Alibaba-Backed Banma Plans Hong Kong Stock Listing

Banma Network Technology, a Shanghai-based smart car technology supplier backed by Alibaba, has announced plans to list on the Hong Kong Stock Exchange.

Alibaba, which currently holds about 45 percent of Banma, stated it will retain over 30 percent even after the potential IPO. While the filing does not guarantee a listing, the move reflects Banma’s evolution into a leading player in the connected vehicle ecosystem. Founded in 2015, Banma develops smart cockpit and connected car solutions, with backing from SAIC Motor, SDIC Investment Management, and Yunfeng Capital. The company first gained recognition in 2016 with the Roewe RX5, the world’s first mass-produced internet car, and has since powered multiple smart vehicle platforms.

Key Highlights

• Banma, backed by Alibaba and SAIC, plans Hong Kong IPO
• Connected vehicle market projected to hit $57B by 2034
• Banma ranks 17th globally with $1B valuation and 11 years’ experience

Banma’s potential listing comes at a time when the connected vehicle services market is projected to surge from $21 billion in 2024 to $57 billion by 2034. In China, over-the-air (OTA) technology installations in passenger vehicles jumped 37.9 percent year-on-year in 2024, with forecasts suggesting adoption will exceed 90 percent by 2030. This trend positions Banma’s core solutions at the heart of industry-wide transformation.

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Currently ranked 17th among 143 competitors in the connected car platform space with a $1 billion valuation, Banma has demonstrated strong funding capabilities, including a $460 million raise in 2021. With nearly 11 years of operational experience and close ties to Alibaba and SAIC Motor, Banma offers public investors exposure to a mature, scalable smart mobility platform entering a phase of mass adoption.