Alibaba says smart car spinoff Banma plans to list shares in Hong Kong

Alibaba has announced that its smart vehicle tech unit, Banma, plans to list shares in Hong Kong. Banma, which develops smart cockpit systems, is backed by Alibaba and other investors including SAIC Motor. Alibaba currently owns about 45% of Banma and intends to retain a stake of over 30% after the listing. This IPO would be Alibabas first spin-off in years, following the cancellation of its Cainiao logistics units listing plans in 2024.