Institutional sources: Pingtouge valued at $20 billion to $30 billion.

BlockBeats news, November 10 - According to 21st Century Business Herald, this evening, Alibaba announced plans to spin off its wholly-owned subsidiary Pingtouge (Shanghai) Technology Co., Ltd. for an independent listing on the Main Board of the Hong Kong Stock Exchange.

In an interview, a professional investment institution representative gave Pingtouge a valuation of $20 billion to $30 billion. Previously, according to media reports, Pingtouge plans to IPO in Hong Kong next year, aiming to raise $2 billion to $3 billion.

JPMorgan analysts in January this year, using a rough benchmarking method, estimated its potential valuation to be between $25 billion and $62 billion.