刚刚，百度正式公告！

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for an IPO that could be completed by early 2027, with a recent valuation of approximately 21 billion RMB (about 2.97 billion USD) [1][3]. Group 1: Listing Announcement - On January 1, Kunlun Chip submitted a listing application form (A1 form) to the Hong Kong Stock Exchange through its joint sponsors for approval to list and trade its shares on the main board [1]. - The proposed spin-off will involve a global offering of Kunlun Chip shares, including a public offering in Hong Kong for public investors and a placement to institutional and professional investors [1]. - As of the announcement date, Kunlun Chip is a non-wholly-owned subsidiary of Baidu, and it is expected to remain a subsidiary after the proposed spin-off is completed [1]. Group 2: Market Reaction and Company Evaluation - Following the positive news regarding Kunlun Chip's listing, Baidu's stock price in Hong Kong surged by 5% [4]. - On December 7, Baidu acknowledged media reports about the proposed spin-off and listing of Kunlun Chip, stating that it is currently evaluating the proposal, which will require regulatory approval [4].