Alibaba says smart car spinoff Banma plans to list shares in Hong Kong
In a filing dated Aug. 21, Alibaba said it currently owns about 45% of Banma and will continue to control over 30% of the company's stock after the listing. Banma said in a filing that the announcement does not guarantee a listing will take place.
Banma, founded in 2015 and based in Shanghai, is "principally engaged in the development of smart cockpit solutions," Alibaba's filing says. In March, Alibaba announced that it was deepening its partnership with BMW in China, building an artificial intelligence engine for cars with a solution built by Banma, "Alibaba's intelligent cockpit solution provider."
In addition to Alibaba, Banma is backed by investors including China's SAIC Motor, SDIC Investment Management and Yunfeng Capital, a Chinese investment firm started by Alibaba co-founder Jack Ma.
Alibaba in the past referred to Banma as a joint venture "between us and SAIC Motor."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Epoch Times
an hour ago
- Epoch Times
Microsoft Scales Back Chinese Access to Cyber Early Warning System
WASHINGTON—Microsoft said on Wednesday it has scaled back some Chinese companies' access to its early warning system for cybersecurity vulnerabilities following speculation that Beijing was involved in a hacking campaign against the company's widely used SharePoint servers. The new restrictions come in the wake of last month's sweeping hacking attempts against Microsoft SharePoint servers, at least some of which Microsoft and others have blamed on Beijing. That raised suspicions among several cybersecurity experts that there was a leak in the Microsoft Active Protections Program (MAPP), which Microsoft uses to help security vendors worldwide, including in China, to learn about cyber threats before the general public so they can better defend against hackers.
CNBC
2 hours ago
- CNBC
Return of international investors boosting the HK market: HKEX CEO
Hong Kong Exchanges and Clearing CEO, Bonnie Chan, discusses why soft fundamentals in the Chinese economy is not weighing on the market. She adds that the U.S. trade tensions are prompting international investors to reallocate capital to Hong Kong.
Epoch Times
3 hours ago
- Epoch Times
China's Sluggish Economy: 1 in 5 Youth Jobless in China
China's youth jobless rate in July climbed to an 11-month high—nearly 1 in 5 young adults out of work. Experts warn the real number could be higher. Made-in-China goods are in the crosshairs. The United States is expanding its ban on slave-labor imports to include steel, copper, and other products. A Chinese national living in...
