Sou Hu Cai Jing·2025-08-21 12:20Group 1 - Alibaba announced the proposed spin-off of Zhaoma Network Technology Co., Ltd. (Zhaoma Zhixing) for independent listing on the Hong Kong Stock Exchange [1][3] - Zhaoma Zhixing reported cumulative revenue of 2.637 billion RMB and losses and comprehensive expenses of 4.183 billion RMB from 2022 to Q1 2025 [1][5] - As of the announcement date, Alibaba holds approximately 44.72% of Zhaoma Zhixing's shares and will retain over 30% post-spin-off [4] Group 2 - The IPO proceeds will be used to enhance R&D investment, increase market share in China, expand globally, support business acquisitions, and supplement working capital [6] - Zhaoma Zhixing is the largest software-centric intelligent cockpit solution provider in China, with a projected market size of 327.4 billion RMB by 2030 [7] - The company’s intelligent cockpit solutions have been installed in over 8 million vehicles across more than 14 countries as of June 30, 2025 [9] Group 3 - From 2022 to 2024, Zhaoma Zhixing achieved revenues of 805 million RMB, 872 million RMB, and 824 million RMB, with corresponding losses of 878 million RMB, 876 million RMB, and 847 million RMB [8] - The gross profit margins for the same period were 53.9%, 46.4%, and 38.9%, respectively, with Q1 2025 showing a revenue of 136 million RMB and a loss of 1.582 billion RMB [8]