Alibaba-Backed Banma Plans Hong Kong IPO

Dow Jones

2025/08/21

By Tracy Qu

Alibaba-backed smart cockpit solutions company Banma Network Technology is planning an initial public offering in Hong Kong, adding to the city's busy deal pipeline.

Alibaba said Thursday that it holds a 44.72% stake in Banma with equity method accounting. It expects to retain more than 30% of the company after the listing.

Deutsche Bank and CICC are among banks acting as joint sponsors of the offering. The deal will also need to filed with the China Securities Regulatory Commission to go ahead, according to Alibaba's filing.

Founded in 2015, Banma develops intelligent automobile operating systems for auto industry. The company generated revenue of 823.79 million yuan, equivalent to $114.8 million, in 2024. SAIC Investment Management, controlled by state-owned automaker SAIC, is also a major shareholder.

Banma Network Technology said in a filing that it plans to use the IPO's proceeds to strengthen its research and development, solidify its leadership in China, expand into the global market, and for other corporate purposes.

Hong Kong's IPO activity has been heating up, as it logged its strongest first-half IPO performance since 2021. Funds raised during the first six months of 2025 have increased sevenfold compared with the same period in 2024, according to a KPMG report.

The rebound has been fueled by Chinese companies seeking secondary listings, and a surge of high-tech companies looking to tap the Hong Kong market, the report showed

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

August 20, 2025 21:03 ET (01:03 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

