HONG KONG/SINGAPORE (July 8): Shares of Momenta Global debuted flat in Hong Kong on Wednesday, after the Chinese autonomous-driving firm raised about HK$5.89 billion (US$751 million) in its initial public offering. The stock opened at HK$301 versus its IPO price of HK$295.60, reaching as high as HK$314.80 before trading at the HK$299 level. Momenta's debut is a key test of investor demand for Chinese AI and advanced technology companies, as Hong Kong faces a record wave of lock-up expirations after a strong first-half for new listings. "July's peak unlocking period is clearly weighing on things, some new listings aren't performing as expected, so the market sentiment has cooled noticeably," said Dickie Wong, executive director of research at Hong Kong-based uSMART. "Investors seem more selective on valuations right now, especially in AI or tech." Cornerstone investors, or big investors that committed to buy shares before listing, included existing backer Mercedes-Benz, BlackRock funds and China's Boyu Capital, according to the prospectus. Other cornerstone investors include GIC, Fidelity International, Oaktree, Franklin Templeton and ChinaAMC. That lineup of cornerstone investors and pricing at the top end of the offer range showed decent global investor appetite for China's AI story, said Gary Ng, senior economist for Asia Pacific at Natixis CIB. "Still, the lack of a sharp surge suggests sentiment remains cautious with a focus on long-term opportunities, unlike the global AI hype," Ng said. "There can be pressure on valuation in the tech sector. Whether these firms can hold up after listing is key to watch, which may not always be the case for previous cases." Other Hong Kong debutants on Wednesday also had a mixed start. Visual AI firm Reconova opened 16.9% lower, while mining autonomous-driving firm Eacon started trading 3.5% higher. Trench-cover maker Baogai opened flat, while silicon carbide chip maker BasicSemi