Core Viewpoint - Baidu has announced the plan to spin off its AI chip subsidiary Kunlun Chip for independent listing on the Hong Kong Stock Exchange, marking a significant step following its evaluation of the split in late 2025 [3]. Group 1: Spin-off Details - The spin-off will involve a global offering of Kunlun Chip, including a public offering in Hong Kong and allocations for institutional and professional investors [3]. - Post-spin-off, Kunlun Chip is expected to remain a non-wholly-owned subsidiary of Baidu [3]. - The reasons for the spin-off include the potential to better reflect Kunlun Chip's value, attract specialized investors, and provide an independent financing platform [3]. Group 2: Regulatory Aspects - Baidu has received a waiver from the Hong Kong Stock Exchange regarding specific listing rules, which typically protect existing shareholders during a spin-off [4]. - The waiver was granted due to the high costs and extensive work involved in complying with these rules, which were deemed disproportionate to the benefits for shareholders [4]. Group 3: Business Context - Kunlun Chip is a key part of Baidu's AI infrastructure strategy and has been independently financed since 2021, catering to both internal and external AI chip demands [4]. - The main product of Kunlun Chip is the P800, with a diverse client base including major companies like China Merchants Bank and Geely [4]. - The competitive landscape for Kunlun Chip is intense, with major players like Nvidia and AMD globally, and local competitors such as Huawei and Cambricon in China [5]. Group 4: Future Considerations - The successful completion of the spin-off depends on several conditions, including approval from the Hong Kong Stock Exchange and the China Securities Regulatory Commission [5]. - Baidu has not yet finalized details regarding the scale and structure of the global offering or the dilution of its ownership stake in Kunlun Chip [5].

Group 1 - Kunlun Core has submitted a confidential listing application to the Hong Kong Stock Exchange on January 1, aiming for an independent listing on the main board [1] - The spin-off plan will involve a global offering of Kunlun Core, including a public offering in Hong Kong and a placement for institutional and professional investors [1] - The spin-off is expected to allow Kunlun Core to be evaluated independently in terms of its business performance and growth potential, attracting specialized investors in the AI chip sector [1][2] Group 2 - Baidu has received a waiver from the Hong Kong Stock Exchange regarding the listing rules, which typically protect the interests of existing shareholders during a spin-off [2] - The waiver was granted due to the high costs and extensive work involved in complying with the standard requirements, which were deemed disproportionate to the benefits for shareholders [2] - Kunlun Core has not disclosed performance data in past financial reports, but it plays a crucial role in Baidu's AI infrastructure strategy and has a significant customer base [2] Group 3 - The competitive landscape for Kunlun Core is intense, with major players like NVIDIA and AMD dominating the global market, and local competitors such as Huawei, Cambricon, and others in China [3] - The success of the spin-off will depend on several conditions, including approval from the Hong Kong Stock Exchange and the China Securities Regulatory Commission, as well as market conditions [3] - Baidu has not yet determined the scale and structure of Kunlun Core's global offering or the extent of share dilution [3]

Core Viewpoint - Wallan Technology (HK06082), known as the "first GPU stock in Hong Kong," was listed on the Hong Kong Stock Exchange on the 2nd, marking the first new stock listing in the Hong Kong market for 2026. The stock opened with an 82% increase, reaching a peak rise of over 110% during trading, and closed at 39.42 HKD, representing a 101.12% increase with a market capitalization of 94.456 billion HKD [1][4]. Company Overview - Wallan Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing the necessary computational power for artificial intelligence (AI) applications [4]. - The company integrates its self-developed GPGPU hardware with a proprietary software platform, BIRENSUPA, to support a wide range of AI model training and inference applications from cloud to edge [4]. Market Position - As of 2024, Wallan Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market. The Chinese intelligent computing chip market is projected to reach 50.4 billion USD by 2025, with Wallan expected to capture approximately 0.2% of this market [4]. - The company has 24 binding orders valued at approximately 822 million CNY and has established framework sales agreements and contracts totaling 1.241 billion CNY as of December 15, 2025 [4]. Financial Performance - Wallan Technology's revenue for the years 2022 to 2024 is projected to be 500,000 CNY, 62.03 million CNY, and 337 million CNY, respectively. The adjusted net losses for the same period are expected to be 1.038 billion CNY, 1.051 billion CNY, and 767 million CNY [4]. - In the first half of 2025, the company reported a revenue of 58.9 million CNY and an adjusted net loss of 552 million CNY. The net loss for 2025 is anticipated to increase significantly due to rising R&D expenses and financial costs [4]. IPO Details - Wallan Technology's global offering consisted of approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering. The final offer price was set at 19.6 HKD per share, raising net proceeds of approximately 5.375 billion HKD. The public offering was oversubscribed by 2,347.53 times, while the international offering was oversubscribed by 25.95 times [3][4].

