New stock news | Mainline Technology files again with the Hong Kong Stock Exchange, ranking fourth among Chinese commercial vehicle autonomous driving solution providers

According to the disclosure on June 12th by the Hong Kong Stock Exchange, Momenta (Beijing) Technology Co., Ltd. (referred to as "Momenta Technology") has once again submitted its application to the main board of the Hong Kong Stock Exchange, with Guotai Haitong as its exclusive sponsor. Company Profile According to the prospectus, the company develops and provides L4-level autonomous driving truck solutions in China. The company's solutions are deployed in three major commercial scenarios: TrunkPort (logistics hub), TrunkPilot (highway logistics), and TrunkCity (urban transportation). The related solutions include three product categories: AiTruck (smart trucks), AiBox (smart terminals), and AiCloud (smart cloud platform and related services). As of the last practical feasible date (June 5, 2026), the company has delivered a total of 1,283 AiTrucks and 381 sets of AiBoxes, with an order backlog of RMB 236 million as of April 30, 2026. In September 2025, the company was designated as a national key new specialized and distinctive company. According to data from Frost & Sullivan, based on 2025 revenue, the company ranks fourth among providers of commercial vehicle autonomous driving solutions in China, and is one of the earliest companies in China to have the following three capabilities: (i) self-developed L4-level autonomous driving technology stack; (ii) cross-model deployment capability; and (iii) commercial operation in multiple logistics transport scenarios. The company provides end-to-end integrated products and solutions covering three core modules: smart trucks (AiTruck), smart terminals (AiBox), and smart cloud platform and related cloud services (AiCloud). The company's three-tier solution aims to enhance safety, efficiency, and environmental performance in the three core commercial scenarios: TrunkPort (logistics hub): The company provides a fully driverless transportation solution to meet the logistics needs of seaports, river ports, land ports, border crossings, and industrial parks. According to Frost & Sullivan, TrunkPort is the first domestically deployed commercial driverless transport system solution in ports, and the company is the first in the industry to achieve fully driverless, multi-climate, and end-to-end operations in a heavily mixed-port environment. TrunkPilot (highway logistics): An intelligent transportation solution for highway logistics primarily focusing on express delivery, less-than-truckload freight, bulk cargo, cold chain services, and short-haul trucking. The company's TrunkPilot solution is one of the first in China to achieve inter-provincial automatic truck convoy transport. TrunkCity (urban transportation): The company provides an integrated intelligent solution that combines vehicles, roadside infrastructure, and cloud platform to upgrade city distribution logistics and public transportation. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 134 million, RMB 254 million, and RMB 345 million, respectively. Loss In 2023, 2024, and 2025, the company's annual losses and comprehensive expenses totaled approximately RMB 213 million, RMB 187 million, and RMB 171 million, respectively. Industry Overview China's logistics industry has built a comprehensive integrated transportation system covering railways, highways, waterways, and air transport, with various modes of transport complementing each other and developing synergistically. As of 2025, China has held the title of the world's largest logistics market (by revenue) for ten consecutive years, with the total social logistics amount surpassing RMB 36 trillion. In this, highway logistics has always accounted for over 70% of the national freight volume, playing a dominant and irreplaceable role in the logistics system. The Chinese highway logistics industry has long faced structural challenges such as a shortage of drivers, high operating costs, high traffic accident rates, and low transportation efficiency, which have been key bottlenecks hindering the industry's high-quality development. With the continuous increase in highway logistics demand and rising labor costs, traditional operating models have increasingly struggled to sustain the industry's sustainable development. Against this backdrop, the application of autonomous driving technology as a systematic solution to address these pain points has demonstrated significant value in enhancing safety, increasing revenue, improving efficiency, and reducing energy consumption and carbon emissions. Commercial vehicles are primarily designed for the transportation of goods or for specialized operations and business tasks. These vehicles must comply with all relevant national regulatory standards and be registered with the traffic management department of the public security organs. Commercial vehicles come in various types, usually classified based on their models and purposes, including heavy trucks, light trucks, and box trucks. Trucks dominate among all commercial vehicle categories and have become a major platform for deploying autonomous driving technology. In China, trucks accounted for about 70% of all commercial vehicle sales in 2025, and this share is expected to rise to approximately 75% by 2030. With the continuous advancement of autonomous driving technology, commercial vehicles are undergoing a systemic transformation from basic driver assistance systems to increasingly complex forms of full automation. Open road scenarios are expected to become the main DRIVING force in the market for commercial vehicle autonomous driving solutions. As standards for long-haul transportation and urban logistics access increase and technologies mature, autonomous driving solutions are expected to become more widespread and efficient, stimulating market growth. In long-haul transportation, they will reduce costs and increase efficiency through intelligent infrastructure, while in urban logistics, they will help alleviate congestion and improve efficiency. By 2030, revenue from open-road scenarios is expected to account for over 85% of the entire market. The size of the market for commercial vehicle autonomous driving solutions in China is as follows: Board of Directors Information As compiled, the board of directors will consist of seven directors, including four executive directors and three independent non-executive directors. The board of directors is fully responsible for the management and operation of the company. Directors serve a term of three years and may be eligible for re-election upon the expiration of their term. The senior management is responsible for the company's day-to-day operations. All directors and senior management members meet the qualification requirements for their respective positions as stipulated by relevant Chinese laws and regulations and listing rules. Shareholding Structure As of the last practical feasible date, Mr. Zhang Tianlei directly owns approximately 28.25% of the company's shares. In addition, Mr. Zhang Tianlei is a general partner of Tianjin Main Line and Tianjin Main Branch, holding 4.94% and 15.93% of the company's shares, respectively. Therefore, as of the last practical feasible date, Mr. Zhang Tianlei has the right to exercise approximately 49.12% of the company's voting rights through his direct holdings and Tianjin Main Line and Tianjin Main Branch. After the compilation is completed, Mr. Zhang Tianlei, Tianjin Main Line, and Tianjin Main Branch will remain the controlling shareholder group of the company. Intermediary Team Exclusive Sponsor: Guotai Junan Financing Limited; Legal Counsel: Hankun Law Firm, Hankun Law Firm, King & Wood Mallesons; Legal Counsel of the Exclusive Sponsor: King & Wood Mallesons; Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch; Compliance Consultant: Haode Financing Limited.