Zheng Quan Ri Bao Zhi Sheng·2025-12-08 17:08Group 1 - Baidu's AI chip subsidiary Kunlun Core is preparing for a Hong Kong IPO with a post-financing valuation of approximately 21 billion RMB (about 3 billion USD) [1] - Baidu has clarified that it is evaluating the proposed spin-off and listing of Kunlun Core, which requires regulatory approval, and there is no guarantee that the spin-off will proceed [1] - Kunlun Core, which was established as an independent entity in April 2021, is currently 59.45% owned by Baidu and has launched two generations of AI chips, with the second generation achieving nearly three times the computing power of the first [1] Group 2 - Successful spin-off of Kunlun Core could enhance its technological iteration and market expansion, boosting the influence of domestic AI chips [2] - Baidu's smart cloud revenue reached 6.4 billion RMB in Q3 2025, a 12% year-on-year increase, indicating the profitability of the segment supported by Kunlun Core's self-developed chips [2] - Kunlun Core has made significant commercial progress, winning a major AI computing device procurement project from China Mobile and serving over a hundred clients, including major companies like China Merchants Bank and Vivo [2] Group 3 - Morgan Stanley predicts Kunlun Core's revenue could increase from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, representing a nearly sixfold growth [3] - The potential spin-off may allow Kunlun Core to secure independent financing and accelerate expansion, but it could also weaken Baidu's control over its core computing infrastructure [3] - Future developments will depend on regulatory attitudes and strategic considerations by the company [3]