Core Viewpoint - Baidu Group's stock has increased by over 6.08% following the announcement of its subsidiary Kunlun Chip's submission of a listing application to the Hong Kong Stock Exchange [1] Group 1 - Baidu Group announced on January 2 that its subsidiary Kunlun Chip has submitted a listing application form (A1 form) to the Hong Kong Stock Exchange through its joint sponsors [1] - The application is for the approval of Kunlun Chip's shares to be listed and traded on the main board of the Hong Kong Stock Exchange [1]

Group 1 - Baidu's Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for an independent IPO by January 1, 2026 [1] - Kunlun Chip, an AI chip company, was previously part of Baidu's Intelligent Chip and Architecture Department and became an independent entity in April 2021 [1] - The spin-off is expected to enhance Kunlun Chip's operational and financial transparency, allowing investors to independently assess its performance and potential [1] Group 2 - Reports of Kunlun Chip's IPO plans surfaced in December 2025, with a target to complete the IPO by early 2027, and a recent funding round raised over 2 billion yuan, valuing the company at 21 billion yuan [2] - Kunlun Chip is projected to achieve over 3.5 billion yuan in revenue by 2025 and reach breakeven [2] - Baidu plans to launch the M100 chip in early 2026 and the M300 chip in early 2027, targeting large-scale inference and multimodal model training needs [2] Group 3 - Baidu is set to release the "Tianchi 256 Super Node" and "Tianchi 512 Super Node" in the first and second halves of 2026, respectively, featuring the Kunlun Chip P800 [4] - The super node products will support up to 256 and 512 interconnected cards, with plans for thousand-card and four-thousand-card nodes starting in the second half of 2027 [4] - The decision to disclose the AI chip roadmap is influenced by competitive pressures and the upcoming IPO of Kunlun Chip [4]

Group 1 - Baidu Group's stock has increased over 5%, with a cumulative rise of more than 15% this week, currently trading at 138.5 HKD with a transaction volume of 684 million HKD [1] - Baidu announced that Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange for approval to list its shares on the main board [1] - Kunlun Chip is a semiconductor subsidiary of Baidu focused on AI chip development, with applications in data centers, cloud computing, and autonomous driving [1] Group 2 - JPMorgan predicts that Kunlun Chip's revenue will surge from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, representing a sixfold increase [1] - Based on an average price-to-sales ratio of 10 times for tech stocks, the valuation of Kunlun Chip could exceed 80 billion RMB, significantly enhancing Baidu's asset value [1]

Core Viewpoint - Baidu Group's stock has risen over 15% this week, with a current increase of 5.32%, reaching HKD 138.5, driven by the announcement of its subsidiary Kunlun Chip's application for a public listing on the Hong Kong Stock Exchange [1] Group 1: Company Developments - Baidu Group announced that Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange on January 1, aiming for a public offering through a spin-off [1] - Kunlun Chip focuses on AI chip development, with applications in data centers, cloud computing, and autonomous driving [1] Group 2: Financial Projections - JPMorgan forecasts that Kunlun Chip's revenue will surge from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, representing a sixfold increase [1] - Based on an average price-to-sales ratio of 10 times for tech stocks, the valuation of Kunlun Chip could exceed RMB 80 billion, significantly enhancing Baidu's asset value [1]

每经AI快讯，1月2日，港股百度集团-SW涨幅扩大至5.1%，报138.2港元，成交额4.61亿港元，总市值 3800.73亿港元。 ...

公开资料显示，昆仑芯是百度旗下专注于AI芯片研发的半导体子公司，其产品主要应用于数据中心、 云计算及自动驾驶等领域。摩根大通预测，百度昆仑芯收入将从2025年的约人民币13亿元飙升至2026年 的83亿元，增幅达到6倍。若按科技股平均市销率(PS)10倍估算，估值有望突破800亿元，百度持有部分 价值将显著增厚。 消息面上，百度集团在港交所公告，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交 上市申请表格(A1表格)，以申请批准昆仑芯股份于香港联交所主板上市及买卖。目前的方案为建议分拆 将通过昆仑芯股份的全球发售进行。 智通财经APP获悉，百度集团-SW(09888)再涨超5%，本周累涨逾15%。截至发稿，涨5.32%，报138.5港 元，成交额6.84亿港元。 ...

2026年1月2日早间，百度在港交所公告称，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交 所提交上市申请表格（A1表格），以申请批准昆仑芯股份于香港联交所主板上市及买卖。目前的方案 为建议分拆将通过昆仑芯股份的全球发售进行，包括：（i）昆仑芯股份于香港进行公开发售，以供香 港公众人士认购；及（ii）向机构及专业投资者配售昆仑芯股份。于本公告日期，昆仑芯为本公司之非 全资附属公司。建议分拆完成后，预计昆仑芯仍将为本公司之附属公司。 据公开消息，昆仑芯（北京）科技有限公司前身为百度智能芯片及架构部，于2021年4月完成独立融 资，首轮估值约130亿元。公司团队在国内最早布局AI加速领域，深耕十余年，是一家在体系结构、芯 片实现、软件系统和场景应用均有深厚积累的AI芯片企业。 2025年12月7日，百度集团港股公告称，公司注意到，于2025年12月5日有媒体报道公司拟分拆非全资附 属公司昆仑芯（北京）科技有限公司进行独立上市。公司表示，目前正就拟议分拆及上市进行评估。倘 进行拟议分拆及上市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。 2025年12月5日，百度集团-SW（09888.H ...