Alibaba announces plans to list T-Head, its Nvidia chip rival

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Chinese tech and e-commerce giant Alibaba announced late Tuesday that the Hong Kong Stock Exchange will allow the company to spin off its semiconductor subsidiary T-Head. To do so, Alibaba said it plans a public offering for shares of T-Head in Hong Kong, subject to approval from the exchange and the China Securities Regulatory Commission. The filing did not disclose a date or proposed size of a listing. Alibaba noted it had already filed confidentially on Sept. 11 to list T-Head on the Hong Kong Stock Exchange. Meanwhile, Hong Kong-listed shares of Alibaba traded 1% lower Wednesday morning. The stock is down about 29% year-to-date.