Alibaba Group (09988.HK) announced on April 27 that it intends to spin off part of its infrastructure assets by seeking to list a real estate investment trust (REIT) on the Shenzhen Stock Exchange. According to Jin10, the proposed spin-off involves the Jiaxing Park, which is owned by two of Alibaba's indirect wholly-owned subsidiaries, Jiaxing Chuanyun and Jiaxing Chuanxiang. On March 13, 2026, the Hong Kong Stock Exchange confirmed that Alibaba could proceed with the proposed infrastructure REIT spin-off on the Shenzhen Exchange.

The spin-off is expected to be conducted by establishing an infrastructure REIT as a public infrastructure securities investment fund, with China International Capital Corporation (CICC) Fund Management serving as the public fund manager. The infrastructure REIT will acquire all interests in an asset-backed special plan by subscribing to securities issued by the plan. The asset-backed special plan will then acquire 100% equity in two special purpose companies, and the project company holding Jiaxing Park will be transferred to these special purpose companies. Consequently, the project company will no longer be a subsidiary of Alibaba and will not be consolidated into the group's accounts. Investors will subscribe to shares of the infrastructure REIT, which will be listed on the Shenzhen Stock Exchange.