Core Viewpoint - Zhaoma Intelligent Technology Co., Ltd. (Zhaoma Zhixing) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of software-centric intelligent cockpit solutions in China [2][3]. Company Overview - Zhaoma Zhixing primarily offers intelligent automotive operating systems, intelligent automotive solutions, and digital traffic solutions targeting the automotive and transportation sectors [2]. - According to Zhaoma Zhixing's IPO prospectus, it is the largest software-centric intelligent cockpit solution provider in China based on revenue projections for 2024, and it ranks first in terms of solution deployment volume [2]. Market Growth - The global smart vehicle sales are projected to increase from 58 million units in 2024 to 86.5 million units by 2030, with a compound annual growth rate (CAGR) of 6.9% [3]. - The market size for intelligent cockpit solutions in China is expected to grow from RMB 129 billion in 2024 to RMB 327.4 billion by 2030, reflecting a CAGR of 16.8% [3]. - The software-based cockpit solutions market is anticipated to grow even faster, from RMB 40.1 billion in 2024 to RMB 114.9 billion by 2030, with a CAGR of 19.2% [3]. Financial Performance - Zhaoma Zhixing's revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 805 million, RMB 872 million, and RMB 824 million, respectively [4][5]. - The company reported a loss of approximately RMB 878 million in 2022, RMB 876 million in 2023, and RMB 847 million in 2024 [4][5]. - The revenue from Zhaoma Zhixing's AI end-to-end solutions is projected to grow from RMB 15.9 million in 2022 to RMB 54.6 million in 2024, with a CAGR of 85.3% [3]. Shareholder Structure - Alibaba holds approximately 44.72% of Zhaoma Zhixing's shares and is the largest supplier and one of the top five customers of the company [6]. - SAIC Motor Corporation is identified as the largest customer and one of the top suppliers for Zhaoma Zhixing [6]. IPO Fund Utilization - The funds raised from the IPO are intended for investment in research and development to strengthen the company's technological leadership in the Chinese intelligent cockpit solutions market, increase market share, support business acquisitions, and supplement working capital [6].

Core Viewpoint - The company Zebra, previously a subsidiary of Alibaba, is undergoing a spin-off and IPO to enhance its independent valuation and attract specific investors in the automotive system solutions sector [4][6]. Group 1: Company Overview - Zebra was established in 2015 through a joint investment by SAIC Motor and Alibaba, with both companies being the primary shareholders [4]. - As of the announcement date, Alibaba holds approximately 44.72% of Zebra's shares, and after the spin-off, it will retain over 30% [4]. Group 2: Business Development - Zebra specializes in software-based intelligent cockpit solutions, with a significant increase in the number of vehicles equipped with its solutions, growing from 835,000 in 2022 to 2,334,000 in 2024, representing a compound annual growth rate (CAGR) of 67.2% [7]. - Revenue from AI end-to-end solutions is projected to rise from 15.897 million yuan in 2022 to 54.61 million yuan in 2024, with a CAGR of 85.3% [7]. Group 3: Market Potential - The global smart vehicle sales are expected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a CAGR of 6.9% [7]. - The market size for intelligent cockpit solutions in China is projected to increase from 129 billion yuan to 327.4 billion yuan, with a CAGR of 16.8% [7]. Group 4: Financial Performance - Zebra's revenue for 2022, 2023, and 2024 is approximately 805 million yuan, 872 million yuan, and 824 million yuan, respectively [8]. - The total losses and comprehensive expenses for the same years are approximately 878 million yuan, 876 million yuan, and 847 million yuan [8]. - Research and development expenses for 2022, 2023, and 2024 are approximately 1.111 billion yuan, 1.123 billion yuan, and 980 million yuan, respectively [8].

Core Viewpoint - Alibaba Group plans to spin off Zhibo Network Technology Co., Ltd. and list it independently on the Hong Kong Stock Exchange, aiming to enhance Zhibo's independent valuation and attract specific investors in the automotive system solutions sector [3][11]. Summary by Sections Company Overview - Zhibo Network Technology Co., Ltd. was established in November 2015 with a registered capital of approximately 3.2 billion RMB. The ultimate beneficiary is Zhejiang Tmall Technology Co., Ltd., holding 31.07% of the shares [8][10]. Shareholding Structure - As of the announcement date, Alibaba holds approximately 44.72% of Zhibo's shares. Post-spin-off, Alibaba will retain over 30% ownership [10][12]. Business Focus - Zhibo specializes in providing intelligent automotive operating systems and solutions, having been co-founded by SAIC Motor Corporation and Alibaba. It has been a subsidiary of Alibaba but will no longer be consolidated into the group from December 27, 2024 [11]. Financial Aspects - The IPO application was submitted on August 20, 2023, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors. The funds raised will be allocated to R&D, market expansion, capital operations, and working capital [6][12][13]. Market Potential - The global smart vehicle sales are projected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a compound annual growth rate (CAGR) of 6.9%. The market for intelligent cockpit solutions in China is expected to increase from 129 billion RMB to 327.4 billion RMB, with a CAGR of 16.8% [16].

