KVB plus：昆仑芯拟港股IPO，AI芯片赛道升温，百度生态迎来重估

Group 1 - Kuanlun Chip, a subsidiary of Baidu, has officially initiated its listing process in Hong Kong, driven by the global computing power arms race and domestic substitution sentiment [2] - The company has selected an investment banking team and plans to submit its A1 form in Q1 2026, with a potential listing as early as early 2027. The latest financing round values the company at approximately 21 billion RMB (2.97 billion USD), an increase from the previous valuation of 18 billion RMB [2] - Following the news, Baidu's stock surged nearly 8% in Hong Kong, adding over 20 billion HKD to its market capitalization in a single day, indicating strong market support for the "AI infrastructure" narrative [2] Group 2 - Kuanlun Chip transitioned from a "self-use" model to external sales, with revenue expected to reach approximately 2 billion RMB in 2024, where external customer contributions will be less than 40%. By 2025, external orders are projected to exceed half of total revenue, with an anticipated annual revenue of over 3.5 billion RMB and a break-even point, marking a critical turning point for the IPO story [3] - At the Baidu World Conference in November, Kuanlun Chip launched two new products: the M100 for large-scale inference, set for mass production in early 2026, and the M300 aimed at multi-modal large model training and inference, expected to be available in early 2027, directly competing with mid-to-high-end GPUs from Nvidia [4] - With the introduction of new products and the demand for GPU replacements, Kuanlun Chip's revenue is forecasted to surge from 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, representing a sixfold increase and becoming a core growth engine for Baidu Smart Cloud over the next two years [4] Group 3 - Recent data from exchanges confirms the rising interest in "AI computing power," with domestic GPU companies like Moore Threads experiencing a 500% surge on their debut. Other companies such as Muxi, Suiyuan, and Biran are also expected to file for listings in the coming weeks [5] - The Hong Kong Stock Exchange has increased its exposure to hard technology, coupled with improved liquidity in the Hong Kong stock market, providing Kuanlun Chip with a valuable valuation premium window. Industry insiders suggest that if Kuanlun Chip successfully goes public, its market capitalization could reach between 30 billion and 100 billion HKD [5] Group 4 - Kuanlun Chip's IPO represents not just a financing event but also a shift in the narrative of domestic AI chips from "usable" to "effective and reliable." The company aims to overcome capacity and ecosystem bottlenecks, which will significantly influence its post-listing performance [7] - For Baidu, Kuanlun Chip's independent listing signifies the formal inclusion of "AI infrastructure" in its valuation framework, marking a comprehensive rewrite of the traditional search advertising narrative and the beginning of a new growth cycle [7]