Alibaba Group Holding Limited said Tuesday that its wholly owned chip unit, T-Head (Shanghai) Technology Co., Ltd., filed for a Hong Kong listing that could improve capital access, with deal terms still open.
The unit’s confidential application was submitted Sept. 11 for H shares on the Hong Kong Stock Exchange’s Main Board. The proposed transaction combines a public offering in Hong Kong with a placement to institutional and professional investors. Alibaba has not set the offering’s size or structure, or how much of T-Head it would own afterward. It expects T-Head to remain a subsidiary.
Alibaba says a separate listing would give T-Head a direct funding channel and help investors assess the chip business on its own. The exchange has allowed Alibaba to advance the spin-off proposal, but that step does not approve the share listing.
The exchange waived a requirement for Alibaba to guarantee its existing shareholders an allocation of T-Head shares. Alibaba cited the cost and complexity of arranging one, including U.S. registration requirements and restrictions under Chinese law. As a result, Alibaba shareholders have no guaranteed allocation in the proposed offering.
In results for the quarter ended June 30, 2026, Alibaba said T-Head’s Zhenwu chips were used by more than 650 external customers through Alibaba Cloud services in more than 20 industries. Alibaba’s AI Cloud and Compute Services segment reported revenue of RMB48.437 billion for the quarter, up 45% from a year earlier. The segment includes Alibaba’s cloud business as well as T-Head, so the figure is not T-Head’s revenue alone.
Before T-Head can list, the exchange’s Listing Committee must approve its shares, the filing with the China Securities Regulatory Commission (CSRC) must be completed, and Alibaba and T-Head must decide to proceed. Alibaba has not announced a completion date. Its next scheduled results, for the quarter ended Sept. 30, are due before U.S. markets open Nov. 19.
