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Alibaba Group Holding plans to spin off its Banma Network Technology unit, as one of China’s largest technology behemoths moves ahead with a separate listing for its autonomous driving unit to raise capital.
Alibaba has received an initial go-ahead from the Hong Kong stock exchange for Banma’s proposed initial public offering (IPO), the company said in a statement on Thursday. The stake held by the Hangzhou-based conglomerate in Banma will drop to 30 per cent from the current 44.72 per cent after the IPO, Alibaba said.
Details of the spin-off, including the financial size and structure of Banma’s IPO, have not been finalised, while the overall plan would be subject to regulatory approvals in Hong Kong and mainland China, said Alibaba, the parent company of the Post.
“The proposed spin-off should better reflect the value of Banma Group on its own merits and increase its operational and financial transparency,” Alibaba said. “Banma’s distinctive automobile system solutions business would be appealing to an investor base with a sector investment focus.”
SAIC Motor’s Roewe RX5 sports-utility vehicle, one of the first models to be powered by Banma’s AliOS operating system, on display during the Auto Shanghai show on April 20, 2017. Photo: Simon Song
If it is successfully executed, Banma’s IPO would be the first spin-off in recent years out of Alibaba’s portfolio of businesses, which cover the spectrum of China’s technology from artificial intelligence to e-commerce, entertainment to logistics. A spin-off of its logistics business Cainiao was called off in March 2024.
For Banma, which began to embed Alibaba’s operating system AliOS in 2016 for smart vehicles to drive autonomously, the IPO would enhance its profile among customers, suppliers and potential strategic partners, gaining it more business and access to the equity and debt capital markets, the e-commerce giant added.
Xiaomi, the Chinese smartphone and electric vehicle (EV) maker, reported that fourth-quarter net profit dropped 27 per cent from a year earlier, as weaker sales cut into margins. Profit fell…
Chinese petrol prices rose the most since 2000, even after unprecedented government intervention, as the war in Iran upends global oil markets. Petrol went up by 1,160 yuan (US$169) per…
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