正文 · AI 翻译
Thanks to IT Home reader 木木人工 for the tip!
IT Home reported on November 10 that Alibaba announced in a filing with the Hong Kong Stock Exchange that the exchange had confirmed the company could proceed with the proposed spin-off. On September 11, 2026, T-Head confidentially submitted a listing application form (Form A1) to the Hong Kong Stock Exchange, seeking approval for its H shares to be listed and traded on the exchange’s Main Board.
Alibaba announced that, pursuant to Practice Note 15 of the Listing Rules, it had submitted to the Hong Kong Stock Exchange a proposal for the proposed spin-off and separate listing of its wholly owned subsidiary, T-Head (Shanghai) Technology Co., Ltd.
IT Home learned from the announcement that Alibaba believes the proposed spin-off is commercially beneficial to both the company and T-Head and is in the overall interests of shareholders.
The proposed spin-off is currently intended to be carried out through a global offering of T-Head’s H shares. As of the date of the announcement, T-Head is a wholly owned subsidiary of Alibaba and a leading provider in China of full-stack data center chips that enable system-level computing power solutions. T-Head is expected to remain a subsidiary of Alibaba after the proposed spin-off is completed.
The proposed spin-off should allow investors to better appraise and assess the value of Alibaba’s remaining group businesses; better reflect the value of the T-Head group itself, while allowing investors to distinguish clearly and independently between T-Head’s performance and potential and those of the remaining group, and to assess and appraise them; allow T-Head’s business to attract investors seeking to invest specifically in it, while the remaining group continues to operate a relatively more diversified business model; and is expected to enhance the value of the T-Head group, thereby benefiting Alibaba and its shareholders as a whole.
Regarding the reasons for those benefits, Alibaba said that a listing on the Hong Kong Stock Exchange would strengthen T-Head’s independent profile among its customers, suppliers and potential strategic partners, helping put it in a more favorable position when negotiating and securing more business; and would allow T-Head, should the need arise in the future, to access equity and debt capital markets directly and independently in its own capacity, while further strengthening its ability to obtain bank credit financing, enabling the Alibaba group to allocate its financial resources more effectively.