MOMENTA-W (06880) will have its IPO from June 29 to July 3, intending to globally sell 19.9383 million shares, introducing cornerstone investors such as GIC and Fidelity International.

MOMENTA-W (06880) will conduct its initial public offering from June 29, 2026 to July 3, 2026. The company plans to globally offer 19.9383 million shares, with around 10% for public offering in Hong Kong and around 90% for international offering, with an additional 15% for oversubscription. The offering price per share is 295.6 Hong Kong dollars. Each lot will consist of 20 shares of Class A ordinary shares, with trading expected to begin on the Hong Kong Stock Exchange on July 8, 2026 (Wednesday) at 9:00 am. The group is a leading autonomous driving company, with a leading position in technological advancement and business achievements. According to data from Insight Consulting, the group ranks first among all independent intelligent driving solution providers in the world, whether in terms of the sales volume of vehicles equipped with the group's urban NOA solution in the past twelve months ending on February 28, 2026, or in terms of the cumulative production volume of vehicle models equipped with the group's urban NOA solution as of February 28, 2026. The group focuses on developing and commercializing autonomous driving technology to enhance safety and efficiency in travel and logistics, including through mass-produced vehicle solutions and scalable automated driving applications. The group is currently in the early stage of deploying Level 3 /Level 4 autonomous driving solutions and is continuously evolving towards higher levels of automation. The group has entered into cornerstone investment agreements with GIC, Fidelity International, BlackRock, Mercedes-Benz Group, Oaktree, Golden Pine, Franklin Templeton, Boyu, Gaoyi Entity, CPIC, GF Fund, Huaxia Fund (Hong Kong), Suzhou Mosu, and GigaDevice Semiconductor Inc. (each a cornerstone investor, collectively referred to as cornerstone investors). Pursuant to the agreements, the cornerstone investors have agreed to subscribe for a certain number of shares (cornerstone allocation) for an aggregate amount of approximately 376 million US dollars at the offering price. Based on the offering price of 295.60 Hong Kong dollars, the total number of shares that the cornerstone investors will subscribe for is approximately 9.9601 million shares, accounting for approximately 49.95% of the total number of shares offered in the global offering (assuming oversubscription rights are not exercised), and about 4.23% of the total issued share capital of the group after the completion of the global offering (assuming oversubscription rights are not exercised and excluding any Class A ordinary shares that may be issued under the pre-IPO equity incentive plan), and about 4.18% of the total issued share capital of the group after the completion of the global offering (assuming oversubscription rights are fully exercised and excluding any Class A ordinary shares that may be issued under the pre-IPO equity incentive plan). Assuming indicative offering prices of 295.6 Hong Kong dollars per share for both the Hong Kong public offering and the international offering, and that oversubscription rights are not exercised, after deducting underwriting commissions and estimated expenses incurred or to be incurred in connection with the global offering, the company estimates that the net proceeds from the global offering will be approximately 5.615 billion Hong Kong dollars. The group expects to use the net proceeds from the global offering for the following purposes: (1) Approximately 60% of the net proceeds from the global offering will be used to strengthen core research and development in the next five years, including core algorithms, automation tool chains, and the Momenta core platform, to consolidate the group's leading edge in technological innovation in the intelligent driving industry. (2) Approximately 20% of the net proceeds from the global offering will be used to accelerate the commercialization process and scale development of the company's autonomous taxi service solution. (3) Approximately 10% of the net proceeds from the global offering will be used to consolidate mass-produced vehicle solutions, support the development of next-generation products, and further deepen long-term cooperation with global vehicle manufacturers. (4) Approximately 10% of the net proceeds from the global offering will be used for operating funds and general business purposes, including day-to-day operating expenses, expenses related to business expansion, and other purposes to support the implementation of the group's business plan. During the historical period, the group's financial performance has experienced significant growth: Revenue growth: Revenue increased from 743 million yuan in 2023 by 78.4% to 1.325 billion yuan in 2024, and further increased by 82.1% to 2.413 billion yuan in 2025. Gross profit: In 2023, 2024, and 2025, gross profits were 130 million yuan, 649 million yuan, and 1.727 billion yuan, respectively. Adjusted net loss for the year (non-IFRS metric): In 2023, 2024, and 2025, the adjusted net loss for the year (non-IFRS metric) was 1.093 billion yuan, 959 million yuan, and 303 million yuan, respectively. Adjusted net loss rates for the year (non-IFRS metric) were 147.2%, 72.4%, and 12.6%, respectively.