Hong Kong, 21 August 2025 — Alibaba Group (09988.HK) disclosed today that it plans to spin off its autonomous driving software subsidiary, Zebra Network Technology, and pursue an independent initial public offering on the Hong Kong Stock Exchange Main Board. The spin-off proposal has already been confirmed by the exchange, the company said, citing recent regulatory compliance under Practice Note 15.
The company currently holds approximately 44.72% stake in Zebra Network, which has been accounted for as an equity-method investee since being deconsolidated from Alibaba’s financials on 27 December 2024. After the proposed global offering—covering both a Hong Kong public sale and international offering—Alibaba will continue to retain more than 30% ownership, keeping Zebra as an equity-method affiliate. [oai_citation:0‡finance.sina.cn](https://finance.sina.cn/hkstock/gsxw/2025-08-21/detail-infmsyzi9605908.d.html?vt=4&utm_source=chatgpt.com) [oai_citation:1‡gbcode.rthk.hk](https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1819123-20250821.htm?utm_source=chatgpt.com)
According to the announcement, the spin-off aims to better reflect Zebra’s standalone value and enhance operational and financial transparency. The separation allows investors to independently assess the performance and growth prospects of both Zebra and Alibaba’s remaining business segments. [oai_citation:2‡finance.sina.cn](https://finance.sina.cn/stock/jdts/2025-08-21/detail-infmsyzi9606502.d.html?cid=76993&node_id=76993&vt=4&utm_source=chatgpt.com) [oai_citation:3‡gbcode.rthk.hk](https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1819123-20250821.htm?utm_source=chatgpt.com)
Zebra, founded in November 2015 and incorporated as a corporation in March 2025, specializes in intelligent cockpit solutions. Its offerings include system-level OS, full-stack AI solutions, and in-car platform services—positioning the company as a distinct automotive technology provider with strong standalone investor appeal. [oai_citation:4‡finance.sina.cn](https://finance.sina.cn/stock/jdts/2025-08-21/detail-infmsyzi9606502.d.html?cid=76993&node_id=76993&vt=4&utm_source=chatgpt.com) [oai_citation:5‡gbcode.rthk.hk](https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1819123-20250821.htm?utm_source=chatgpt.com)
Alibaba added that the spin-off will support Zebra’s independent access to capital markets—both equity and debt—boost its credit profile for bank financing, and improve its positioning with clients, suppliers, and strategic partners. Moreover, Alibaba expects to continue benefiting from Zebra’s growth through its retained shareholding. [oai_citation:6‡finance.sina.cn](https://finance.sina.cn/stock/jdts/2025-08-21/detail-infmsyzi9606502.d.html?cid=76993&node_id=76993&vt=4&utm_source=chatgpt.com) [oai_citation:7‡gbcode.rthk.hk](https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1819123-20250821.htm?utm_source=chatgpt.com)
The company noted that key details—including the size of the offering, exact share structure, and Alibaba’s post-spin-off shareholding—are yet to be finalized. The spin-off still requires approval from the Listing Committee, requisite filings with the China Securities Regulatory Commission, and Zebra’s board and shareholders’ final decisions. No assurance has been given regarding its completion or timing. [oai_citation:8‡finance.sina.cn](https://finance.sina.cn/stock/jdts/2025-08-21/detail-infmsyzi9606502.d.html?cid=76993&node_id=76993&vt=4&utm_source=chatgpt.com) [oai_citation:9‡gbcode.rthk.hk](https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1819123-20250821.htm?utm_source=chatgpt.com) [oai_citation:10‡cn.tradingview.com](https://cn.tradingview.com/news/reuters.com%2C2025%3Anewsml_L4S3UC1EB%3A0/?utm_source=chatgpt.com)
