Alibaba’s chip design unit T-Head confidentially applied to list in Hong Kong on September 11, which Alibaba disclosed Tuesday once the Hong Kong Stock Exchange approved the spin-off. T-Head designs the data center processors Alibaba is building to cut its dependence on Nvidia under US export restrictions, including the Zhenwu V900 it unveiled in September, and it will stay an Alibaba subsidiary after the listing. Alibaba hasn’t set the offering’s size or structure, or how much of T-Head it will keep, and the deal still needs the exchange’s Listing Committee to sign off, plus a filing with Chinese securities regulators. T-Head aims to raise $2 billion to $3 billion when it lists next year, according to people who spoke with International Financing Review.
