Alibaba’s global headquarters in Hangzhou, Zhejiang Province, China, on May 9, 2024.
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Alibaba-backed Banma, a provider of technology for smart cars, is planning to list shares on the Hong Kong Stock Exchange, according to a filing.
In a filing dated Aug. 21, Alibaba said it currently owns about 45% of Banma and will continue to control over 30% of the company’s stock after the listing. Banma said in a filing that the announcement does not guarantee a listing will take place.
Banma, founded in 2015 and based in Shanghai, is “principally engaged in the development of smart cockpit solutions,” Alibaba’s filing says. In March, Alibaba announced that it was deepening its partnership with BMW in China, building an artificial intelligence engine for cars with a solution built by Banma, “Alibaba’s intelligent cockpit solution provider.”
In addition to Alibaba, Banma is backed by investors including China’s SAIC Motor, SDIC Investment Management and Yunfeng Capital, a Chinese investment firm started by Alibaba co-founder Jack Ma.
Alibaba in the past referred to Banma as a joint venture “between us and SAIC Motor.”
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