Xin Lang Cai Jing·2026-01-13 11:27Core Viewpoint - Baidu's AI chip subsidiary Kunlun Chip has officially submitted a listing application to the Hong Kong Stock Exchange, marking a response to market speculation about the spin-off of Baidu's chip business [1][14]. Group 1: Company Background - Kunlun Chip (Beijing) Technology Co., Ltd. is the business entity behind Baidu's chip operations, originally established as Xingyun Rongchuang (Beijing) Technology Co., Ltd., which was acquired by Baidu in 2015 as part of its "Security Treasure" business [1][15]. - The chip business began with the FPGA AI accelerator project in 2011, leading to the development of the Kunlun XPU architecture in 2017 and the launch of the Kunlun 1 AI chip in 2018 [2][14]. Group 2: Business Evolution - The transition from a security business to a chip-focused entity reflects Baidu's strategic positioning in the AI computing infrastructure for large models [3][14]. - In 2021, significant changes were made to the company, including the exit of founders from the board and the introduction of new leadership focused on chip development, alongside a name change to Kunlun Chip [8][19]. Group 3: Financing and Investment - Kunlun Chip has undergone several rounds of financing, with a strategic round in March 2021 raising approximately 13 billion RMB, involving multiple investment firms [19][22]. - The financing history indicates a shift towards independent operations, laying the groundwork for the current spin-off and listing plans [19][22].