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.

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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: 12.5px; color: #7E829C; margin: 0;}\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<h4 class=\"meta\">\n<div class=\"head\" \">\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 smaller\">2025-08-21 09:03</p>\n</div>\n</div>\n</h4>\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</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. 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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"}}}