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2026-06-29 11:16:30 BIDU-SW (09888.HK) plans to spin off its AI chip unit Kunlunxin for a listing in Hong Kong, targeting a valuation of USD50 billion, according to The Information. Baidu requires investors interested in subscribing to Kunlunxin's IPO shares to also procure the company's chip products, with purchase value equivalent to about 3-7x their intended share subscription amount, report said, citing sources. Earlier this year, Baidu announced that it had confidentially submitted a listing application for Kunlunxin to the Stock Exchange of Hong Kong. Market rumors last month suggested that Kunlunxin would soon launch its share offering, with expected fundraising of USD1-2 billion, equivalent to approximately HKD7.8-15.6 billion. TENCENT (00700.HK) is also an existing AI chip customer of Kunlunxin, report added. ByteDance has recently been rumored to be considering adopting Kunlunxin's products. BIDU-SW opened 4% higher today, hitting an intraday peak of HKD107.4. It was last at HKD106.1, up 7.44%, with turnover of 5.7243 million shares, involving HKD604 million. ~ AASTOCKS Financial News Website: www.aastocks.com | |