Overview
- Kunlunxin submitted a confidential listing application to the Hong Kong Stock Exchange on January 1 for its H shares.
- Baidu announced a proposed spin-off and said Kunlunxin is expected to remain a subsidiary if the plan goes ahead.
- Offering size, structure and timing have not been decided, and the transaction requires HKEX approvals and a CSRC filing with no assurance of completion.
- The step fits China’s push to develop domestic semiconductor capabilities under tightening U.S. export controls on advanced chips.
- Hong Kong’s IPO market strengthened in 2025 with $36.5 billion raised, as chip-related issuers such as MiniMax and Shanghai Biren advanced offerings and others began bookbuilding.