Core Viewpoint - Zebra Network Technology Co., Ltd. (Zebra Smart Travel) has submitted its listing application to the Hong Kong Stock Exchange, focusing on smart cockpit solutions and facing challenges related to its business model heavily reliant on major shareholders [1][4]. Group 1: Business Overview - In 2024, Zebra Smart Travel achieved revenue of 824 million yuan, positioning itself as one of the only two fully self-developed automotive operating system third-party suppliers in China [1]. - The company integrates system-level operating system solutions, AI end-to-end architecture, and in-vehicle platform services into a unified offering, creating a differentiated advantage in the smart cockpit sector [1][3]. Group 2: Technology and Innovation - The company launched China's first internet car in 2016 and introduced a voice-interactive cockpit design, which remains influential in the industry [3]. - The "Yuan Shen AI" system, released in 2023, incorporates large language models into the vehicle environment, enhancing its capabilities from passive response to proactive decision-making [3]. Group 3: Shareholder Dependency and Risks - The company is significantly dependent on its major shareholders, with SAIC Group contributing 54.7%, 47.4%, and 38.8% of revenue from 2022 to 2024, and 47.48% in Q1 2025 [4]. - Alibaba, as both a supplier and customer, accounted for 53.5%, 58.4%, and 54.7% of procurement from 2022 to 2024, with a similar percentage in Q1 2025 [4]. Group 4: Organizational Changes and Market Challenges - In July 2025, the company initiated layoffs affecting over 30% of its workforce, primarily due to challenges in developing the 7.0 system, although the official adjustment was stated to be around 10% [5]. - The company faces intensified competition in the smart cockpit software market, which is growing at over 19% annually, with risks of technology homogenization as traditional Tier 1 suppliers and tech giants enter the space [5]. Group 5: Future Outlook - The company stands at a crossroads of capital market entry and technological advancement, needing to balance shareholder collaboration with operational independence while ensuring that R&D investments translate into stable revenue growth [6].

Core Viewpoint - Alibaba plans to spin off Zhaoma Network Technology Co., Ltd. (Zhaoma) and list it independently on the Hong Kong Stock Exchange, allowing for separate valuation and assessment of both Zhaoma and Alibaba's performance and potential [1][2]. Group 1: Company Overview - As of the announcement date, Alibaba holds approximately 44.72% of Zhaoma's shares, and will retain over 30% post-spin-off [2]. - Zhaoma focuses on automotive system solutions and aims to attract investors in specific sectors, enhancing its independent image and flexibility in accessing bank credit and capital markets [2]. - Zhaoma was established in November 2015 as a technology company co-founded by Alibaba and SAIC Group, with a registered capital of approximately 3.2 billion RMB [4]. Group 2: Market Position and Growth Potential - According to Zhaoma's IPO application, it is the largest software-centric intelligent cockpit solution provider in China based on projected 2024 revenue, and ranks first in terms of solution deployment volume [3]. - The intelligent cockpit solutions market in China is expected to reach 327.4 billion RMB by 2030, with software-based solutions anticipated to grow rapidly [3]. - Zhaoma is one of only two third-party suppliers in China with a fully self-developed automotive operating system and integrates key intelligent automotive experience pillars into a unified solution [3]. Group 3: Recent Developments and Collaborations - Zhaoma has collaborated with over 10 automotive brands and more than 40 models, resulting in over 1 million smart vehicles utilizing its solutions [4]. - In March 2023, Zhaoma, along with Ele.me and Zhiji Auto, launched the "IMAIOS Ecological Cockpit," which integrates Alibaba's AI technology and ecosystem resources [5]. - Zhaoma has received significant funding, including over 1.6 billion RMB in its first round of financing in September 2018 and an additional 3 billion RMB in July 2021 from major stakeholders [5].