BIDU(HK:09888) Sou Hu Cai Jing·2026-01-02 08:24Group 1 - Baidu's stock price surged over 9% on January 2, 2023, following the announcement of its AI chip subsidiary Kunlun's application for a mainboard listing on the Hong Kong Stock Exchange [1][3] - The Hong Kong Stock Exchange has confirmed that Baidu can proceed with the proposed spin-off, with Kunlun remaining a subsidiary of Baidu post-split [1][3] - Baidu outlined three main reasons for the spin-off: to better reflect Kunlun's value and enhance financial transparency, to improve its standing with clients and partners, and to enable Kunlun to independently access capital markets [3] Group 2 - Kunlun was established in 2011 and completed independent financing in April 2021, with shareholders including Baidu and BYD [3] - According to a Goldman Sachs report, the value of Baidu's 59% stake in Kunlun is estimated between $3 billion and $11 billion [3] - JPMorgan predicts significant revenue growth for Kunlun between 2025 and 2026, indicating substantial valuation potential [3] Group 3 - The AI chip sector is experiencing a wave of IPOs, with Kunlun's spin-off and the recent progress of another company, Suiruan Technology, highlighting the trend [3] - Suiruan Technology, known as one of the "four small dragons" of domestic GPUs, has completed its IPO counseling and is preparing to apply for a listing on the Sci-Tech Innovation Board [3] - Suiruan focuses on cloud AI computing products and has received numerous orders for its third-generation inference acceleration card, contributing to the "East Data West Computing" project [3]