Fractile raises $720 million in funding at $7 billion valuation
British government funds joined the Series C round as the AI chip developer prepares to introduce its first commercial chip in 2027.
Alibaba chip unit T-Head seeks Hong Kong listing
The IPO's size and structure remain undecided, as does Alibaba's stake after the proposed listing, which still requires regulatory approval.
T-Head, Alibaba Group's chip unit, has confidentially applied to go public in Hong Kong, Alibaba said on November 10. The planned separation would allow the business to seek capital independently.
The company said the confidential Form A1 application was submitted on September 11, after the Hong Kong Stock Exchange gave permission to proceed with the proposed spin-off. The transaction still needs regulatory approvals. Its size, offering structure and Alibaba's ownership stake following a listing have not been decided.
Alibaba said separating the businesses would make it easier for investors to assess T-Head's value apart from the group's core operations. It also said the move would help the chipmaker build closer relationships with strategic partners, suppliers and customers.
Founded in 2018, T-Head is central to Alibaba's efforts to develop AI and computing capabilities internally. Alibaba unveiled the unit's Zhenwu V900 AI processor in September, saying it offers three times the performance of the preceding chip and would support next-generation AI model training and inference.
Alibaba shares in Hong Kong finished November 10 with a 2.9% decline. The stock has lost nearly 30% so far this year.