HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<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

<ul>
<li>We analysed the earning revision of component stocks of HSCEI 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 HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN, Pop Mart Intl.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI 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 HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN, Pop Mart Intl.


HSCEI Index Earning Revision (Jun): HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 18th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, Yangtze Optical Fibre And-H, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 18th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, Yangtze Optical Fibre And-H, CNOOC.


HK Short Interest Weekly: Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 26th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.


HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

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)

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

HSCEI Index Earning Revision (Jun): HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING

We analyzed HSCEI's consensus for Jun 2026 and highlighted changes of EPS in HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Jun 18th and highlight short interest changes in Kingboard Laminates (1888...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

HSCEI Index Earning Revision (Jun): HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING

We analyzed HSCEI's consensus for Jun 2026 and highlighted changes of EPS in HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Jun 18th and highlight short interest changes in Kingboard Laminates (1888...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

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...