On August 21, Alibaba Group announced in a filing to the Hong Kong Stock Exchange that its board of directors has declared that Zebra is seeking an independent listing of Zebra shares on the main board of the Hong Kong Stock Exchange. As of the announcement date, the company holds approximately 44.72% of Zebra's shares, with Zebra being accounted for as an equity method investee of the company.

The proposed spin-off is planned to be conducted through a global offering of Zebra shares, including both a Hong Kong public offering and international offering. Following certain proposed adjustments to Zebra's equity structure and completion of the proposed spin-off, the company will continue to hold more than 30% of Zebra's shares, and Zebra will remain as an equity method investee of the company.

Zebra has submitted its listing application to the Hong Kong Stock Exchange.