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… NOA-centered systems in vehicles produced by automaker customers. Those vehicles collect real-world data, which is then used to optimize Momenta’s algorithms and support its robotaxi service solutions. Improvements in robotaxi technology can then feed back into the vehicle solutions business, creating a loop between the two segments.
According to China Insights Consultancy, Momenta is China’s first independent urban NOA solution provider to achieve mass deployment of the technology.
Among China’s independent urban NOA solution providers, it ranks first across three indicators: vehicle sales equipped with urban NOA solutions in the 12 months ended February 28 this year; cumulative design wins as of February 28; and cumulative number of mass-production models equipped with urban NOA solutions as of February 28. The consultancy also said Momenta ranked first among global independent urban NOA solution providers by urban NOA sales in the 12 months ended February 28, with a market share of 65%.
The day before its listing, Momenta said the deployment volume of its mass production business had surpassed one million units.
As of December 31, 2025, Momenta had established partnerships with 24 leading global automakers, including nine of the world’s top ten automakers: Toyota, General Motors, Mercedes-Benz, BMW Group China, Hyundai (including Kia), Volkswagen, <a href="/company/byd">BYD</a>, Honda, and Ford. It has also partnered with Chinese automakers including SAIC Motor, <a href="/company/gac">GAC Group</a>, <a href="/company/chery">Chery</a>, FAW Group, <a href="/company/geely">Geely</a>, Great Wall Motor, and Dongfeng Motor.
Momenta’s revenue was RMB 743 million (USD 109.2 million) in 2023, RMB 1.325 billion (USD 194.8 million) in 2024, and RMB 2.413 billion (USD 354.8 million) in 2025, representing a compound annual growth rate of more than 80%. Its revenue mainly consists of technology development revenue and licensing revenue. Licensing revenue rose from RMB 23 million (USD 3.4 million) in 2023 to RMB 968 million (USD 142.3 million) in 2025. Momenta said licensing revenue has a high marginal return and will be central to maintaining revenue growth.
Momenta’s gross margin rose from 17.5% in 2023 to 71.6% in 2025. As revenue and gross margin improved, its adjusted loss narrowed to RMB 303 million (USD 44.5 million) in 2025. As of December 31, 2025, Momenta’s cash reserves exceeded RMB 10.9 billion (USD 1.6 billion), which the company said will support its robotaxi business and global expansion.
Momenta’s Hong Kong IPO gives the company additional capital to expand its physical AI business, deepen automaker partnerships, and accelerate overseas growth.
This <a href="https://xueqiu.com/2854806290/399030833">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.80 = USD 1 based on estimates as of July 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Momenta makes public debut in Hong Kong, puts physical AI in spotlight

Artificial Intelligence

Transportation

Autonomous Vehicles

Deep Tech

Mobility

Hong Kong

China

… could be higher than the market average. That would run counter to the cost efficiency ride-hailing companies typically pursue.
Second, even if Amap can provide SAIC Mobility with traffic support, that traffic has limited value if most of the resulting profit is absorbed by traffic costs.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3878254740549638">article</a> was written by Huang Yida for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.80 = USD 1 based on estimates as of July 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

IPO aspirant SAIC Mobility grows orders, but platforms capture much of the upside

