昆仑芯分拆上市，能给百度带来新故事吗？

Core Viewpoint - Baidu's Kunlun Chip is set to be spun off and listed on the Hong Kong Stock Exchange, marking a significant move for the company amid challenges in its core search business [1][3]. Group 1: Company Developments - Kunlun Chip submitted its listing application to the Hong Kong Stock Exchange on January 1, 2026, and will remain a subsidiary of Baidu post-split [1]. - The company was established in June 2021 as a separate entity from Baidu's chip research department, with Ouyang Jian as CEO [1]. - Kunlun Chip's revenue is projected to be around 2 billion yuan in 2024, with significant growth expected in 2025 [1][2]. Group 2: Financial Performance and Valuation - Kunlun Chip's valuation increased from approximately 13 billion yuan in March 2021 to about 21 billion yuan after its D-round financing in July 2025, reflecting over 60% growth in four years [2]. - Baidu's stock price rose by 9.35% on the day the listing application was announced, indicating positive market sentiment [2]. Group 3: Market Context and Strategy - The spin-off occurs in a favorable market environment, with other domestic chip companies like Moer Thread and Biran Technology successfully completing IPOs [2]. - Baidu's new CFO, He Haijian, is steering the company towards a narrative focused on a comprehensive AI ecosystem, integrating various business units including Kunlun Chip, PaddlePaddle, and Baidu AI Search [3][4]. - Recent developments in Baidu's core businesses, including the launch of new AI models and chips, aim to enhance its competitive position despite current revenue pressures [4].