ALIBABA-W (09988.HK): Spin-off of T-Head for Main Board Listing Confirmed by HKEX

NewTimeSpace News: On 10 November 2026, Alibaba Group Holding Limited (stock codes: 9988 and 89988) announced that, under Practice Note 15 of the Listing Rules, it has submitted to the Stock Exchange a proposal to spin off and separately list its wholly-owned subsidiary, T-Head (Shanghai) Technology Co., Ltd. (平头哥), and that the Stock Exchange has confirmed the spin-off may proceed.

T-Head confidentially submitted an A1 listing application form to the Stock Exchange on 11 September 2026 seeking approval for the listing and trading of its H shares on the Main Board. The spin-off is intended to be effected through a global offering of T-Head H shares, comprising a Hong Kong public offer for subscription by the public and a placing to institutional and professional investors. As at the date of the announcement, T-Head is a wholly-owned subsidiary of the Company and a leading full-stack data centre chip supplier in China; it is expected to remain a subsidiary after completion.

Details of the spin-off, including the size and structure of the global offering and the reduction in the Company's shareholding in T-Head, have not been finalised. As the highest applicable percentage ratio is expected to be below 5%, the spin-off will not constitute a discloseable transaction and is not expected to affect the Company's dual primary listing status on the Stock Exchange and the NYSE.

The Company applied for, and the Stock Exchange granted, a waiver from strict compliance with paragraph 3(f) of Practice Note 15 on assured entitlements to T-Head H shares, citing US securities registration requirements, PRC legal restrictions and lock-ups on pre-offering shares, and the immateriality of the spin-off to the Company's assets, revenue and net profit. The spin-off remains subject to Listing Committee approval, CSRC filing and final decisions by the Company and T-Head.