Zebra Networks rushes for Hong Kong IPO

Alibaba's Banma Network is accelerating its initial public offering (IPO) plans on the Hong Kong Stock Exchange. However, this company, once recognized as a "unicorn" by the Hurun Rich List and valued at approximately 22 billion yuan, faces numerous controversies and difficulties. These include its heavy reliance on Alibaba and SAIC Motor for equity and business, cumulative losses exceeding 2.6 billion yuan over the past three years, and public criticism from its former chief financial officer of its alleged "money laundering" practices.