Zhi Tong Cai Jing·2026-01-12 03:19Core Viewpoint - Baidu has announced the spin-off of its AI chip subsidiary Kunlun Chip, submitting a listing application to the Hong Kong Stock Exchange, which is expected to unlock significant value for the company [1] Group 1: Company Developments - Baidu's stock price increased by 4.22%, reaching HKD 143.2, with a trading volume of HKD 866 million [1] - The spin-off of Kunlun Chip is part of Baidu's strategy to evaluate its AI cloud infrastructure as an independent business segment, with an implied value exceeding USD 50 billion [1] Group 2: Market Valuation and Projections - Goldman Sachs estimates that if Kunlun Chip receives a valuation multiple similar to Cambricon (40 times sales), Baidu's 59% stake could be valued at USD 22 billion, representing 45% of Baidu's current total market capitalization [1] - Sales projections for Kunlun Chip indicate expected revenues of RMB 3.5 billion in 2025, increasing to RMB 6.5 billion in 2026, with JPMorgan's more aggressive forecast suggesting revenues could reach RMB 8.3 billion in 2026 [1]