Alibaba Group Holding plans to spin off its Banma Network Technology unit through an initial public offering (IPO), as one of China’s largest technology behemoths moves ahead with a separate listing for its autonomous driving unit to raise capital. Alibaba has received an initial go-ahead from the Hong Kong stock exchange for the proposed spin-off, the company said in a statement on Thursday. The stake held by the Hangzhou-based conglomerate in Banma will drop to 30 per cent from the current...