Alibaba + SAIC collaborate to create! Zebra Intelligence brings "Yuan Shen AI" in-vehicle software to Hong Kong, with a loss of over 3.6 billion yuan in three years | Hong Kong E Voice

Source: Tuchong Creative

Source | Time Business Research Institute

Author | Intern Yang Junwei

Editor | Zheng Lin

On March 18, 2026, domestic smart cockpit software leader Zebra Intelligent Information Technology Co., Ltd. (hereinafter referred to as “Zebra Intelligent”) officially submitted its application to the Hong Kong Stock Exchange main board, with Deutsche Bank, China International Capital Corporation, and Guotai Junan International as joint sponsors.

According to the prospectus, Zebra Intelligent was jointly incubated by Alibaba (BABA.NYSE) and SAIC Motor Corporation (600104.SH) in 2015, with Alibaba holding approximately 41.67% and SAIC holding approximately 32.90% indirectly, providing dual empowerment in ecology, scenarios, and customers. The company focuses on the smart cockpit software sector, mainly developing in-house vehicle OS solutions, AI intelligent interaction solutions, and in-vehicle ecological services, making it one of only two third-party manufacturers in China with fully self-developed automotive-grade in-vehicle OS.

In terms of business, according to the prospectus, Zebra Intelligent has developed its proprietary “Yuan Shen AI” in-vehicle intelligent agent software stack and launched the world’s first full-modal in-vehicle large model solution based on fifth-generation automotive-grade chips; in terms of implementation, by the end of 2025, the company’s smart cockpit solutions will have been installed in nearly 9.4 million vehicles, collaborating with 69 mainstream OEMs both domestically and internationally, covering over 16 international markets; in terms of industry position, according to Zhaoshang Consulting data, based on dual indicators of revenue scale and product installation volume in 2024, the company ranks first among software-centric smart cockpit suppliers in China.

Financial data shows that from 2023 to 2025, Zebra Intelligent’s revenue is projected to be 872 million yuan, 824 million yuan, and 861 million yuan, with the gross profit margin rebounding to 41.9% in 2025; however, the company is still deeply mired in losses, with cumulative losses exceeding 3.6 billion yuan over three years, and the net loss in 2025 expected to widen year-on-year to 1.896 billion yuan (the core reason being the impairment losses of the company’s other intangible assets), making it challenging to achieve short-term profitability.

The prospectus discloses that Zebra Intelligent’s core risk focuses on its revenue dependence on the controlling shareholder SAIC Motor Corporation: in 2025, SAIC is expected to contribute approximately 39.2% of revenue, and the top five customers will account for over 76% of revenue, with a high proportion of related transactions, raising concerns about business independence and bargaining power.

The funds raised in this offering are intended for technology research and development iteration, market expansion, ecological construction, and supplementing working capital. Backed by two giants, Alibaba and SAIC, whether Zebra Intelligent can leverage its listing on the Hong Kong Stock Exchange to turn around its losses and optimize its customer structure will be a focal point of market attention.

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