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Alibaba Group announced plans to spin off Banma Network Technology, its autonomous driving software subsidiary, through an independent listing on the main board of the Hong Kong Stock Exchange. The move aims to support Alibaba's smart car initiatives. Following the proposed initial public offering, Alibaba intends to retain over 30% ownership in Banma, down from its current stake of approximately 44.72%. Details of the spin-off are still being finalized. Banma, based in Shanghai, specializes in AI intelligent cockpit technology for automobiles, aligning with Alibaba's broader push into new energy vehicles and automotive technology.
Dongfeng Motor [HKG: 0489] shares opened up 69% today after the Chinese carmaker said it would list its new energy vehicle subsidiary, Voyah, on the Hong Kong bourse via introduction, while the parent firm simultaneously undergoes privatization and delisting. https://t.co/1jkOZEqGpy
Dongfeng Motor’s Hong Kong-listed shares surged after the Chinese automaker announced plans to withdraw its Hong Kong shares, in a restructuring that will result in a stock listing for its Voyah line of luxury new-energy vehicles. https://t.co/hJKZ1RpYbo
ALIBABA'S FOOD DELIVERY PLATFORM ELEME EXPANDS SOCIAL SECURITY SUBSIDIES FOR RIDERS NATIONWIDE, COVERING UP TO 100% OF PENSION AND MEDICAL INSURANCE CONTRIBUTIONS. #ALIBABA #ELEME $BABA https://t.co/VoSekcuQ3q https://t.co/zXUoWYsEhK
