NIO Capital celebrated a rare dual IPO harvest on July 8, 2026, as its portfolio companies Momenta and EACON listed on the Hong Kong Stock Exchange's Main Board—a landmark event for both physical AI and autonomous driving.

 

 

Momenta, a global leader in physical AI, debuted under the ticker symbol 6880.HK, becoming the industry's first "physical AI stock." EACON, China's largest provider of unmanned mining solutions, listed under 7687.HK, establishing itself as the "world's first unmanned mining stock."

 

NIO Capital's Long‑Term Commitment

 

Ian Zhu, managing partner of NIO Capital, along with his team, witnessed the gong‑striking ceremonies for both Momenta and EACON on‑site and extended warm congratulations to both companies.

 

 

"NIO Capital made a significant investment in Momenta in 2017. Over the years, we have steadfastly accompanied the company through multiple market cycles as it steadily progressed. With its top‑tier R&D and engineering capabilities, Momenta has continued to win orders from major domestic and international automakers. Listing marks a new starting point for the company's development. We wish Momenta continued success in leveraging autonomous driving as a springboard to continuously expand the boundaries of intelligence and grow into a leading enterprise in the global physical AI arena," said Zhu.

 

Regarding EACON, Zhu added: "As an autonomous driving company rooted in mining scenarios, EACON, with its solid technological accumulation, reliable deployment capabilities, and growing advantages of scale, is truly transforming unmanned driving into industrial productivity. NIO Capital led its Series A round and has accompanied the company along a highly distinctive commercialization path. We wish EACON continued reinforcement of its core competitiveness, expansion into broader markets and application frontiers, and emergence as a global benchmark for industrial intelligent upgrade."

 

"The listings are not only important milestones for both companies but also reaffirm NIO Capital's long‑term value judgment in autonomous driving and physical AI. Only companies that continuously iterate their technology, deeply embed themselves in real‑world scenarios, and consistently create value can navigate market cycles and grow into long‑term industry leaders," Zhu concluded.

 

The GPT Moment for Physical AI Is Approaching

 

Founded in 2016, Momenta is a global leader in physical AI, committed to creating a better life through breakthrough AI technologies. With the world model as its foundation and driven by the "data flywheel" technological insight, Momenta pursues a dual‑track strategy—Mass Production and Scalable Robo—to bring physical AI into real‑world applications.

 

Currently, digital AI is accelerating its transition to physical AI, and the "GPT moment" for physical AI is imminent. As the foundational model for physical AI, the world model is considered the key breakthrough to unlocking this GPT moment. Momenta's world model, in turn, will provide the spatiotemporal foundation for physical AI. In April 2026, Momenta launched the R7 world model for mass‑production vehicles for the first time. As the foundational model for physical AI, it supports Momenta's large‑scale deployment across passenger vehicles, robotaxis, and robovans, with future expansion expected into robotrucks and embodied intelligence. Leveraging over 12 billion kilometers of real‑world driving mileage from its mass‑production business, and more than 100 million golden data segments extracted from that data, the Momenta R7 world model is able to evolve through reinforcement learning and self‑play, significantly enhancing its performance in critical scenarios.

 

 

Thanks to its first‑mover advantages in physical AI, world models, and commercialization, Momenta's "flywheel effect" is now fully evident: the first 100,000 mass‑production units took 24 months to achieve in 2022, whereas now it takes less than 40 days to deliver the same volume. Currently, the number of production vehicles equipped with Momenta's system has exceeded 1 million units. Its customers cover all major domestic passenger car OEMs, and 9 of the top 10 global automakers have partnered with Momenta. According to China Insights Consultancy, from March 2025 to February 2026, Momenta held a 65% market share among independent urban NOA suppliers in China, ranking first in the industry.

 

At the listing ceremony, Momenta CEO Cao Xudong reflected on the company's journey: "We founded Momenta ten years ago with one simple but steadfast mission: Better AI, Better Life. Better AI comes from our innate curiosity—our fascination with artificial intelligence makes our lives vibrant. Better Life carries our sense of mission: we believe technology's true value is to make people safer, freer, and happier. That is why we set three ten‑year goals—save one million lives, free 100% of people's time, and double the efficiency of logistics and mobility. Today, with over one million users already enjoying a safer driving experience, we are well on our way."

 

Looking ahead, Cao extended from the company's technological foundation to next‑generation intelligent scenarios: "In the past decade, we taught AI to drive, bringing a dedicated driver to every household. In the next decade, we will bring dedicated robot services—such as helpers, doctors, and teachers—to every household, ushering in the GPT moment for physical AI. We hope that, together with all Chinese AI companies, we can write an Eastern Silicon Valley legend, embrace the world, and let the world embrace Chinese technology."

 

 

EACON: Solid Market Leadership with Profitability Inflection Point in Sight

 

Founded in 2018, EACON focuses on the commercial deployment of unmanned mining solutions. The company places particular emphasis on large‑scale open‑pit mines, which are characterized by complex operating environments, tight labor resources, and stringent safety standards, and provides customized unmanned haulage services. According to its prospectus, the company has built a commercial vehicle intelligent driving technology stack tailored specifically for mining operations. Its drive‑by‑wire chassis platform can adapt to over 70 vehicle models and has achieved normal commercial deployment across multiple mineral types and diverse scenarios.

 

After years of deep cultivation, EACON has firmly established itself as the leader in China's commercial vehicle intelligent driving industry. Based on 2025 revenue, the company ranks first among all commercial vehicle intelligent driving companies in China.

 

 

At the same time, the company is also China's largest provider of unmanned mining solutions. As of December 31, 2025, EACON had deployed 2,580 active unmanned mining trucks, capturing 55.5% of China's unmanned mining solutions market that year. This figure not only leads the nation but also makes EACON the world's first and only mining unmanned driving company to achieve such scale.

 

Wason Lan, founder and CEO of EACON, said at the listing ceremony: "The HKEX listing is capital market recognition of EACON's eight years of deep commitment to the mining sector, and it is also a new starting point for our next journey."

 

"Since our founding in 2018, we have always adhered to one principle: the true value of technology ultimately lies in helping clients solve real problems. So, we dove headfirst into the complex and demanding mining scenarios, insisted on clients' needs as the core driver of technological innovation, and explored and collaborated with them for win‑win outcomes. From the unmanned retrofitting of a single mining truck to mine‑wide integrated solutions, from pilot trials to normal operations, we have steadily refined our technology."

 

"Listing on the HKEX today is not only a significant milestone for EACON but also means that the unmanned mining industry—already with a solid commercial application foundation—is beginning to gain broader visibility. Going forwar, we will continue to uphold the essence of technological innovation, prioritize client value, and work hand in hand with all partners for shared success. At the same time, we will leverage this listing to accelerate our global expansion, bringing our mature technologies, products, and solutions verified in Chinese mining scenarios to the world, empowering the green and intelligent upgrade of the global mining industry with technology."