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On August 21, Alibaba Group announced in a filing with the Hong Kong Stock Exchange that it plans to spin off ZhiMa Network Technology Co., Ltd. (ZhiMa Intelligent Mobility) and list it independently on the main board of the Hong Kong Stock Exchange. This move marks a new stage in Alibaba's important layout in the smart automotive industry.
According to the announcement, as of the date of the announcement, Alibaba holds approximately 44.72% of the shares in ZhiMa Intelligent Mobility. Since December 27, 2024, ZhiMa Intelligent Mobility has no longer been consolidated within the Alibaba Group. After the spin-off, Alibaba will continue to hold more than 30% of the shares in ZhiMa Intelligent Mobility, and ZhiMa Intelligent Mobility will remain an equity method investment of Alibaba.
The prospectus shows that SAIC Motor owns approximately 1.1 billion shares of equity in ZhiMa Intelligent Mobility through Shanghai Saiv and Jiaxing Ruijia, representing about 34.34% of the total issued share capital, making it the second largest shareholder after Alibaba.
On August 20, the Hong Kong Stock Exchange disclosed the listing application documents of ZhiMa Intelligent Mobility. The joint sponsors are Deutsche Bank, China International Capital Corporation, and Guotai Junan International, indicating high market attention and active participation from professional institutions.
It is understood that ZhiMa Intelligent Mobility was established in 2015 and was founded by the Internet Car Fund jointly invested by SAIC Motor and Alibaba. The company mainly provides three core businesses to the automotive and transportation industries: intelligent car operating systems, intelligent car solutions, and digital transportation solutions.
As an important layout in the smart automotive field for Alibaba, ZhiMa Intelligent Mobility serves as a bridge connecting internet technology with traditional automobile manufacturing. This independent listing will provide the company with greater development space and financial support, helping it gain a more favorable competitive position in the rapidly developing smart automotive market.