Baidu shares jump 7% as AI chip arm Kunlunxin said to target $50 billion Hong Kong IPO
Baidu shares jump 7% as AI chip arm Kunlunxin said to target $50 billion Hong Kong IPO
https://www.cnbc.com/2026/06/29/baidu-kunlunxin-hong-kong-ipo-50-billion-ai-chips.html
Publish Date: 2026-06-29 00:05:00
Source Domain: www.cnbc.com
- Hong Kong-listed shares of Baidu saw a significant surge due to reports of its AI chip unit Kunlunxin planning an IPO, potentially valuing the affiliate at $50 billion.
- Kunlunxin, founded in 2011, has been supplying chips primarily to parent company Baidu but has expanded its market to external sales.
- Investment in semiconductors for Kunlunxin was reportedly sought at three to seven times the intended investment in the IPO by prospective investors.
- Baidu confidentially applied for a listing of Kunlunxin on the Hong Kong Stock Exchange earlier this year, though specifics regarding size and structure remain undecided.
- The anticipated listing for Kunlunxin comes amid China’s overall intensified effort to bolster its influence in the AI sector, with progress noted despite ongoing U.S. dominance in AI hardware advancements.
