百度回应昆仑芯上市：正在评估，不保证上市

Core Viewpoint - Baidu Group is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip (Beijing) Technology Co., Ltd., with no guarantee that the process will proceed [1][10]. Company Overview - Kunlun Chip is an AI chip company incubated by Baidu, which completed its first round of independent financing in April 2021, with an initial valuation of approximately 13 billion yuan. Baidu holds a 59.45% stake in the company [3][10]. - As of July 2025, Kunlun Chip has undergone D-round financing, attracting investments from various firms including Shanghe Dongliang Capital and Shanzheng Investment [3]. Financial Performance - Kunlun Chip's revenue is projected to exceed 1 billion yuan in 2024, surpassing other AI chip companies that have applied for or completed listings, such as Suiruan Technology and Biran Technology [10]. - Morgan Stanley estimates that Baidu's revenue from Kunlun Chip will increase from approximately 1.3 billion yuan in 2025 to 8.3 billion yuan in 2026, representing a sixfold growth [10]. Market Reaction - Following the news of the potential spin-off, Baidu's stock price experienced a significant increase, rising nearly 8% at one point before closing up over 5%, with a market capitalization of 334.4 billion HKD [10].