Changes in US stocks | Proposed spin-off of Pingtou Ge's independent listing on Hong Kong stocks Alibaba (BABA.US) once rose nearly 1% before the market

The Zhitong Finance App learned that on Tuesday, Alibaba (BABA.US) quickly rallied and turned red before the market. Previously, it had risen by nearly 1% and is now at $105.26. According to the news, Alibaba has officially launched a spin-off plan for its chip subsidiary Pingtou Ge. According to documents released by Ali, Pingtou submitted an A1 listing application form to the Hong Kong Stock Exchange in a confidential form on September 11, 2026, to apply for H shares to be listed and traded on the main board of the Hong Kong Stock Exchange. Ali said in the announcement that the Hong Kong Stock Exchange has confirmed that it can proceed with a proposed spin-off. The spin-off is intended to be carried out through a global sale, including a public sale to the Hong Kong public and placement to institutional and professional investors. After the spin-off is completed, Pingtou is expected to maintain its status as an Ali subsidiary.

Pingtouge's chip business is entering the large-scale commercial phase at an accelerated pace. According to the second-quarter financial report, the supernode instance based on the Zhenwu M890 chip has been launched on Alibaba Cloud and has begun to be sold. As of the beginning of August, it has served more than 650 customers. Mainstream models such as Kimi K3 and Qianwen 3.8 Max have all used this example to provide inference services. The acceleration of commercialization has provided more convincing fundamental support for this spin-off and listing.