Alibaba-backed Banma Network plans Hong Kong listing

Alibaba (9988) said on Thursday that autonomous-driving software firm Banma Network Technology is planning a separate listing on the Hong Kong Stock Exchange.

Alibaba will retain a 30 percent stake in Banma after listing, down from its current holding of 44.72 percent.

"It is currently proposed that the proposed spin-off will be effected by way of the global offering of the Banma shares," Alibaba said.

Alibaba said the Banma listing was still to receive approval from the China Securities Regulatory Commission for the deal to go ahead.

The e-commerce giant did not say when the listing was expected to go ahead or give a valuation on Banma in its announcement to the Hong Kong Stock Exchange.

Alibaba said a stand-alone listing of Banma would give the firm a higher profile, allow it to win more businesss and independently access equity and credit markets.

Reuters