应版权方要求，你需要登录查看该内容

登录 / 注册

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

1
2
3
4
5
6
7
8
9
10

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2561350184"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2561350184\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2561350184?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-08-21 09:03","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2561350184","market":"other","top_or_hot":-1,"title":"Alibaba-Backed Banma Plans Hong Kong IPO","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  By Tracy Qu \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Alibaba-backed smart cockpit solutions company Banma Network Technology is planning an initial public offering in Hong Kong, adding to the city's busy deal pipeline. \n</p>\n<p>\n  Alibaba said Thursday that it holds a 44.72% stake in Banma with equity method accounting. It expects to retain more than 30% of the company after the listing. \n</p>\n<p>\n  Deutsche Bank and CICC are among banks acting as joint sponsors of the offering. The deal will also need to filed with the <a href=\"https://laohu8.com/S/601066\">China Securities</a> Regulatory Commission to go ahead, according to Alibaba's filing. \n</p>\n<p>\n  Founded in 2015, Banma develops intelligent automobile operating systems for auto industry. The company generated revenue of 823.79 million yuan, equivalent to $114.8 million, in 2024. SAIC Investment Management, controlled by state-owned automaker SAIC, is also a major shareholder. \n</p>\n<p>\n  Banma Network Technology said in a filing that it plans to use the IPO's proceeds to strengthen its research and development, solidify its leadership in China, expand into the global market, and for other corporate purposes. \n</p>\n<p>\n  Hong Kong's IPO activity has been heating up, as it logged its strongest first-half IPO performance since 2021. Funds raised during the first six months of 2025 have increased sevenfold compared with the same period in 2024, according to a KPMG report. \n</p>\n<p>\n  The rebound has been fueled by Chinese companies seeking secondary listings, and a surge of high-tech companies looking to tap the Hong Kong market, the report showed \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Tracy Qu at tracy.qu@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  August 20, 2025 21:03 ET (01:03 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba-Backed Banma Plans Hong Kong IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba-Backed Banma Plans Hong Kong IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-08-21 09:03</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  By Tracy Qu \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Alibaba-backed smart cockpit solutions company Banma Network Technology is planning an initial public offering in Hong Kong, adding to the city's busy deal pipeline. \n</p>\n<p>\n  Alibaba said Thursday that it holds a 44.72% stake in Banma with equity method accounting. It expects to retain more than 30% of the company after the listing. \n</p>\n<p>\n  Deutsche Bank and CICC are among banks acting as joint sponsors of the offering. The deal will also need to filed with the <a href=\"https://laohu8.com/S/601066\">China Securities</a> Regulatory Commission to go ahead, according to Alibaba's filing. \n</p>\n<p>\n  Founded in 2015, Banma develops intelligent automobile operating systems for auto industry. The company generated revenue of 823.79 million yuan, equivalent to $114.8 million, in 2024. SAIC Investment Management, controlled by state-owned automaker SAIC, is also a major shareholder. \n</p>\n<p>\n  Banma Network Technology said in a filing that it plans to use the IPO's proceeds to strengthen its research and development, solidify its leadership in China, expand into the global market, and for other corporate purposes. \n</p>\n<p>\n  Hong Kong's IPO activity has been heating up, as it logged its strongest first-half IPO performance since 2021. Funds raised during the first six months of 2025 have increased sevenfold compared with the same period in 2024, according to a KPMG report. \n</p>\n<p>\n  The rebound has been fueled by Chinese companies seeking secondary listings, and a surge of high-tech companies looking to tap the Hong Kong market, the report showed \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Tracy Qu at tracy.qu@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  August 20, 2025 21:03 ET (01:03 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1568876335.HKD","symbol_name":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2561350184","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2561350184","pubTimestamp":1755738180,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Alibaba-backed smart cockpit solutions company Banma Network Technology is planning an initial public offering in Hong Kong, adding to the city's busy deal pipeline.Alibaba said Thursday that it holds a 44.72% stake in Banma with equity method accounting. It expects to retain more than 30% of the company after the listing.Deutsche Bank and CICC are among banks acting as joint sponsors of the offering. The deal will also need to filed with the China Securities Regulatory Commission to go ahead, according to Alibaba's filing.Founded in 2015, Banma develops intelligent automobile operating systems for auto industry. The company generated revenue of 823.79 million yuan, equivalent to $114.8 million, in 2024. SAIC Investment Management, controlled by state-owned automaker SAIC, is also a major shareholder.Hong Kong's IPO activity has been heating up, as it logged its strongest first-half IPO performance since 2021. Funds raised during the first six months of 2025 have increased sevenfold co","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"89988":"阿里巴巴-WR","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","BK4587":"ChatGPT概念","BK4502":"阿里概念","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","BK1501":"阿里概念股","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","09988":"阿里巴巴-W","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","BABA":"阿里巴巴","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","BK1618":"Manus概念股","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","BK1588":"回港中概股","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","BK4581":"高盛持仓","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","HBBD.SI":"Alibaba HK SDR 5to1","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","BK4585":"ETF&股票定投概念","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC"},"translate_title":"阿里巴巴-SW支持的斑马计划赴港IPO","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"BABA":1,"ALBmain":0.6,"09988":1,"HBBD.SI":0.6},"content_text":"By Tracy Qu \n\n\n \n\n\n  Alibaba-backed smart cockpit solutions company Banma Network Technology is planning an initial public offering in Hong Kong, adding to the city's busy deal pipeline. \n\n\n  Alibaba said Thursday that it holds a 44.72% stake in Banma with equity method accounting. It expects to retain more than 30% of the company after the listing. \n\n\n  Deutsche Bank and CICC are among banks acting as joint sponsors of the offering. The deal will also need to filed with the China Securities Regulatory Commission to go ahead, according to Alibaba's filing. \n\n\n  Founded in 2015, Banma develops intelligent automobile operating systems for auto industry. The company generated revenue of 823.79 million yuan, equivalent to $114.8 million, in 2024. SAIC Investment Management, controlled by state-owned automaker SAIC, is also a major shareholder. \n\n\n  Banma Network Technology said in a filing that it plans to use the IPO's proceeds to strengthen its research and development, solidify its leadership in China, expand into the global market, and for other corporate purposes. \n\n\n  Hong Kong's IPO activity has been heating up, as it logged its strongest first-half IPO performance since 2021. Funds raised during the first six months of 2025 have increased sevenfold compared with the same period in 2024, according to a KPMG report. \n\n\n  The rebound has been fueled by Chinese companies seeking secondary listings, and a surge of high-tech companies looking to tap the Hong Kong market, the report showed \n\n\n \n\n\n  Write to Tracy Qu at tracy.qu@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  August 20, 2025 21:03 ET (01:03 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}