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

Banma, a tech firm specializing in smart car solutions and backed by Alibaba, is gearing up for a potential stock market listing on the Hong Kong Stock Exchange, as revealed in a recent filing. The document, submitted on August 21, indicates that Alibaba holds approximately 45% ownership of Banma and intends to maintain over 30% control post-listing. Founded in 2015 and headquartered in Shanghai, Banma focuses on developing innovative smart cockpit solutions for vehicles. However, the company has cautioned that this announcement does not guarantee that a listing will occur. In a significant development earlier this year, Alibaba announced an expanded collaboration with BMW in China, which includes the creation of an artificial intelligence engine for vehicles, leveraging technology developed by Banma. This smart cockpit solution provider has also attracted investments from notable entities such as SAIC Motor, SDIC Investment Management, and Yunfeng Capital, the latter being co-founded by Alibaba's Jack Ma. Alibaba has previously characterized Banma as a joint venture with SAIC Motor, highlighting the strategic partnership between the two companies.