Alibaba's chip subsidiary T-Head (Pingtouge) has submitted a confidential listing application to the Hong Kong Stock Exchange, seeking approval for its H-shares to list and trade on the main board. The filing, made on September 11, 2026, follows confirmation from HKEX that Alibaba can proceed with the proposed spin-off. The move marks a significant step in Alibaba's plan to separate its semiconductor arm into an independently listed entity, potentially unlocking value for the tech giant's hardware business amid growing strategic focus on AI chips and domestic compute infrastructure.