百度分拆芯片业务，昆仑芯已提交上市申请表格

Core Viewpoint - Baidu has submitted a proposal to the Hong Kong Stock Exchange for the spin-off and listing of Kunlun Chip, which is a non-wholly owned subsidiary of Baidu, aiming to enhance operational and financial transparency and attract specialized investors in AI computing chips [1] Group 1: Spin-off Proposal - Baidu announced the submission of a spin-off proposal for Kunlun Chip to the Hong Kong Stock Exchange [1] - Kunlun Chip has already submitted a listing application form (A1 form) to the Hong Kong Stock Exchange through its joint sponsors [1] - The proposed spin-off will involve a global offering of Kunlun Chip shares, including a public offering in Hong Kong and a placement to institutional and professional investors [1] Group 2: Benefits of the Spin-off - The spin-off is expected to better reflect the value of Kunlun Chip based on its own strengths and improve operational and financial transparency [1] - Kunlun Chip's business model, focused on general AI computing chips and related hardware and software systems, is anticipated to attract a dedicated investor base [1] - The spin-off will enhance Kunlun Chip's image among customers, suppliers, and potential strategic partners, allowing Baidu to benefit from Kunlun Chip's growth through its shareholding [1] - Kunlun Chip will have the ability to independently access equity and debt capital markets, enabling more effective financial resource allocation for Baidu [1] - The management responsibilities and accountability of both Baidu and Kunlun Chip will be more directly linked to their respective operational and financial performance, strengthening corporate governance [1] Group 3: Market Reaction - As of the report, Baidu's stock price was 142.4 HKD, reflecting a 7.8% increase from the opening, with a total market capitalization of 391.6 billion HKD [2]