Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Hong Kong equities found firmer footing as global semiconductor volatility picked up amid an ongoing rotation.</li>
<li>Index and single stock implied vols continue to diverge and are nearing levels normally seen in periods of distress.</li>
<li>Health Care was the standout sector this week, with gains spread across the full group.</li>
</ul>


Hong Kong equities found firmer footing as global semiconductor volatility picked up amid an ongoing rotation.
Index and single stock implied vols continue to diverge and are nearing levels normally seen in periods of distress.
Health Care was the standout sector this week, with gains spread across the full group.


Hong Kong Single Stock Options Weekly June 29–July 03: Semi Rotation Drives a Shift in Tone

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The explosive growth in licensing service revenue, the significant increase in gross margin, and the narrowing of adjusted losses have verified that MOMENTA's business model possesses the ability for self-optimization</li>
<li>Core risks are high customer concentration, self-research/substitution by automakers, high R&amp;D investment.Compared with competitors, MOMENTA has advantages in mass production/global layout, but has weaknesses in hardware/software integration and self-developed chips.</li>
<li>MOMENTA, as a pure software solution provider, is expected to have a valuation lower than that of Huawei's vehicle business unit but higher than that of ordinary SaaS companies.</li>
</ul>


The explosive growth in licensing service revenue, the significant increase in gross margin, and the narrowing of adjusted losses have verified that MOMENTA's business model possesses the ability for self-optimization
Core risks are high customer concentration, self-research/substitution by automakers, high R&amp;D investment.Compared with competitors, MOMENTA has advantages in mass production/global layout, but has weaknesses in hardware/software integration and self-developed chips.
MOMENTA, as a pure software solution provider, is expected to have a valuation lower than that of Huawei's vehicle business unit but higher than that of ordinary SaaS companies.


Pre-IPO Momenta Global (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Momenta Global launched Hongkong IPO aiming to raise up to HK$5.9B (~ US$ 752M). Momenta develop and commercialize driving automation technologies to improve safety and efficiency in mobility and logistics.  </li>
<li>Momenta Global intends to use the IPO proceeds to enhance R&amp;D capabilities, accelerate commercialization, product innovation, strengthen OEM partnerships and working capital etc.</li>
<li>Continued R&amp;D efforts alongside more deployment in vehicles augur well for future growth plans. Valuation might seem stretched but immense room for scalable growth very much still left.  </li>
</ul>


Momenta Global launched Hongkong IPO aiming to raise up to HK$5.9B (~ US$ 752M). Momenta develop and commercialize driving automation technologies to improve safety and efficiency in mobility and logistics.  
Momenta Global intends to use the IPO proceeds to enhance R&amp;D capabilities, accelerate commercialization, product innovation, strengthen OEM partnerships and working capital etc.
Continued R&amp;D efforts alongside more deployment in vehicles augur well for future growth plans. Valuation might seem stretched but immense room for scalable growth very much still left.  


Momenta Global IPO: Growth On Auto Pilot Mode

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a>'s IPO is sizeable as it plans to raise HK$5.6bn. Its leadership position in the autonomous driving industry is an important strength. </li>
<li>We expect it to remain loss-making in FY26-28, but the revenue growth will reach a CAGR of 40.2%, and economies of scale will bring about stronger margins.</li>
<li>At 13.1x P/S for FY27, it is significantly more expensive than the sector average. Historically, most autonomous driving IPOs have not done well.</li>
</ul>



Momenta Global (6880 HK)'s IPO is sizeable as it plans to raise HK$5.6bn. Its leadership position in the autonomous driving industry is an important strength. 
We expect it to remain loss-making in FY26-28, but the revenue growth will reach a CAGR of 40.2%, and economies of scale will bring about stronger margins.
At 13.1x P/S for FY27, it is significantly more expensive than the sector average. Historically, most autonomous driving IPOs have not done well.


Momenta Global (6880 HK) IPO: Priced for Perfection

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on LI AUTO, NTES, XPENG, KINGSOFT, TRIP.COM, MEITUAN.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on LI AUTO, NTES, XPENG, KINGSOFT, TRIP.COM, MEITUAN.


HS TECH Index Earning Revision (Jun): LI AUTO, NTES, XPENG, KINGSOFT, TRIP.COM, MEITUAN

China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

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Horizon Robotics (9660 HK)

Hong Kong Single Stock Options Weekly June 29–July 03: Semi Rotation Drives a Shift in Tone

Semi rotation, firmer Hong Kong equities, elevated single stock implied vols, and broad Health Care strength shaped the week in Hong Kong options.

John Ley

Pre-IPO Momenta Global (PHIP Updates) - Some Points Worth the Attention

The IPO pricing of MOMENTA is HK$295.6 per share, with market value of HK$69.6 billion or RMB60.3 billion. If based on our 2026 forecast, P/S would...

Xinyao (Criss) Wang

Momenta Global IPO: Growth On Auto Pilot Mode

Momenta launches Hong Kong IPO to raise up to HK$5.9B aiming to enhance R&D, accelerate commercialization. Will slowly scale up and has enough...

Tina Banerjee

Momenta Global (6880 HK) IPO: Priced for Perfection

Momenta Global's IPO aims to raise HK$5.6bn, highlighting its leadership in autonomous driving. At 13.1x P/S for FY27, it is pricier than the...

Osbert Tang, CFA

HS TECH Index Earning Revision (Jun): LI AUTO, NTES, XPENG, KINGSOFT, TRIP.COM, MEITUAN

We analyzed HS TECH's consensus for Jun 2026 and highlighted changes of EPS in LI AUTO, NTES, XPENG, KINGSOFT, TRIP.COM, MEITUAN.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Single Stock Options Weekly June 29–July 03: Semi Rotation Drives a Shift in Tone

Semi rotation, firmer Hong Kong equities, elevated single stock implied vols, and broad Health Care strength shaped the week in Hong Kong options.

John Ley

Pre-IPO Momenta Global (PHIP Updates) - Some Points Worth the Attention

The IPO pricing of MOMENTA is HK$295.6 per share, with market value of HK$69.6 billion or RMB60.3 billion. If based on our 2026 forecast, P/S would...

Xinyao (Criss) Wang

Momenta Global IPO: Growth On Auto Pilot Mode

​Momenta launches Hong Kong IPO to raise up to HK$5.9B aiming to enhance R&D, accelerate commercialization. Will slowly scale up and has enough...

Tina Banerjee

Momenta Global (6880 HK) IPO: Priced for Perfection

​Momenta Global's IPO aims to raise HK$5.6bn, highlighting its leadership in autonomous driving. At 13.1x P/S for FY27, it is pricier than the...

Osbert Tang, CFA

HS TECH Index Earning Revision (Jun): LI AUTO, NTES, XPENG, KINGSOFT, TRIP.COM, MEITUAN

We analyzed HS TECH's consensus for Jun 2026 and highlighted changes of EPS in LI AUTO, NTES, XPENG, KINGSOFT, TRIP.COM, MEITUAN.

Ke Yan, CFA, FRM

Momenta launches Hong Kong IPO to raise up to HK$5.9B aiming to enhance R&D, accelerate commercialization. Will slowly scale up and has enough...

Momenta Global's IPO aims to raise HK$5.6bn, highlighting its leadership in autonomous driving. At 13.1x P/S for FY27, it is pricier than the...