BIDU(HK:09888) Sou Hu Cai Jing·2026-01-03 11:54Core Viewpoint - Baidu Group has announced the spin-off of Kunlun Core (Beijing) Technology Co., Ltd. for an independent IPO in Hong Kong, which has led to a nearly 10% surge in Baidu's stock price on the announcement day [1][2][5]. Group 1: Spin-off Announcement - Baidu submitted a proposal for the spin-off of Kunlun Core to the Hong Kong Stock Exchange, which has been confirmed [2][4]. - The spin-off is expected to enhance the operational and financial transparency of Kunlun Core, allowing investors to independently assess its performance and potential [5][7]. Group 2: Market Context - The AI chip sector is currently experiencing a wave of IPOs, with other companies like Wallen Technology and Moer Thread also planning to go public [1][8]. - Analysts believe that the timing of the spin-off aligns with a strategic window in the AI chip industry, driven by high demand for AI computing power and supportive policies for tech companies [7][10]. Group 3: Financial Projections - Kunlun Core has completed seven rounds of financing, with a projected revenue increase from approximately 1.3 billion yuan in 2025 to 8.3 billion yuan in 2026, representing a sixfold growth [8][10]. - If valued at an average price-to-sales ratio of 10 times, Kunlun Core's valuation could exceed 80 billion yuan, significantly enhancing Baidu's asset value [10]. Group 4: Business Strategy - The spin-off is expected to attract specialized investors focused on semiconductor and AI hardware, optimizing Baidu's capital structure [5][7]. - Kunlun Core is transitioning from an internal support tool to a commercial platform, which will strengthen its market credibility and enable independent financing to meet the high R&D costs typical in the chip industry [7][10].