BABA-W (09988) proposes to spin off Pingtouge for a separate listing on the Main Board of the HKEX

BABA-W (09988) announced that the Company has submitted a proposal to the Hong Kong Stock Exchange, in accordance with Practice Note 15 of the Listing Rules, regarding the proposed spin-off and separate listing of Pingtouge (Shanghai) Technology Co., Ltd. (Pingtouge), a wholly-owned subsidiary of the Company. The Hong Kong Stock Exchange has confirmed that the Company may proceed with the proposed spin-off, and accordingly, on September 11, 2026, Pingtouge confidentially submitted an application form (Form A1) to the Hong Kong Stock Exchange to apply for approval for the listing of, and permission to deal in, Pingtouge's H Shares on the Main Board of the Hong Kong Stock Exchange. The proposed spin-off is currently intended to be carried out by way of a global offering of Pingtouge's H Shares, comprising: (i) a Hong Kong public offering of Pingtouge's H Shares for subscription by the Hong Kong public; and (ii) a placing of Pingtouge's H Shares to institutional and professional investors. As at the date of this announcement, Pingtouge is a wholly-owned subsidiary of the Company and a leading full-stack data center chip supplier in China, with such chips enabling system-level computing power solutions. Upon completion of the proposed spin-off, Pingtouge is expected to remain a subsidiary of the Company.