智通财经网·2026-01-01 23:41Core Viewpoint - Baidu Group's subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a public offering and institutional placement, with the split expected to enhance operational transparency and attract targeted investors [1][2]. Group 1: Listing Application - Kunlun Chip submitted a confidential listing application form (A1 form) to the Hong Kong Stock Exchange on January 1, 2026, for approval to list and trade its shares on the main board [1]. - The proposed split will involve a global offering of Kunlun Chip shares, including a public offering for Hong Kong investors and a placement to institutional and professional investors [1]. Group 2: Business Rationale for the Split - The proposed split is believed to be beneficial for both the company and Kunlun Chip, aligning with overall shareholder interests [2]. - The split will allow for a clearer reflection of Kunlun Chip's value based on its strengths, enhancing operational and financial transparency for investors [2]. - Kunlun Chip's business model, focused on general AI computing chips and related hardware and software systems, is expected to attract a specific investor demographic [2]. - The split is anticipated to improve Kunlun Chip's image among customers, suppliers, and potential strategic partners, thereby benefiting the parent company through its stake in Kunlun Chip [2]. - The separation will enable Kunlun Chip to independently access equity and debt capital markets, allowing for more effective financial resource allocation by the parent company [2]. - The management responsibilities and accountability of both the company and Kunlun Chip will be more directly linked to their respective operational and financial performance, enhancing management focus and corporate governance [2].