Alibaba plans to spin off Banma Network for a Hong Kong IPO: Shareholder SAIC is the largest customer, with losses of 2.6 billion yuan in the first three years.

According to the Hong Kong Stock Exchange website, Zebra Network Technology Co., Ltd. submitted a prospectus on August 20, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors. According to the prospectus, Zebra Network was established in 2015 through a partnership between Alibaba and SAIC, and is a global pioneer in intelligent cockpit solutions. The company's revenue for the years 2022 to 2024 are 805 million yuan, 872 million yuan, and 824 million yuan respectively, with net losses of 878 million yuan, 876 million yuan, and 847 million yuan respectively, accumulating to a total loss of 2.6 billion yuan over the three years.