Alibaba has confirmed the spin-off and independent listing of its chip company T-Head, which plans to list on the Main Board of the Hong Kong Stock Exchange through a global offering of H shares. On the evening of November 10, Alibaba announced that it had submitted the relevant spin-off application to HKEX and received confirmation. T-Head had previously submitted a listing application on a confidential basis on September 11, 2026. After the spin-off is completed, T-Head is expected to remain a subsidiary of Alibaba, and the specific offering size and Alibaba's shareholding percentage have not yet been determined.
Founded in 2018, T-Head's products cover AI chips, server CPUs, SSD controllers, and IoT chips. Among them, the Zhenwu series of AI chips had cumulative shipments of 560,000 units as of April 2026, serving more than 400 customers across more than 20 industries. IDC data shows that in 2025, T-Head's cloud AI accelerator shipments reached 265,000 units, ranking second in the Chinese market, behind only Huawei. The company's annualized revenue has exceeded RMB 10 billion.
In terms of products, T-Head released the Zhenwu M890 training-and-inference integrated chip in May this year, equipped with 144GB of memory, an inter-chip interconnect bandwidth of up to 800GB/s, and 3 times the performance of the previous-generation 810E; in September, it released the Zhenwu V900, which is expected to enter mass production and sales in the first quarter of 2027. In July this year, the company also open-sourced T-Head SAIL, an AI software stack covering everything from the operating system layer to the interface layer.
According to previous media reports, T-Head plans to list in Hong Kong in 2027, aiming to raise USD 2 billion to USD 3 billion, with an expected market valuation of USD 25 billion to USD 62 billion. This spin-off is expected to help it expand independent financing channels, increase R&D investment, and further marketize its domestic AI chip business.