Alibaba Group Holding plans to spin off its Banma Network Technology unit, as one of China’s largest technology behemoths moves ahead with a separate listing for its autonomous driving unit to raise capital.
Alibaba has received an initial go-ahead from the Hong Kong stock exchange for Banma’s proposed initial public offering (IPO), the company said in a statement on Thursday. The stake held by the Hangzhou-based conglomerate in Banma will drop to 30 per cent from the current 44.72 per cent…
