, officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX), becoming the first publicly listed Physical AI company.

Momenta's IPO was priced at HK$295.6 per share, raising total proceeds of approximately HK$5.9 billion (approximately USD751 million). The company's market capitalization reached HK$72 billion (approximately USD9.2 billion) at morning close.

The Hong Kong public offering was 413.63 times oversubscribed, while the international offering was 20.31 times oversubscribed. The IPO also attracted a high-quality cornerstone investor lineup comprising 14 renowned institutions, with total cornerstone investment exceeding HKD3 billion (approximately US$380 million). The cornerstone investors included leading long-only funds and sovereign wealth funds, as well as strategic industrial investors, reflecting strong confidence in Momenta's long-term growth potential and technological leadership.

Founded in 2016, Momenta is a global leader in Physical AI, dedicated to creating a better life through breakthrough AI technologies.

Built on its World Model foundation and powered by its data-driven flywheel, Momenta has developed a dual-track strategy centered on Mass Production and Scalable Robo, enabling Physical AI to move from technological innovation into real-world applications.

To date, vehicles equipped with Momenta's systems have exceeded 1 million units, with more than 100 mass-produced vehicle models successfully delivered and over 210 vehicle programs awarded. Momenta's partners cover leading global automakers, making it a preferred technology partner for global automotive brands.

In April 2026, Momenta launched the first mass production deployment of its R7 World Model, marking a new milestone in the development of Physical AI. The company is committed to building a foundational Physical AI platform that supports the large-scale deployment of intelligent driving solutions across passenger vehicles, Robovan, Robotruck, and Robotaxi, while expanding into broader embodied intelligence and robotics applications.

From 2023 to 2025, Momenta achieved a sales CAGR of over 80%, with sales increasing from RMB 743 million in 2023 to RMB 2.413 billion in 2025. According to data from China Insights Industry Consultancy (CIC), Momenta is China's first independent urban NOA (Navigate on Autopilot) solution provider to achieve mass production deployment. For the 12 months ended February 28, 2026, Momenta ranked first among independent urban NOA solution providers in China across three key metrics. During the same period, based on urban NOA sales volume, Momenta ranked first globally among independent urban NOA solution providers, capturing a 65% market share and maintaining a leading market position.

For years, ZWC Partners has remained committed to its investment strategy centered on "Technology + Industry", focusing on real-world industry needs and identifying technology companies with strong technological capabilities, the potential to reshape industrial paradigms, and the ability to drive transformation across entire value chains.

Artificial intelligence has been one of ZWC's core investment areas in frontier technology. Across the AI value chain, ZWC has built a comprehensive ecosystem through investments spanning multiple layers:

• In AI infrastructure and semiconductor manufacturing, ZWC has invested in companies including Horizon Robotics and JaguarMicro, strengthening the foundation for AI computing capabilities.
• In foundation models and vertical AI applications, ZWC has invested in leading companies including AIsphere, 4Paradigm, and Baichuan Intelligence, accelerating AI adoption across industries.
• In Physical AI and intelligent robotics, ZWC has invested in companies such as Robot Plus Plus, bridging the gap between digital algorithms and the physical world.
• In AI-enabled healthcare, ZWC has invested in companies including XtalPi and SprintRay, leveraging technological innovation to improve efficiency across the healthcare industry.

Through its continued focus on Technology + Industry, ZWC Partners remains committed to supporting transformative companies that leverage cutting-edge technologies to redefine industries and create long-term value.