Alibaba-backed Banma Network seeks Hong Kong listing
Investing.com-- Alibaba (NYSE:BABA) Group (HK:9988) said on Thursday that autonomous-driving software firm Banma Network Technology is seeking a separate listing on the Hong Kong Stock Exchange.
The proposed spin-off would involve a global offering in which Alibaba’s stake would fall from approximately 44.72% to around 30%, as it seeks to raise capital and broaden investor access.
The plan to float Banma comes amid Alibaba’s continued efforts to restructure and potentially unlock value across its former subsidiaries.
Details of the timing and pricing of the offering were not disclosed.
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