Chinese automakers surpassed the sales of Japanese brands in Europe's passenger car market for the first time in May, driven partly by <a href="/company/byd">BYD's</a> strong overseas performance in the first half of 2026.
The change appears in new car sales data for May from the European Automobile Manufacturers' Association (ACEA). Across 31 major European countries, sales by five Chinese automakers—BYD, SAIC Motor, <a href="/company/geely">Geely</a>, <a href="/company/chery">Chery Automobile</a>, and <a href="/industry/ev">electric vehicle</a> startup <a href="/company/leapmotor">Leapmotor</a>—increased 65% on the year to 138,410 units.
The combined sales of Japan's Toyota Motor, Honda Motor, Nissan Motor, Suzuki Motor, Mazda Motor, and Mitsubishi Motors fell 3% to 130,424 units. Chinese players sold 6% more vehicles than their Japanese rivals.
ACEA added three Chinese automakers to its tracking from April and changed its methodology so sales by Sweden's Volvo Car would count within parent company Geely. Even so, Japanese makers retained a 1% lead in April, selling 127,064 vehicles compared with 125,864 for Chinese companies.
Over the past two years, Nissan saw just two months in which sales rose on the year, compared with five months for Suzuki and seven for Mazda. In contrast, SAIC Motor recorded year-on-year sales growth in 17 months, while BYD—added to ACEA's statistics in July 2025—saw 11 such months.
Figures released by BYD on July 1 show its overseas sales of passenger vehicles, including pickup trucks, grew 70% on the year to 789,367 units in the January-June period. In June alone, BYD made 44% of its passenger vehicle sales overseas, an increase of 20 points from June 2025.
BYD chairman Wang Chuanfu said at the company's annual shareholder meeting in early June that "overseas sales in 2026 are expected to reach 1.6 million vehicles." That would be a jump of more than 50% from 1.04 million in 2025.
The European Union (EU) considers Chinese-made EVs to be unfairly cheap and a threat to the European automotive sector. The bloc levied tariffs on the autos in fall 2024, adding duties of up to 35.3 percentage points to the existing 10% tariff, bringing the top rate to as much as 45.3%.
But Chinese makers still retain a strong cost advantage. The BYD Dolphin Surf Boost, a compact EV, is priced in Europe from EUR 26,990 (USD 30,817.5), 3% cheaper than the similar Renault 5 E-Tech, according to Electric Vehicle Database, an EV price comparison website.
In addition to EVs, BYD is also expanding its Europe-bound exports of plug-in hybrid vehicles, which are not subject to the additional EU tariffs. Across 31 major European countries, BYD's sales in May grew 140% on the year.
BYD is aggressively expanding overseas because of the slowdown in China's domestic market. The company's new car sales for the first half of 2026 totaled 1.8 million units, down 16% on the year. This drop, the first such first-half decline in six years, was due partly to intense price competition and sluggish demand in China.
BYD has focused on Europe because of the revival of EV subsidy programs there. Germany, which abolished EV subsidies in December 2023, introduced a program in January 2026 that provides up to EUR 6,000 (USD 6,850.9) for the purchase of new EVs and plug-in hybrid cars. Sweden also resumed subsidies for low-income households, while Italy expanded its support programs.
Japanese automakers are well regarded for the fuel efficiency of their hybrid vehicles. But because they offer limited EV lineups, they are unable to benefit fully from the incentive programs in European countries.
Beatrix Keim of Germany's Center Automotive Research notes that when European consumers look to buy an EV, Japanese vehicles are not even considered.
The European market also is growing less important for Japanese players. Nissan's long-term vision announced in April identified Japan, the US and China as its priority markets, while making little mention of Europe.
To avoid Europe's additional tariffs, Chinese automakers are becoming serious about manufacturing within the EU. Leapmotor plans to begin assembling sport utility vehicles at a Stellantis factory in Spain.
In April, Chery established its European operations headquarters in Barcelona, Spain. Nissan is set to consolidate two production lines at its Sunderland plant in northern England due to low utilization rates. The two companies are reportedly in discussions about producing Chery vehicles on the production line that would become available through the consolidation.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/chinese-automakers-overtake-japanese-rivals-in-europe-despite-ev-tariffs">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: EUR figures are converted to USD at rates of EUR 0.88 = USD 1 based on estimates as of July 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Chinese automakers overtake Japanese rivals in Europe despite EV tariffs

East Asia

Japan

Honda

Nissan

Toyota

Chery

Leapmotor

… narrow the product gap that had been central to the company’s strength. At the same time, the Li Mega and Li i8, which were meant to help the brand break through in the battery EV market, stumbled one after another. As a result, Li Auto’s momentum in the battery EV segment now depends mainly on a single model, the Li i6.
For a company whose identity has long centered on product, losing ground in product competitiveness is a serious risk. That is especially true this year and in the years ahead, as industry competition intensifies. Upscale players such as Nio, Zeekr, and brands under the Harmony Mobility Intelligent Alliance have moved quickly, while <a href="/company/xiaomi">Xiaomi</a> is also expanding in the market. The pressure on Li Auto to defend its product strength has grown accordingly.
“The first priority is to improve decision-making efficiency and eliminate those endless, ineffective meetings,” a person familiar with the matter said, adding that the goal is to let product and R&amp;D speak directly to each other.
Every adjustment comes with pain. Power structures are dispersed and reorganized, affected departments may see some employees leave, and the original rhythm is disrupted before a new one takes shape.
A Li Auto engineer told 36Kr that after Chen Wei left, progress on Li Auto’s foundation model R&amp;D slowed, and some departments went several months without receiving new requirements.
In the long run, Li Auto is using organizational adjustments to move closer to a startup-style operating model. In the short term, it will have to absorb the disruption that comes with that reset.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3877919172047111">article</a> was written by Xiao Man for 36Kr.

