Alibaba's planetary office successful Hangzhou, Zhejiang Province, China, connected May 9, 2024.
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Alibaba-backed Banma, a supplier of exertion for astute cars, is readying to database shares connected the Hong Kong Stock Exchange, according to a filing.
In a filing dated Aug. 21, Alibaba said it presently owns astir 45% of Banma and volition proceed to power implicit 30% of the company's banal aft the listing. Banma said successful a filing that the announcement does not warrant a listing volition instrumentality place.
Banma, founded successful 2015 and based successful Shanghai, is "principally engaged successful the improvement of astute cockpit solutions," Alibaba's filing says. In March, Alibaba announced that it was deepening its concern with BMW successful China, gathering an artificial quality motor for cars with a solution built by Banma, "Alibaba's intelligent cockpit solution provider."
In summation to Alibaba, Banma is backed by investors including China's SAIC Motor, SDIC Investment Management and Yunfeng Capital, a Chinese concern steadfast started by Alibaba co-founder Jack Ma.
Alibaba successful the past referred to Banma arsenic a associated task "between america and SAIC Motor."
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