IPO subscription tracker: Momenta and six HK deals hit the clock

Deadline alert: Beijing Tong Ren Tang Healthcare (02667.HK) closed its Hong Kong public offer at noon on July 2 Hong Kong time, equivalent to midnight July 2 Eastern time. Six more Hong Kong offers close at noon on July 3 Hong Kong time, or midnight July 3 Eastern time: DKE, Momenta, Reconova, EACON, Baogai, and BASIC Semiconductor. US retail IPO allocation availability varies by broker, and this brief is factual only. It is not investment advice.

I did not verify an open US retail allocation deadline in the public sources checked today. Nasdaq's public IPO listings page returned no available IPO calendar data during this check, while several US IPOs had already priced and begun trading on July 1. The live subscription work is in Hong Kong public offers.

Minimum amounts below use one board lot at the top of the stated range plus the standard 1.0077% Hong Kong application charge disclosed by ET Net. Broker internal cutoffs may be earlier.

Momenta is an autonomous-driving software company. Its core business supplies automakers with mass-production driver-assistance systems, while its robotaxi and robovan projects give it a second route into fully autonomous fleets. ET Net describes Momenta as the No. 1 independent provider globally by Urban NOA-equipped vehicle sales volume for the 12 months ended February 28, 2026, and says it had cumulative nominations for 170 vehicle models as of December 31, 2025. 1

Three numbers set the frame. Revenue rose from RMB743 million in 2023 to RMB2.4 billion in 2025. Gross margin expanded from 17.5% to 71.6%. Adjusted net loss narrowed from RMB1.1 billion to RMB303 million, while cash reserves exceeded RMB10 billion at year-end 2025. 2

Valuation is demanding. At HK$295.60 per share, ET Net lists Momenta's market capitalization at HK$69.63 billion. Horizon Robotics, the closest Hong Kong-listed autonomous-driving peer in this quick comp set, was described by Simply Wall St as having a HK$59.45 billion market cap and CN¥3.56 billion of automotive-solutions revenue. 3 Momenta therefore comes public at a higher market value than that peer, despite lower 2025 revenue. That does not decide the trade, but it says the offer price already assumes fast execution.

The sponsor line is CICC and Deutsche Securities Asia. CICC's nearby Hong Kong calendar has mixed but active proof points: it is sole sponsor on Tong Ren Tang Healthcare, which has not listed yet, and it is one of the joint sponsors for Anker Innovations, which began trading on July 2 under 00668.HK after a June 23-26 public offer. 4 This is a short window, so treat sponsor track record as a check item, not a verdict.

Subscription heat looks strong before final allotment. Yicai says 14 cornerstone and strategic investors committed HK$2.9 billion, or about US$375.8 million, including GIC, Fidelity, BlackRock, Mercedes-Benz, and BYD's investment arm. 2 Phillip Securities' public IPO page showed HK$13.2 billion of margin-financing interest for Momenta in its IPO table, a useful demand signal before the public-offer multiple is finalized. 5

Two risks matter most. First, the company is still loss-making on an adjusted basis, so valuation rests on margin expansion and software licensing growth continuing. Second, customer concentration and automaker adoption cycles can move slowly; a delayed model launch or lower take-rate can change revenue timing even when the technology works.

The next two-week watchlist is concentrated on Hong Kong listings from today's subscription batch. Tong Ren Tang Healthcare is scheduled to list July 7. DKE, Momenta, Reconova, EACON, Baogai, and BASIC Semiconductor are each scheduled to list July 8, with public results due on or before July 7-8 depending on the deal page. Keep two separate reminders: broker application cutoffs can arrive before the exchange's public deadline, and US retail IPO access can disappear once the allocation window closes even if the company has not yet listed.

Tomorrow's brief should update three items first: final public-offer multiples for Momenta and the other July 3 closers, any US calendar additions after the July 4 market-holiday lull, and first full-session performance for today's Hong Kong listings.