Alibaba Group has confirmed that its semiconductor subsidiary T-Head confidentially filed for a Hong Kong IPO on September 11, advancing plans to list the chipmaker separately while retaining control of the business.
In a November 10 announcement, Alibaba said the Hong Kong Stock Exchange had cleared the proposed spinoff to proceed. The offering would comprise shares sold to the Hong Kong public and institutional investors, although its size, valuation, and the extent of Alibaba’s ownership dilution have yet to be determined.
The listing remains subject to approval from the exchange’s listing committee, completion of a regulatory filing with the China Securities Regulatory Commission, and final decisions by Alibaba and T-Head. Alibaba has not provided a timetable, leaving open whether the IPO could take place before the end of 2026 or extend into 2027.
Alibaba said the spinoff would allow investors to value T-Head independently of its parent while giving the chipmaker direct access to equity and debt financing. A separate listing could also strengthen T-Head’s standing with customers, suppliers, and potential partners.
T-Head is expected to remain an Alibaba subsidiary after the IPO. The exchange has also waived a requirement for Alibaba to offer existing shareholders a guaranteed allocation of T-Head shares, meaning they would not automatically receive shares in the listed chipmaker.
Founded in 2018, T-Head initially focused on developing chips tailored to Alibaba Cloud’s computing requirements before expanding into processors, artificial intelligence accelerators, and other data center components. KrASIA reported in January that Alibaba had decided to support an independent listing for the unit amid growing investor interest in Chinese semiconductor companies.
The filing also comes as Alibaba increases spending on AI infrastructure. As previously reported, T-Head’s Zhenwu V900 accelerator is scheduled for commercial release in the first quarter of 2027, while Alibaba aims to expand its global data center capacity beyond 20 gigawatts by 2032.
At its September technology conference, Alibaba CEO Eddie Wu projected higher annual AI chip shipments, citing growing adoption of T-Head’s products.
T-Head’s planned listing follows the Hong Kong debuts of two other Chinese AI chipmakers earlier this year, both of which attracted investor demand but have since seen their share prices diverge.
Biren Technology’s shares surged 75.8% on their January 2 debut, while Iluvatar CoreX gained 8.4% on January 8. As of the November 11 market close, Biren traded at HKD 21.28 (USD 2.7) per share, 8.6% above its IPO price of HKD 19.60 (USD 2.5). Iluvatar closed at HKD 72.30 (USD 9.2), 50% below its offering price of HKD 144.60 (USD 18.4).
Note: HKD figures are converted to USD at rates of HKD 7.84 = USD 1 based on estimates as of November 12, 2026, unless otherwise stated. USD conversions are approximate and, where appropriate, rounded for ease of reference. They may not fully match prevailing exchange rates.