Alibaba-backed Banma, a company providing technology for smart cars, is planning to list its shares on the Hong Kong Stock Exchange, according to a company filing.
In a filing dated August 21, Alibaba said it currently holds around 45 percent of Banma and will retain control of more than 30 percent of the company’s stock after the listing. Banma also clarified that the announcement does not guarantee that the listing will occur.
Founded in 2015 and based in Shanghai, Banma is “principally engaged in the development of smart cockpit solutions,” Alibaba’s filing stated. In March, Alibaba revealed it was strengthening its partnership with BMW in China by building an artificial intelligence engine for cars using a solution developed by Banma, described as “Alibaba’s intelligent cockpit solution provider.”
Banma’s investors include Alibaba, China’s SAIC Motor, SDIC Investment Management, and Yunfeng Capital, an investment firm founded by Alibaba co-founder Jack Ma. Alibaba has previously described Banma as a joint venture “between us and SAIC Motor.”
The potential listing highlights Alibaba’s continued investment in smart car technology and its collaboration with major automotive companies to bring advanced solutions to the market.
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