Zhi Tong Cai Jing·2026-01-01 23:38Group 1 - The core announcement is that Baidu Group's subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange for its shares to be listed and traded on the main board, with the proposed spin-off expected to be completed by January 1, 2026 [1] - The spin-off is intended to enhance the operational and financial transparency of Kunlun Chip, allowing investors to better assess its performance and potential separately from Baidu's other businesses [2] - The business model of Kunlun Chip, which focuses on general AI computing chips and related hardware and software systems, is expected to attract a specific group of investors, differentiating it from Baidu's more diversified business model [2] Group 2 - The spin-off is anticipated to improve Kunlun Chip's image among customers, suppliers, and potential strategic partners, thereby benefiting Baidu through its shareholding in Kunlun Chip [2] - Kunlun Chip will have the ability to independently access equity and debt capital markets in the future, allowing Baidu to allocate financial resources more effectively [2] - The management responsibilities and accountability of both Baidu and Kunlun Chip will be more directly linked to their respective operational and financial performances, enhancing management focus and corporate governance [2]