On July 8, Momenta, trading under the ticker 06880 on the HKEX, was the largest among five companies listing in Hong Kong, priced at HK$295.6 per share and opening at HK$301, pushing its total market capitalization above HK$70 billion. Its public offering was 414 times oversubscribed, with the international offering drawing over HK$100 billion in institutional orders. Fourteen cornerstone investors subscribed for roughly HK$3 billion, with GIC and Fidelity International each investing US$100 million, in a coordinated move by Mercedes-Benz and BYD. Despite this enthusiasm, Momenta’s prospectus shows accumulated losses exceeding 9 billion yuan over three years, with the company still not having turned a profit. Founder Cao Xudong, who dropped out of his PhD program and founded Momenta in 2016, set a strategy to deliver L2+ assisted driving solutions, accumulate real-road data, and later support L4-level Robotaxi. Momenta branded itself as the "first stock of Physical AI," sparking debate; Horizon Robotics founder Yu Kai posted on Weibo that Horizon "isn't very good at playing social games" and has never engaged in the "XX first stock" gimmick.