Alibaba said in a filing on Wednesday that Banma, a smart car supplier that the company backs, will list shares on the Hong Kong Stock Exchange.

Alibaba said in a filing on Wednesday that Banma, a smart car supplier that the company backs, will list shares on the Hong Kong Stock Exchange.

Alibaba’s stake in Banma will drop to 30 per cent from the current 44.72 per cent after the IPO, the tech behemoth says.