Alibaba-W (09988) proposes to split Pingtou and list independently on the main board of the Hong Kong Stock Exchange

Zhitong Finance App News, Alibaba-W (09988) announced that the company has submitted to the Hong Kong Stock Exchange a proposal to split Pingtou (Shanghai) Technology Co., Ltd. (Pingtou), a wholly-owned subsidiary of the company, to go public independently in accordance with the application guidelines in item 15 of the listing rules. The Hong Kong Stock Exchange has confirmed that the company can carry out a proposed spin-off. Therefore, on September 11, 2026, Pingtou submitted a listing application form (Form A1) to the Hong Kong Stock Exchange in a confidential form to apply for approval to list and trade Pingtou's H shares on the main board of the Hong Kong Stock Exchange.

The proposed spin-off is currently intended to be carried out through the global sale of Pingtou's H shares, including: (i) Hong Kong's public sale of Pingtou's H shares to be subscribed by the Hong Kong public; and (ii) the placement of Pingtou's H shares to institutional and professional investors. As of the date of this announcement, Pingtou is a wholly-owned subsidiary of the company and a leading supplier of full-stack data center chips in China. Such chips can achieve system-level computing power solutions. After the proposed spin-off is completed, Pingtou is expected to continue as a subsidiary of the company.