Alibaba’s international headquarters in Hangzhou, Zhejiang Province, China, on May 9, 2024.
Nurphoto | Nurphoto | Getty Images
Alibaba-backed Banma, a supplier of expertise for smart vehicles, is planning to list shares on the Hong Kong Stock Exchange, in accordance to a submitting.
In a filing dated Aug. 21, Alibaba stated it at present owns about 45% of Banma and can proceed to management over 30% of the corporate’s inventory after the itemizing. Banma stated in a filing that the announcement doesn’t assure an inventory will happen.
Banma, based in 2015 and based mostly in Shanghai, is “principally engaged in the development of smart cockpit solutions,” Alibaba’s submitting says. In March, Alibaba announced that it was deepening its partnership with BMW in China, constructing a synthetic intelligence engine for vehicles with an answer constructed by Banma, “Alibaba’s intelligent cockpit solution provider.”
In addition to Alibaba, Banma is backed by traders together with China’s SAIC Motor, SDIC Investment Management and Yunfeng Capital, a Chinese funding agency began by Alibaba co-founder Jack Ma.
Alibaba in the previous referred to Banma as a three way partnership “between us and SAIC Motor.”
WATCH: China’s ‘everyday app’ battle could lead to fragmentation of the food delivery sector