Group 1 - Alibaba announced the proposed spin-off of Zhibo Network Technology Co., Ltd. (Zhibo) for independent listing on the Hong Kong Stock Exchange [1] - As of the announcement date, Alibaba holds approximately 44.72% of Zhibo's shares and will retain over 30% post-spin-off [4] - The spin-off will allow Zhibo to have an independent valuation, enabling investors to assess the performance and potential of both Zhibo and Alibaba separately [4] Group 2 - Zhibo, established in November 2015, is a technology company co-founded by Alibaba and SAIC Group, with a registered capital of approximately 3.2 billion yuan [4] - Zhibo focuses on providing intelligent automotive operating systems and solutions, becoming one of the leading software-centric smart cockpit solution providers in China [4] - The company has collaborated with over 10 automotive brands and more than 40 models, resulting in over 1 million smart vehicles [5] Group 3 - Zhibo submitted its listing application to the Hong Kong Stock Exchange on August 20, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [4] - The company announced a significant financing round in September 2018, raising over 1.6 billion yuan, marking its first financing since establishment [4] - In July 2021, major shareholders, including Alibaba and SAIC Group, jointly increased Zhibo's capital by 3 billion yuan [4]

Core Viewpoint - Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) has submitted an IPO application to the Hong Kong Stock Exchange, positioning itself as a leading provider of intelligent cockpit solutions in China, with a focus on software-driven automotive and transportation solutions [1][2]. Group 1: Company Overview - Zhibo Zhixing was established in 2015 with backing from SAIC Group and Alibaba, combining strong industry and internet expertise [2]. - The company is recognized as one of the two third-party suppliers in China with a fully self-developed automotive operating system and is the only one to integrate key intelligent automotive experience pillars into a unified solution [1][2]. Group 2: Financial Performance - Zhibo Zhixing has not yet achieved profitability, reporting losses of approximately 2.6 billion RMB over three years, with revenues of 805 million RMB in 2022, 872 million RMB in 2023, and a projected 824 million RMB in 2024, reflecting a 5.4% decline year-on-year [3][5]. - The company's gross margin has decreased from 53.9% in 2022 to 38.9% in 2024, indicating a downward trend [3][5]. Group 3: Accounts Receivable and Customer Concentration - The company faces high accounts receivable, with turnover days increasing from 155.9 days in 2022 to 265.6 days by March 31, 2025, primarily due to seasonal revenue fluctuations [4]. - SAIC is the largest customer, providing significant revenue, while Alibaba serves as a major supplier, indicating a high customer concentration risk [6]. Group 4: Use of IPO Proceeds - The funds raised from the IPO are intended for research and development, market expansion, and operational support, with a focus on maintaining technological leadership in the intelligent cockpit solutions market [8]. - The global smart automotive market is expected to grow at a CAGR of 6.9%, with the Chinese intelligent cockpit market projected to reach 327.4 billion RMB by 2030, highlighting the growth potential in this sector [8].

Group 1 - On August 20, 2023, the joint venture between SAIC and Alibaba, Zhibo Network, officially submitted its IPO application to the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [2] - The IPO proceeds will be used to enhance R&D investment, increase market share in China, expand globally, support business acquisitions and expansion plans, and supplement working capital [2] Group 2 - On August 21, 2023, Alibaba announced that Zhibo would no longer be consolidated into its financial statements starting December 27, 2024, following a proposed spin-off plan submitted to the Hong Kong Stock Exchange [4] - As of the announcement date, Alibaba held approximately 44.72% of Zhibo's shares, and after the proposed adjustments and spin-off, it will continue to hold over 30% of Zhibo, which will remain an equity method investment [4] Group 3 - Zhibo Network, established in November 2015, primarily provides intelligent vehicle operating systems, smart vehicle solutions, and digital transportation solutions for the automotive and transportation industries [5] - According to ZhiShi Consulting, Zhibo 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 [5] - Zhibo is one of only two third-party suppliers in China with a fully self-developed automotive operating system and uniquely integrates three core pillars of smart vehicle experience: system-level operating system solutions, AI end-to-end solutions, and automotive platform services [5] - Zhibo's large language model capabilities rank first among nine top Chinese automotive AI companies in the intelligent cockpit field, excelling in various real-world scenarios such as vehicle control, driving, entertainment, mobility, business, lifestyle, and social interaction [5]