Li Auto cuts out middle layer in latest R&D restructuring

Electric Vehicles

… rates of RMB 6.80 = USD 1 based on estimates as of July 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Growatt’s energy storage shift drives third bid for Hong Kong IPO

Energy

… href="https://36kr.com/p/3877022600835080">36Kr</a></li>
<li aria-level="1">Perception Era, a robotics tactile systems company, has raised an eight-figure RMB sum in angel funding. Green Pine Capital Partners led the round. The company will use the funds to build a pilot production line, upgrade its tactile electronic skin products, and expand its team. —<a href="https://36kr.com/p/3874358072710407">36Kr</a></li>
<li aria-level="1">Puxing Space, a Shanghai-based optical payload and microsatellite systems company, has completed angel plus and pre-Series A rounds totaling a nine-figure RMB sum. Its pre-Series A round was jointly led by Guotai Haitong Securities, Shang Finance, and Sinan Fund, with participation from Xuhui Capital, Lianrong Zhidao Asset Management, GP Capital, Legend Holdings, Dingnong Technology, and Puhua Capital. The funds will support its planned 1,024-satellite constellation. —<a href="https://36kr.com/p/3875120747942913">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Airwallex, Akro, Biobot, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Airwallex, a global payments and financial platform, raised USD 320 million in a Series H round led by returning investor Addition, with participation from Baillie Gifford, Hummingbird, QED Investors, T Rowe Price, Hedosophia, Haun Ventures, Washington University in St Louis, and Amex Ventures.</li>
<li aria-level="1">Akro, a Singapore-based artificial intelligence startup, raised USD 700,000 in a pre-seed round led by Amigos Venture Capital, with participation from angel investors across financial services, healthcare, and consumer technology.</li>
<li aria-level="1">Biobot Surgical, a Singapore-based medical technology company, raised SGD 20 million (USD 15.5 million) in its latest financing round. The round was led by ClavystBio in partnership with ZIG Ventures.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: RMB, SGD figures are converted to USD at rates of RMB 6.80 = USD 1 and SGD 1.29 = USD 1 based on estimates as of July 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Vynn Capital to finance Etaily’s expansion, CATL backs CarbonScape as partner, 17 China investments, and more

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… environmental sensing, meaning users generally do not need to deliberately wake the robot. Instead, UBTech said the robot can independently determine when to step in.
At the level of biomimetic interaction, UWorld uses a self-developed controller to keep the delay between speech and lip movement within 20 milliseconds, reducing the sense of distance in human-robot interaction.
UBTech also addressed data security, one of the main concerns around home companion robots. The company said the UWorld U1 series prioritizes local processing of user data and avoids cloud uploads unless necessary. Users can view, export, and delete their data at any time, according to the company.
<figure id="attachment_162877" aria-describedby="caption-attachment-162877" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-162877" src="https://console.kr-asia.com/wp-content/uploads/2026/07/UBTech-Robotics-UWorld-U1-Ultra.jpg" alt="" width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2026/07/UBTech-Robotics-UWorld-U1-Ultra.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/07/UBTech-Robotics-UWorld-U1-Ultra-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/07/UBTech-Robotics-UWorld-U1-Ultra-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/07/UBTech-Robotics-UWorld-U1-Ultra-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/07/UBTech-Robotics-UWorld-U1-Ultra-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/07/UBTech-Robotics-UWorld-U1-Ultra-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-162877" class="wp-caption-text">Photo source: UBTech Robotics.</figcaption></figure>
At the launch event, UBTech also introduced a donation initiative. It plans to donate customized bionic robots each year to groups including empty-nest seniors, families that have lost their only child, and families of people officially recognized as martyrs. The company plans to donate 100 units in 2026. Through 3D facial reconstruction and voiceprint-based identity replication technology, the robots can recreate a designated likeness, combining an emotion-interaction large model with dedicated long-term memory to provide psychological companionship.
From an industry perspective, humanoid robot development over the past several years has centered on mobility and operational precision: enabling robots to stand steadily, walk, grasp, and carry. These capabilities have direct value in industrial settings. But once robots enter homes, the evaluation system changes. Users may care less about how much cargo a robot can move than whether it feels natural, responsive, and trustworthy.
Macro data suggests that shift is still at an early stage. According to IDC, global humanoid robot shipments totaled about 18,000 units in 2025, with less than 0.8% going into private homes. More than 90% of products remained concentrated in industrial settings. Morgan Stanley predicts that China’s humanoid robot shipments in 2026 could reach 50,000 units, triple its estimate at the start of the year. It expects the market to reach USD 2 billion this year and climb to USD 15 billion by 2030.
Beyond technical feasibility, UBTech is trying to make the case that consumer acceptance is beginning to form. The end-to-end proprietary technology stack it has built over the past decade, spanning biomimetic skin, embodied intelligence hardware, operating systems, emotion-aware LLMs, and system-level mass production, gives it a foundation for mass production and delivery.
But humanoid robots still face practical challenges before they can become common in the home. It remains to be tested whether emotional interaction in long-term companionship scenarios can be sustained without becoming a novelty; how products can use over-the-air updates throughout their lifecycles to keep the interaction experience evolving; and how data security and ethical boundaries should be defined after large-scale deployment.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3876811895992327">article</a> was written by Huang Nan for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.80 = USD 1 based on estimates as of July 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

