Alibaba and SAIC-invested smart cabin company files application with Hong Kong Stock Exchange.

On August 21st, Zebra Shares (formerly Zebra Network) officially filed its application with the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and Guotai Junan International serving as joint sponsors.

▲Zebra Shares submits listing application

This morning, Alibaba also issued an announcement stating that the board declared Zebra Shares will independently list on the Main Board of the Hong Kong Stock Exchange.

▲Alibaba announces Zebra Shares' independent listing

On December 27, 2024, Zebra Shares was deconsolidated from Alibaba Group's consolidated financial statements, marking a key step in the spin-off listing. According to reports, after completion of the spin-off, Alibaba will continue to hold over 30% of Zebra Shares' equity, maintaining equity method accounting.

Alibaba's decision to spin off Zebra Shares at this time may be closely related to the group's overall strategic adjustment. In March 2024, Alibaba announced the establishment of six major business groups, proposing a transformation direction of "light assets, high gross margin," which may be the reason behind Alibaba's decision to spin off Zebra Shares.

**Three-Year Losses of 2.6 Billion Yuan, SAIC as Largest Customer**

Zebra Shares was jointly established by Alibaba and SAIC Group in November 2015, initially named Zebra Network Technology Co., Ltd., as a technology enterprise invested and created by the Internet Automotive Fund.

According to Zebra Shares' listing application documents, financial performance shows the company is in a growth phase but has not yet achieved profitability.

▲Zebra Shares' recent financial data

Data shows that from 2022-2024, Zebra Shares' revenue was 805 million yuan, 872 million yuan, and 824 million yuan respectively, with 2024 declining 5.4% year-over-year. During the same period, Zebra Shares' annual losses were 878 million yuan, 876 million yuan, and 847 million yuan respectively, totaling approximately 2.6 billion yuan in losses over three years.

In terms of gross margin, from 2022-2024, Zebra Shares' gross margins were 53.9%, 46.4%, and 38.9% respectively.

▲Zebra Shares' recent gross margins

In R&D investment, Zebra Shares generated R&D expenses of 1.111 billion yuan, 1.123 billion yuan, and 980 million yuan from 2022-2024 respectively, totaling 3.214 billion yuan.

According to CIC data, based on 2024 revenue, Zebra Smart Mobility is China's largest software-centric smart cabin solution provider and also ranks first by solution deployment volume.

▲Zebra Shares' customer and ecosystem composition

However, from the customer composition perspective, SAIC Group is Zebra Shares' largest customer, contributing major revenue in 2024, showing high customer concentration. Based on current information, as of Q1 2025, Zebra Shares has secured 557 project appointments, indicating certain room for future development.

**SAIC and Alibaba as Major Shareholders, CEO with Alibaba Background**

From the pre-listing equity structure, Alibaba and SAIC are Zebra Shares' two major shareholders, holding 41.67% and 32.9% respectively.

▲Zebra Shares' equity composition

After completion of Zebra Shares' spin-off, Alibaba will continue to hold over 30% of Zebra Shares' equity.

▲Zebra Shares' ecosystem partners

Meanwhile, Zebra Shares' current partners or suppliers mostly involve Alibaba affiliates, with Taobao, Alipay, Alibaba Cloud, and Amap all among Zebra Shares' ecosystem partners.

As a former "Alibaba affiliate" enterprise, Zebra Shares' CEO Dai Wei also has Alibaba background.

▲Zebra Shares Chief Executive Officer Dai Wei

Dai Wei serves as Zebra Shares' Chief Executive Officer and is one of the company's early founding members, with nearly 20 years of rich experience in the internet and technology industries. He joined Alibaba in 2007 as Vice President, during which he was deeply involved in the construction and development of multiple core businesses including Taobao, Alipay, and operating systems. Dai Wei possesses deep professional capabilities in product development and business operations, particularly excelling in the application of cutting-edge technologies such as artificial intelligence and big data.

**Conclusion: Another Smart Cabin Company Goes Public**

AI-powered smart cabin companies are now driving a wave of Hong Kong listings. As a leading domestic smart cabin solution provider, if Zebra Shares successfully lists in Hong Kong, it is expected to gain greater initiative in the smart cabin market.