Alibaba Proposes Spin-off and Separate Listing of T-Head Subsidiary

Alibaba Group Holding Limited announced its proposal for the spin-off and separate listing of its wholly-owned subsidiary, T-Head (Shanghai) Technology Co., Ltd., on the Main Board of the Hong Kong Stock Exchange. The Hong Kong Stock Exchange has confirmed that Alibaba may proceed with the spin-off, and T-Head has submitted its listing application. T-Head is a leading provider of full-stack data center chips in China. The company believes the spin-off will allow investors to better assess and value Alibaba's retained business and T-Head's value separately, potentially enhancing T-Head's profile and access to capital markets. Alibaba has also secured a waiver from providing shareholders an assured entitlement to T-Head's H Shares.