Backed by Alibaba and SAIC, Another Unicorn Seeks IPO Approval

On August 20, Zebra Network Technology Co., Ltd. (hereinafter referred to as "Zebra Zhixing"), a subsidiary of Alibaba Group, officially submitted its Main Board listing application to the Hong Kong Stock Exchange, formally entering the spotlight of the capital market.

The company, jointly incubated by Alibaba and SAIC Group, has developed over ten years from an "internet car testing ground" into a leading smart cockpit enterprise covering 8 million vehicles.

Zebra's "core disk"

Zebra ZhixingThe "hard power" is clearly visible in the product matrix disclosed in the prospectus.

The "Operating System + AI Engine + Ecosystem Services" three-layer architecture it has built functions like a set of precisely interlocking gears, each indispensable.

Image Source: Zebra Zhixing

The underlying system-level OS is deeply self-developed based on Linux and Android, compatible with more than 20 automotive-grade chips such as Unisoc and Black Sesame Intelligent. This powerful adaptability can greatly help OEMs shorten the adaptation cycle.Zebra Intelligent DrivingThe independently developed Hypervisor technology enables the concurrent operation of two or more automotive operating systems on a single system-on-chip, without interference, and supports the company's integrated dual automotive operating system architecture.

The AI full-stack end-to-end technology service solution at the middle layer is regarded as the "soul." This solution encompasses a complete AI system, including a meta-intelligent AI software stack with multimodal capabilities, a System Agent, and in-vehicle models, based on which a rich set of in-vehicle AI functionalities has been developed.

The top-tier in-car platform service integrates over 180 categories of native applications, ranging from basic navigation and Ele.me in-car ordering to Youku video, creating a unique "car life ecosystem." According to the prospectus, as of the last practicable date,Zebra Intelligent DrivingWe have signed cooperation agreements with 18 content and service providers and are actively discussing cooperation with another 22.

Through this three-layer architecture,Banma ZhixingThe issue of disconnection between OEMs, car owners, and content and service providers in the past has been well resolved.

According to the prospectus, from 2022 to 2024,Zebra ZhixingThe installed volume of its intelligent cockpit solution rapidly increased from 835,000 units to 2,334,000 units, with a compound annual growth rate of 67.2%, equivalent to 1,600 new vehicles equipped with the Banma system every day. As of June 2025, its intelligent cockpit solutions have been installed in over 8 million vehicles from 60 OEMs, covering more than 14 countries.

In this process,Zebra ZhixingThe customer structure is also continuously evolving. Apart from SAIC, the largest customer, BYD, NIO, Geely, and others have also gradually become...Zebra ZhixingA stable partner, even breaking through the barriers of joint venture brands like Audi and Volkswagen.

According to the prospectus, the years 2022, 2023, 2024, and the three months ended March 31, 2025,Zebra Smart MobilityThe revenue contributions from SAIC are 440 million yuan, 410 million yuan, 320 million yuan, and 65 million yuan, respectively, accounting for...Zebra Mobility54.7%, 47.4%, 38.8%, and 47.8% of the total revenue, showing a decreasing trend year by year.

As of December 31, 2024,Zebra ZhixingThe intelligent cockpit solution has been installed in over 1.5 million vehicles from SAIC, covering all major brands as well as most models and price ranges. In 2025,Zebra Intelligent DrivingThe Yuanshen AI has been successfully mass-produced and installed in IM Motors and Roewe models.

And Alibaba isZebra Smart MobilityThe largest supplier, primarily procures cloud services, software services, and shared services from them, from 2022 to 2024.Zebra ZhixingThe proportion of procurement amount from Alibaba to the total procurement amount is 53.5%, 58.4%, and 50.5%, respectively.

As of the latest practicable date, Alibaba holds approximately 44.72% of its total issued share capital through Shanghai Saimo, Zhejiang Tmall, Taobao China, and Hangzhou Haoyue, while SAIC holds approximately 34.34% of its total issued share capital through Shanghai Saimo and Jiaxing Ruijia.

Growth Passwords and Potential Risks

Zebra Smart MobilityThe financial data reveals almost all common patterns among intelligent vehicle software companies: incurring short-term losses in exchange for long-term technological barriers and market share.

