Alibaba announced on November 10 that it plans to spin off its wholly-owned subsidiary Pingtouge (Shanghai) Technology Co., Ltd. and list it separately on the Main Board of the Hong Kong Stock Exchange. The exchange has confirmed that Alibaba may proceed with the spin-off.
Pingtouge confidentially filed its listing application with the Hong Kong Stock Exchange on September 11, 2026, according to disclosed information. The deal is expected to take the form of a global offering, comprising a Hong Kong public offering and a placing to institutional and professional investors.
Alibaba said Pingtouge is currently a leading full-stack data center chip supplier in China, with its chips offering system-level computing power solutions. After the spin-off, Pingtouge is expected to remain a subsidiary of Alibaba.
The size and structure of the global offering, as well as the extent to which Alibaba's shareholding will be adjusted, have yet to be determined. The spin-off still requires approval from the Listing Committee of the Hong Kong Stock Exchange and filing with the China Securities Regulatory Commission. Under the Hong Kong Listing Rules, all percentage ratios for the transaction are expected to be below 5%, meaning it would not constitute a discloseable transaction.