Hong Kong exchange officials have cleared Alibaba to spin off its T-Head semiconductor division, though the transaction still requires final approval from the China Securities Regulatory Commission. The e-commerce conglomerate has withheld the specific date and fundraising target for the public offering as it confronts strict regulatory oversight. The move aligns with Alibaba's push to rival foreign chips, highlighted by its late-September debut of the Zhenwu V900 AI processor.
Key points
Chinese tech companies are advancing domestic artificial intelligence chip production to…: Chinese tech companies are advancing domestic artificial intelligence chip production to navigate expanding American export limitations.
Chinese regulatory scrutiny over technology market debuts has already prompted rival chip…: Chinese regulatory scrutiny over technology market debuts has already prompted rival chipmakers Kunlunxin and YMTC to delay listings.
Final approval from mainland securities regulators remains mandatory before Alibaba can f…: Final approval from mainland securities regulators remains mandatory before Alibaba can formally set an offering timetable or valuation.
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Chinese tech and e-commerce giant Alibaba announced late Tuesday that the Hong Kong Stock Exchange will allow the company to spin off its semiconductor subsidiary T-Head.
To do so, Alibaba said it plans a public offering for shares of T-Head in Hong Kong, subject to approval from the exchange and the China Securities Regulatory Commission.
The filing did not disclose a date or proposed size of a listing.
Alibaba noted it had already filed confidentially on Sept. 11 to list T-Head on the Hong Kong Stock Exchange.
Meanwhile, Hong Kong-listed shares of Alibaba traded 1% lower Wednesday morning. The stock is down about 29% year-to-date.
In late September, Alibaba announced its next-generation AI chip, the Zhenwu V900, that it said delivers three times the performance of its predecessor, the Zhenwu M890 released in May.
Alibaba is one of several Chinese companies, including Huawei, developing homegrown semiconductors to power artificial intelligence, amid growing U.S. restrictions on China's ability to access the chips.
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