Alibaba says smart car spinoff Banma plans to list shares in Hong Kong

Group 1 - Alibaba-backed Banma plans to list shares on the Hong Kong Stock Exchange, with Alibaba owning about 45% and retaining over 30% control post-listing [1] - Banma, founded in 2015 and based in Shanghai, focuses on developing smart cockpit solutions for vehicles [2] - Alibaba is deepening its partnership with BMW in China, utilizing Banma's technology to build an artificial intelligence engine for cars [2] Group 2 - Banma is also supported by other investors, including SAIC Motor, SDIC Investment Management, and Yunfeng Capital [2] - Alibaba previously described Banma as a joint venture with SAIC Motor [3]