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Alibaba Group announced plans to spin off Banma Network Technology, its autonomous driving software unit, for an independent listing on the main board of the Hong Kong Stock Exchange. Alibaba will retain over 30% ownership in Banma following the proposed spin-off. Details of the transaction have not yet been finalized. The move reflects Alibaba's strategy to unlock value in its smart car business by allowing Banma to operate as a separate publicly traded entity.
China’s Alibaba today announced it plans to spin off Banma Network Technology for an independent listing on the main board of the Hong Kong Stock Exchange, while retaining an over 30% stake in the autonomous driving software firm. @AlibabaGroup https://t.co/ZP5GkIULhp
Alibaba-backed Banma Network plans Hong Kong listing https://t.co/kq6fmW9YKT https://t.co/kq6fmW9YKT
Alibaba says smart car spinoff Banma plans to list shares in Hong Kong
