Alibaba Plans T-Head Hong Kong IPO as Shares Sit 29% Lower This Year
Updated
Updated · CNBC · Nov 11
Alibaba Plans T-Head Hong Kong IPO as Shares Sit 29% Lower This Year
3 articles · Updated · CNBC · Nov 11
Summary
Alibaba said Hong Kong's exchange has cleared it to pursue a spin-off of chip unit T-Head, and the group plans a Hong Kong share sale pending final exchange and China securities regulator approval.
Sept. 11 was when Alibaba confidentially filed for the listing, though it still gave no timetable or deal size for the IPO.
T-Head sits at the center of Alibaba's AI chip push: the company unveiled its Zhenwu V900 in late September, saying it delivers three times the performance of the Zhenwu M890 launched in May.
Chinese chip listings remain difficult. Baidu has reportedly delayed a Kunlunxin float, YMTC has also held back, and regulators have tightened scrutiny of tech IPOs and capital flowing into the sector.
Alibaba's Hong Kong shares fell 1% Wednesday and are down about 29% this year, underscoring weaker sentiment toward Chinese tech even as domestic firms race to build chips under U.S. restrictions.