Di Yi Cai Jing·2026-01-02 03:02Group 1 - Kunlun Core has submitted a confidential listing application to the Hong Kong Stock Exchange on January 1, aiming for an independent listing on the main board [1] - The spin-off plan will involve a global offering of Kunlun Core, including a public offering in Hong Kong and a placement for institutional and professional investors [1] - The spin-off is expected to allow Kunlun Core to be evaluated independently in terms of its business performance and growth potential, attracting specialized investors in the AI chip sector [1][2] Group 2 - Baidu has received a waiver from the Hong Kong Stock Exchange regarding the listing rules, which typically protect the interests of existing shareholders during a spin-off [2] - The waiver was granted due to the high costs and extensive work involved in complying with the standard requirements, which were deemed disproportionate to the benefits for shareholders [2] - Kunlun Core has not disclosed performance data in past financial reports, but it plays a crucial role in Baidu's AI infrastructure strategy and has a significant customer base [2] Group 3 - The competitive landscape for Kunlun Core is intense, with major players like NVIDIA and AMD dominating the global market, and local competitors such as Huawei, Cambricon, and others in China [3] - The success of the spin-off will depend on several conditions, including approval from the Hong Kong Stock Exchange and the China Securities Regulatory Commission, as well as market conditions [3] - Baidu has not yet determined the scale and structure of Kunlun Core's global offering or the extent of share dilution [3]