尴尬！阿里系独角兽上市，被前 CFO 吐槽圈钱

Core Viewpoint - Alibaba Group has announced plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (referred to as "Zhibo Smart Travel"), and pursue an independent listing on the Hong Kong Stock Exchange [1] Company Overview - Zhibo Smart Travel was established in 2015 as a joint venture between Alibaba and SAIC Motor Corporation, focusing on the development of intelligent automotive operating systems and related smart solutions for automotive companies [1] - As of the announcement, Alibaba holds approximately 44.72% of Zhibo Smart Travel's shares, which will be adjusted to "over 30%" post-spin-off, maintaining a significant stake [3] Financial Performance - Zhibo Smart Travel has reported revenues of 805 million, 872 million, and 824 million RMB for the years 2022, 2023, and 2024 respectively, with a year-on-year decline of 5.5% in 2024 [7] - The company has incurred net losses of 878 million, 876 million, and 847 million RMB over the same period, totaling a cumulative loss of 2.6 billion RMB [7] - Research and development expenses over the past three years reached 3.2 billion RMB, while total revenue during the same period was only 2.5 billion RMB [7] Management Commentary - The former CFO of Zhibo Smart Travel, Xia Lian, expressed skepticism about the company's business prospects, citing underperformance in revenue growth over the past three years [6] - Xia Lian raised concerns that the upcoming listing may primarily serve to raise capital rather than genuinely support the company's growth [4] - She also criticized certain executives' character and actions, indicating a lack of confidence in their leadership [4] Current Status - As of now, Zhibo Smart Travel has not publicly responded to Xia Lian's comments regarding the company's direction and management [5] - The company has not appointed a new CFO, with the CEO, Dai Wei, currently overseeing financial responsibilities [5]