尴尬！阿里系独角兽上市，被前 CFO 吐槽上市圈钱

Core Viewpoint - Alibaba Group announced plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (Zebra Smart Travel), aiming for an independent listing, focusing on smart automotive operating systems and solutions for digital transformation in the automotive industry [1][3]. Group 1: Company Overview - Zebra Smart Travel was established in 2015 as a joint venture between Alibaba and SAIC Group, specializing in smart automotive technology [1]. - As of the announcement, Alibaba holds approximately 44.72% of Zebra Smart Travel's shares, which is expected to decrease to "over 30%" post-spin-off, maintaining a significant stake [3]. Group 2: Financial Performance - Zebra Smart Travel reported revenues of 805 million, 872 million, and 824 million RMB for 2022, 2023, and 2024 respectively, with a year-on-year decline of 5.5% in 2024 [8]. - The company 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 [8]. - Research and development expenses reached 3.2 billion RMB over three years, while total revenue was only 2.5 billion RMB, indicating a significant investment in R&D without corresponding revenue growth [8]. Group 3: Management Insights - Former CFO Xia Lian expressed skepticism about the company's future growth, citing underperformance in the past three years and concerns that the upcoming years may not improve [4][8]. - Xia criticized the spin-off as a potential cash grab, indicating a lack of commitment to the company's original vision and values [4]. - She also voiced discontent with certain executives' ethics and management style, suggesting a disconnect between leadership and the company's foundational ideals [4]. Group 4: Market Position - The absence of a dedicated CFO position in the company, with the CEO also handling financial responsibilities, raises questions about the management structure and financial oversight [7].