UBTech’s UWorld U1 tests demand for humanoid robots at home

Robotics

Embodied Intelligence

… invested in the 2020 seed round, had an adjusted cost per share of only RMB 0.05 (USD 0.007). By the Series C round in December 2025, the cost per share had risen to RMB 9.97 (USD 1.5). In five years, the entry cost increased by about 200 times, underscoring how heavily the IPO economics favor the earliest investors.
The shareholder register includes three Lenovo-linked funds: Lenovo Capital and Incubator Group, Legend Star, and Legend Capital. The Series C round brought in Rockets Capital, which is affiliated with <a href="/company/xpeng">Xpeng</a>, with Xpeng as its largest limited partner holding about 60.73%; a SenseTime subsidiary; and Nanjing Chuangyi, which is affiliated with Horizon Robotics and invested in the Series A round. Beijing state-owned investors, including Shunxi Fund, the Advanced Manufacturing Fund, and Beijing State-owned Capital Operation and Management, together hold about 21%, making them the second largest shareholder group after the founder.
Under Chapter 18C requirements, a commercialized company must reach a valuation of HKD 4 billion (USD 510 million) and annual revenue of at least HKD 250 million (USD 31.9 million). Direct Drive Tech has cleared both thresholds. Based on its 2025 revenue of RMB 282 million, the valuation implied by its Series C round corresponds to a price-to-sales ratio of about 12 times.
Among several listed robotics companies in Hong Kong, Dobot trades at a price-to-sales ratio of about 17–19 times, while UBTech Robotics trades above 30 times. Estun Automation trades at about four to five times. But these companies make complete robots. Direct Drive Tech is an upstream supplier of power modules and components, which makes it theoretically harder for it to command the valuation premium enjoyed by complete robot makers.
Direct Drive Tech’s founder, chairman, and CEO, Zhang Di, is only 31. He received a bachelor’s degree in mechanical engineering from Beijing Institute of Technology in 2016, then studied robotic systems and control engineering at the Hong Kong University of Science and Technology.
Before the offering, Zhang controlled 41.3% of voting rights through Worang Zhonghe, which held 21.96%; Worang Zhongchuang, which held 15.92%; and Guyuan Investment, which held 3.42%.
President Liu Xuyang is 33. He holds a bachelor’s degree in new energy materials from the University of Electronic Science and Technology of China and a doctorate in electrical and electronic engineering from the University of Hong Kong. Before joining Direct Drive Tech, he was general manager of Ironnovation, a provider of integrated motor and drive control solutions. In 2022, he joined Direct Drive Tech with Ironnovation’s core technical team.
CFO Zhang Hongbo joined only in May 2025. A capital markets veteran, he was brought in to handle finance and capital operations for the IPO.
Direct Drive Tech has spent six years building a direct drive module business toward a Hong Kong listing. It is also riding a sector tailwind as these modules replace conventional alternatives. According to 36Kr, China’s direct drive module market is expected to grow at a compound annual rate of 48.6% from 2026 to 2030. Its next test? IPO pricing.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3876760686309385">article</a> was written by Peng Xiaoqiu for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.80 = USD 1 based on estimates as of July 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

31-year-old founder steers Direct Drive Tech toward Hong Kong IPO

… managers and allocators alike."
Data shows a 170% jump in margin buying on the Taiwan Stock Exchange compared with a year ago. Outstanding purchases last week reached over NTD 611 billion (USD 19 billion), which the exchange confirmed was the highest on record.
Leveraged investors are betting on index heavyweight TSMC, with its margin ratio—defined as short positions relative to margin buying—falling to near zero from just under 2% in early January. In Taiwan, the ratio is calculated differently, and a lower percentage indicates stronger buying. This could amplify declines if market sentiment shifts.
Back in Japan, some analysts see further upside despite growing concerns of rising leverage and the risk of volatility-driven downturns.
Based on an analysis using the MSCI country indexes, Morgan Stanley MUFG Securities found that Japanese equities "exhibit significantly lower concentration risk at the individual stock level" compared with the US, South Korea, and Taiwan.
In a June report led by equity strategist Sho Nakazawa, the broker said Japan offers exposure to AI and technology themes while being less dependent on a small number of stocks or sectors. "Combined with stronger risk-adjusted EPS growth," the report says, "Japanese equities offer a more diversified investment opportunity with steadier earnings growth characteristics."
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/asia-s-ai-rally-winners-face-a-rising-leverage-problem">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: JPY figures are converted to USD at rates of JPY 162.55 = USD 1 based on estimates as of July 2, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Asia's AI rally winners face a rising leverage problem

South Korea