23 Daily — According to leiphone.com, on the evening of November 10, 2026, Alibaba Group officially announced it has submitted an application to the Hong Kong Stock Exchange (HKEX) to list its AI chip subsidiary Pingtouge independently. Despite the planned separate listing, Pingtouge will remain a subsidiary under Alibaba. This move signals Alibaba's commitment to strengthening its AI chip business and enhancing localized high-end computing power supply in China.

Pingtouge aims for independent listing via H shares on HKEX main board

The announcement shows that on September 11, 2026, Pingtouge formally filed its listing application with HKEX, intending to list independently through H shares on the Hong Kong Stock Exchange main board. The exact scale of the IPO has yet to be finalized. This arrangement allows Pingtouge more autonomy in capital management and helps the market more accurately value Alibaba's core business.

Zhenwu series AI chips reach cumulative shipment of 560,000 units

According to the announcement, as of April 2026, Pingtouge's Zhenwu series AI chips had reached a cumulative shipment of 560,000 units. As a leading full-stack data center chip provider in China, the proposed listing will not only showcase Pingtouge's commercial value but also attract professional investors focused on semiconductors and AI computing power, supporting increased R&D and talent investment.

Editor's take: Pingtouge's independent listing bolsters local computing power supply and investment appeal

Pingtouge's move to list independently represents a significant step in Alibaba's expanded investment in AI and semiconductor sectors, highlighting China's ongoing push in the global high-end AI chip market. For entrepreneurs, this development indicates a growing domestic AI chip and computing power market demanding advanced R&D and technological inputs, opening opportunities for innovative products and related services.

To validate this trend, one can monitor Pingtouge's subsequent R&D expenditure, talent acquisition, market performance post-listing, and industry collaboration cases. These indicators will reveal the maturity of China's local efficient AI computing power supply chain and the vitality of its broader industry ecosystem.