Overview
- Baidu submitted a confidential application to the Hong Kong Stock Exchange to list H shares of Kunlunxin as a proposed spin-off.
- The company said Kunlunxin is expected to remain under Baidu’s control after any deal, with Baidu currently holding about 59% ownership as reported by CNBC.
- Key terms, including offering size and structure, are not finalized, and the transaction requires HKEX approval and a CSRC filing with no assurance on completion or timing.
- The move tracks a rush of Chinese AI-chip listings, highlighted by Shanghai Biren Technology’s HK$5.58 billion IPO and a roughly 82% surge on its trading debut.
- Kunlunxin has expanded sales beyond Baidu and completed funding that valued the unit around 21 billion yuan, with Reuters reporting strong external demand including orders tied to China Mobile suppliers.