BIDU(HK:09888) Sou Hu Cai Jing·2026-01-02 14:23Core Viewpoint - Baidu Group has officially initiated the spin-off listing process for Kunlun Chip (Beijing) Technology Co., Ltd., its artificial intelligence chip business, which has received regulatory approval to meet listing requirements [1][3]. Group 1: Spin-off Details - Baidu submitted the listing application for Kunlun Chip to the Hong Kong Stock Exchange on January 1, and plans to implement a global offering, including a public offering in Hong Kong and an international placement for institutional investors [3]. - Following the spin-off, Kunlun Chip will continue to operate as a subsidiary of Baidu but will have significantly enhanced financial and operational independence [3]. Group 2: Financial and Operational Growth - Kunlun Chip is experiencing rapid growth, with projected revenue expected to exceed 5 billion yuan in 2025, doubling from 2 billion yuan in 2024 [7]. - The company has undergone significant changes, including a capital increase from 21.28 million yuan to 400 million yuan, marking a 1780% increase, and a major adjustment in its board of directors to prepare for the upcoming listing [3]. Group 3: Valuation and Market Impact - Valuation estimates for Baidu's 59% stake in Kunlun Chip vary, with Goldman Sachs estimating it to be between 3 billion to 11 billion USD, while Macquarie Securities provides a higher estimate of 16.5 billion USD, accounting for nearly 30% of Baidu's target valuation [7]. - The spin-off is expected to enhance Kunlun Chip's market position and attract specific investor groups, marking a new phase of capitalization for Baidu's AI ecosystem [7].