Alibaba-backed smart car tech company Banma Network plans Hong Kong IPO

[IPO concept with financial charts and coins in background]
Sumala Chidchoi

* Shanghai-based Banma Network Technology, backed by Alibaba (NYSE:BABA [https://seekingalpha.com/symbol/BABA]) said that it plans for an initial public offering on the Hong Kong Stock Exchange.
* Alibaba currently owns about 44.72% of Banma and intends to retain over 30% ownership after the public listing.
* Banma, founded in 2015, specializes in smart cockpit and autonomous-driving software solutions for vehicles. Other backers include SAIC Motor, SDIC Investment Management, and Yunfeng Capital, a Chinese investment firm started by Alibaba co-founder Jack Ma.
* Previously, Alibaba (NYSE:BABA [https://seekingalpha.com/symbol/BABA]) referred to Banma as a joint venture “between us and SAIC Motor.”
* In 2024, Banma reported revenues of ¥823.79 million ($114.8 million).
* Banma mentioned in a filing [https://www1.hkexnews.hk/app/sehk/2025/107638/documents/sehk25082001463.pdf] that the announcement does not guarantee a listing will take place.

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