According to the prospectus, from 2022 to 2024,Zebra Intelligent DrivingThe annual revenues were 805 million yuan, 872 million yuan, and 824 million yuan, respectively, while the corresponding annual losses and total comprehensive expenses were 878 million yuan, 876 million yuan, and 847 million yuan, respectively. Despite relatively stable revenue scale, losses still persisted. In the first quarter of 2025,Zebra ZhixingThe loss fluctuated significantly, reaching 1.582 billion RMB, and the company still faces considerable challenges.

Image source: Zebra Intelligence

From the perspective of specific products, system-level operating system solutions areZebra ZhixingThe main source of revenue has accounted for more than 80% of total revenue over the past three years, though it has shown a slight downward trend year by year. In contrast, the revenue proportion from AI full-stack end-to-end solutions has been increasing annually, rising rapidly from 15.9 million yuan in 2022 to 54.61 million yuan in 2024, with a compound annual growth rate of 85.3%.

During the same period,Zebra Intelligent DrivingThe proportion of recurring revenue increased from 38.8% in 2022 to 48.4% in 2024. This metric is regarded by capital as a core reference for "anti-cyclical capability," indicating that its business model is shifting from a project-based "one-off deal" to sustainable service-based revenue.

2022-2024 years,Zebra Smart MobilityThe cumulative R&D expenditure exceeded 3 billion yuan, accounting for 137.9%, 128.8%, 118.9%, 150.7%, and 144.7% of the revenue during the same periods, respectively. This investment resulted in 2,153 patent applications, of which 1,817 (approximately 84%) were invention patent applications.

However, high R&D expenses have also led to three consecutive years of net losses: a net loss of 847 million yuan in 2024, although slightly narrower than the 878 million yuan loss in 2022, still remains far from profitability. This highlights a common pain point in the intelligent software industry— "slow technology monetization"—as it often takes time to validate the transformation of R&D achievements into market revenue.

Opportunities and Challenges in the "IPO Boom"

In the field of intelligent vehicles,Banma ZhixingListing in Hong Kong is not an isolated case, but rather a reflection of the collective capitalization wave sweeping across the sector.

According to incomplete statistics, since last year, more than 20 leading companies in the smart car core supply chain sector have initiated IPO plans or successfully gone public. In 2025 alone, several companies such as Yikong Zhijia, Meijia Co., Yushi Technology, and Tudatong have made their "breakthroughs".

These players' IPOs, though each with their own focus, ultimately lead to the same goal—for example, all are facing an urgent need for "ammunition" to support market expansion.Zebra ZhixingThe plan is to invest 40% of the raised funds into research and development. Additionally, the concentrated release of early investors' exit demands is another major reason.Zebra ZhixingEarly investors, including Yunfeng Capital and China Life Capital, have held shares for over eight years. For these investors, an IPO is a key pathway to realizing investment returns. It is worth noting that this situation is common across the industry. Companies that invested in smart cockpit or smart driving startups between 2015 and 2018 are now mostly entering the exit window.

In addition, IPOs are also a strategic necessity for many startups to cope with industry competition. With giants like Huawei and Baidu entering the field, the competition in the smart car sector has escalated from technological contests to a comprehensive battle of ecosystems and capital. It has become a consensus to enhance brand credibility and attract automotive clients through going public.

However, regardingZebra Smart MobilityFrom this perspective, while IPO fundraising can alleviate short-term financial pressure, it cannot replace the core capabilities of technological iteration and commercial implementation. Although shareholder ecosystem collaboration is indeed an advantage, how to balance independence and resource dependence remains a long-term challenge.

Focusing further on the integration of the intelligent vehicle sector, this wave of IPOs is even more a test of the companies' true competitiveness—those that can withstand market cycles will ultimately be the ones that not only maintain technological leadership but also find sustainable profit models.

In other words,Zebra ZhixingThe move to go public in Hong Kong is not only a summary of a decade of technological accumulation and business exploration, but also reflects the collective breakthrough of many entrepreneurial companies in the smart automobile industry chain on the path to capitalization. Amid the wave of smart automobile development, whoever can first leverage capital to consolidate technological barriers and market share may be able to gain more influence in the future industry landscape.

The answer may only be revealed in the industry competition over the next 3 to 5 years, but one thing is certain: this capital-driven industry transformation will ultimately reshape the value distribution pattern of the automotive industry.