The Zhitong Finance App learned that Jefferies released a research report stating that it gave Alibaba-W (09988) a target price of HK$186, with a rating of “buy.” The bank believes the proposed spin-off will unlock the value of T-Head and enable it to raise capital independently.
Alibaba announced that it plans to split Pingtou and independently list it on the main board of the Hong Kong Stock Exchange in the form of H shares. The bank pointed out that this spin-off allows investors to more accurately evaluate and value the reserved portion other than Pingtou Ge, and evaluate according to Pingtou's own performance, while attracting investors seeking to focus on investing in Pingtou. Furthermore, the spin-off can strengthen Pingtou's independent corporate image with customers, suppliers and strategic partners, and Pingtou can also independently enter the equity and debt market.
At the Yunqi conference held in September 2026, Alibaba emphasized that “Zhenwu” serves more than 650 customers, and the V900 and J900 are expected to be launched in the first quarter of 2027 and the third quarter of 2028, respectively. As of April 2026, Pingtou has shipped a total of 560,000 chips in more than 20 industries.
Pingtou announced the latest news during the Yunqi conference. The company was founded in October 2018 and independently developed AI chips. Its “Zhenwu” chips have high performance and are compatible with mainstream AI ecosystems. According to the December 2025 quarterly earnings conference call, Pingtou Ge's annualized revenue has reached the level of 10 billion yuan. On the other hand, its self-developed GPU chip has more than 60% computing power.