Ge Long Hui·2026-01-05 06:56Group 1 - The core viewpoint of the article is that Baidu plans to spin off its non-wholly-owned subsidiary Kunlun Chip and list it independently on the Hong Kong Stock Exchange, which is seen as a timely move to capitalize on the IPO wave of GPU suppliers [1] - According to IDC data, Kunlun Chip ranks third in terms of shipment volume with 69,000 units projected for 2024 [1] - The Chinese AI chip market is expected to grow from 142.5 billion yuan in 2025 to 1.3368 trillion yuan by 2029, reflecting a compound annual growth rate of 53.7% [1] Group 2 - Prior to the latest financing round, Baidu held a 59% stake in Kunlun Chip and is expected to maintain a 50% stake post-IPO [1] - Using the valuation benchmark of three times the valuation of Muxi, Kunlun Chip could contribute approximately $29.2 billion to Baidu's market value after applying a 40% discount; without the discount, the contribution could be around $48.7 billion [1] - Baidu's traditional business is valued at $34.7 billion, calculated based on a net profit of 24.3 billion yuan for 2026 and a price-to-earnings ratio of 10 times, leading to a total estimated market value of Baidu at approximately $64.5 billion, excluding potential value releases from Baidu's Apollo Go and other assets [1]