Company Overview - Zebra Zhixing submitted its IPO application to the Hong Kong Stock Exchange on August 20, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [2] - Established in November 2015, Zebra Zhixing is a leading provider of software-centric intelligent cockpit solutions in China, backed by Alibaba and SAIC Group [4][5] Financial Performance - Revenue for Zebra Zhixing from 2022 to 2024 was reported as 805 million RMB, 872 million RMB, and 824 million RMB respectively, while total losses and comprehensive expenses were 878 million RMB, 876 million RMB, and 847 million RMB [5][6] - The company’s R&D expenses for the same period were 1.111 billion RMB, 1.123 billion RMB, and 979 million RMB [5][6] - The largest customer for Zebra Zhixing from 2022 to 2024 was SAIC Group, contributing 54.7%, 47.4%, and 38.8% of total revenue [7] Market Position and Growth Potential - According to data from Zhaoshang Consulting, Zebra Zhixing is the largest software-centric intelligent cockpit solution provider in China, with the highest solution deployment ranking [4] - The global smart vehicle sales are projected to grow from 58 million units to 86.5 million units from 2024 to 2030, with a compound annual growth rate (CAGR) of 6.9% [12] - The market size for intelligent cockpit solutions in China is expected to increase from 129 billion RMB to 327.4 billion RMB, with a CAGR of 16.8% [12] IPO Fund Utilization - The IPO proceeds will be allocated to R&D to strengthen technological leadership in the intelligent cockpit solutions market [10] - Funds will also be used to enhance market share in China, consolidate leadership, and expand into global markets [11] - Additional capital will support business acquisitions, expansion plans, and working capital needs [12]

Core Viewpoint - Alibaba Group announced the spin-off of its subsidiary, Zhaoma Network Technology Co., Ltd., aiming for an independent listing on the Hong Kong Stock Exchange, with Alibaba retaining over 30% ownership post-spin-off [1][4]. Company Overview - Zhaoma Network was established in November 2015 through a joint investment by Alibaba and SAIC Group, focusing on the development of intelligent automotive operating systems and solutions [3]. - The company provides three core solutions: system-level OS solutions based on self-developed AliOS, AI end-to-end solutions including voice interaction and visual perception, and in-car platform services integrating payment, navigation, and application ecosystem [3]. - According to Zhaoma Consulting, Zhaoma Network is the largest software-centric intelligent cockpit solution provider in China by projected 2024 revenue and also ranks first in solution deployment [3]. Strategic Considerations and Market Outlook - The spin-off will allow Zhaoma to reflect an independent valuation, enabling investors to assess the performance and potential of both Zhaoma and Alibaba separately [4]. - The intelligent cockpit market is expected to grow rapidly, with projections indicating that the market size for intelligent cockpit solutions in China will reach 327.4 billion RMB by 2030, particularly for software-based solutions [4]. - Zhaoma Network will leverage Alibaba Group's technological and ecological advantages across various fields, including voice, vision, chips, IoT, cloud computing, maps, payments, and e-commerce [4]. - Deutsche Bank, CICC, and Guotai Junan International are acting as joint sponsors for the upcoming listing, which still requires approval from the Hong Kong Stock Exchange and relevant filings with the China Securities Regulatory Commission [4].

Core Viewpoint - Alibaba Group announced the proposed spin-off of Zhaoma Network Technology Co., Ltd. (Zhaoma Zhixing) for independent listing on the Hong Kong Stock Exchange, with Alibaba retaining over 30% ownership post-spin-off [2][4]. Company Overview - Zhaoma Zhixing was established in 2015 through a joint investment by SAIC Motor Corporation and Alibaba, focusing on providing intelligent automotive operating systems and solutions [4][8]. - As of the announcement date, Alibaba holds approximately 44.72% of Zhaoma Zhixing's shares, making it the largest shareholder [2][6]. Financial Performance - Zhaoma Zhixing reported revenues of approximately RMB 805.43 million, RMB 871.89 million, and RMB 823.79 million for the fiscal years 2022, 2023, and 2024, respectively [7]. - The company incurred total losses of RMB 878.19 million, RMB 876.16 million, and RMB 847.40 million during the same periods [7]. Market Position - Zhaoma Zhixing is recognized as the largest software-centric intelligent cockpit solution provider in China, with a compound annual growth rate of 67.2% in the deployment of its intelligent cockpit solutions from 2022 to 2024 [8]. - The company's intelligent cockpit solutions have been installed in over 8 million vehicles across more than 14 countries, making it a key player in the automotive technology sector [8].

Core Viewpoint - Alibaba plans to spin off Zhibo Network Technology Co., Ltd. (Zhibo) and list it independently on the Hong Kong Stock Exchange, allowing for separate valuation and assessment of both Zhibo and Alibaba's performance and potential [1][2]. Group 1: Company Overview - Alibaba currently holds approximately 44.72% of Zhibo's shares and will retain over 30% post-spin-off [1]. - Zhibo 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 [1]. - Established in November 2015, Zhibo is a technology company co-founded by Alibaba and SAIC Group, with a registered capital of around 3.2 billion RMB [3]. Group 2: Market Position and Growth Potential - Zhibo is recognized as the largest software-centric intelligent cockpit solution provider in China based on projected 2024 revenue, and ranks first in terms of solution deployment volume [2]. - 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 [2]. - Zhibo is one of only two third-party suppliers in China with a fully self-developed automotive operating system and integrates key intelligent automotive experiences into a unified solution [2]. Group 3: Strategic Collaborations and Innovations - Zhibo has collaborated with over 10 automotive brands and more than 40 models, leveraging Alibaba's ecosystem in various technological fields [3]. - In March 2023, Zhibo, Ele.me, and Zhiji Auto launched the "IMAIOS Ecological Cockpit," which integrates Alibaba's AI technology and services into a new human-vehicle interaction model [4].