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Alibaba announced the Hong Kong listing of the spin-off of its chip subsidiary Pingtoose to release asset value through independent financing and revaluation and strengthen its customer and capital market position.
alibaba Announced on the 10th, it officially launched the spin-off and listing plan of its chip subsidiary Pingtouge, brought it into the capital market independently, opened up independent financing channels for this full-stack data center chip supplier, and helped the group release undetermined asset values. After the spin-off is completed, Pingtu GE is expected to retain its status as a subsidiary of Alibaba. Previous market news said it would raise at least US$2 billion.
Documents released by Alibaba on the 10th revealed that brother Pingtou had confidentially reported to the police on September 11, 2026.hong kong The stock exchange submitted an A1 listing application to apply for listing and trading of H shares on the Main Board of the Hong Kong Stock Exchange. And the Hong Kong Stock Exchange has confirmed it can proceed with the proposed spin-off. The demerger is intended to be carried out through a global offering, including a public offering to the Hong Kong public and a placement to institutional and professional investors.
In the announcement, Alibaba said that this spin-off has three major business considerations: First, the spin-off will help investors isolate and evaluate the performance and potential of Ping To Ge independently of the group’s overall business, thereby more accurately reflecting the respective values of the two; Second, the independent listing will enhance Ping Tu Ge’s independent image among customers, suppliers and potential strategic partners and improve its business negotiation position; Third, after listing, Ping Tu Ge can freely enter the equity and debt capital markets, and further broaden bank credit financing channels, which will help to allocate the group’s overall financial resources more effectively.
The announcement also said that since the maximum applicable percentage ratio involved in the proposed spin-off is expected to be less than 5%, the spin-off does not constitute a discloseable transaction under the listing rules, and is not expected to affect Alibaba’s dual primary listing status on the Hong Kong Stock Exchange and the New York Stock Exchange. The scale and structure of the global offering and the reduction in Alibaba’s shareholding ratio have not yet been determined.
Pingtouge’s chip business is rapidly moving into the large-scale commercial stage. Alibaba’s second quarter financial report shows that super node instances based on the Zhenwu M890 chip have been launched on Alibaba Cloud and have started sales. As of early August, they have served over 650 customers. Mainstream large models such as Kimi K3 and Qianwen 3.8 Max have used this example to provide estimation services.
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Alibaba announced this time that it will spin off its chip subsidiary Pingtu GE. The goal is to allow it to enter the capital market as an independent company, maintain its status as a subsidiary of Alibaba, as well as open up independent financing channels for the chip business.
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The announcement revealed that Pingtou GE has confidentially submitted an A1 application form, applying for H shares to be listed on the main board of the Hong Kong Stock Exchange on September 11, 2026, and the Hong Kong Stock Exchange has confirmed that the proposed spin-off can be carried out, and will be promoted as a global offering.
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Alibaba said it has three major ideas: to allow investors to independently evaluate Pingtoose’s value, to enhance its independent image among customers and partners, and to allow it to directly enter the stock, bond and bank credit markets to improve the efficiency of capital allocation.
