BABA(HK:09988) Sou Hu Cai Jing·2025-08-22 14:57Group 1 - Alibaba announced the proposed spin-off of Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) for independent listing on the Hong Kong Stock Exchange [1][4] - Zhibo Zhixing is the largest software-centric intelligent cockpit solution provider in China, with over 8 million vehicles equipped with its solutions across more than 14 countries as of June 30, 2025 [4][8] - Alibaba holds approximately 44.72% of Zhibo Zhixing's shares and plans to retain over 30% post-spin-off [8][11] Group 2 - The spin-off is part of Alibaba's "1+6+N" organizational transformation strategy, aimed at enhancing operational agility and addressing the challenges of large enterprises [11][16] - Zhibo Zhixing's revenue for 2022, 2023, and 2024 is projected to be 805 million, 872 million, and 824 million yuan respectively, with total losses of approximately 2.6 billion yuan over three years [13] - The spin-off is expected to improve financial transparency and allow investors to evaluate Zhibo Zhixing's performance separately from Alibaba's broader operations [13][16] Group 3 - The independent listing of Zhibo Zhixing is seen as a strategic move to release the investment value of high-potential businesses while maintaining synergies with Alibaba's ecosystem [17][19] - Zhibo Zhixing aims to leverage Alibaba's technological support in cloud services and AI while expanding its client base beyond Alibaba's ecosystem [17][21] - The spin-off reflects a broader trend among Chinese tech companies to separate high-potential businesses for independent growth and market valuation [19][21]