Alibaba wins HKEX approval to spin off chip unit Pingtouge for Hong Kong IPO

The HKEX green light shifts Pingtouge from an internal Alibaba asset to a separately priced chip story, giving public markets direct exposure to a domestic AI silicon supplier that already runs at meaningful scale — annualized revenue above 10 billion yuan and over 650 enterprise customers. For Alibaba, the spin-off offers a way to surface value in a captive unit; for the broader China AI chip complex, it creates a listed comparable that peers and customers will be measured against. The open questions are the H-share pricing and whether Pingtouge's Zhenwu shipment momentum holds once it reports as a standalone company.