百度回应昆仑芯上市：正在评估，不保证上市

Core Viewpoint - Baidu is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip, with no guarantee that the process will proceed [1][10]. Company Overview - Kunlun Chip, an AI chip company incubated by Baidu, completed its first round of independent financing in April 2021, with an initial valuation of approximately 13 billion RMB, where Baidu holds a 59.45% stake [3][4]. - As of July 2025, Kunlun Chip has undergone D-round financing, attracting investments from various firms including Shanghe Dongliang Capital and China Mobile Innovation [3]. Financial Performance - Kunlun Chip's revenue is projected to exceed 1 billion RMB in 2024, surpassing other AI chip companies that have filed for or completed IPOs [10]. - Morgan Stanley forecasts that Kunlun Chip's revenue will increase from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, representing a sixfold growth [10]. Market Reaction - Following the announcement regarding the potential spin-off, Baidu's stock experienced a significant increase, rising nearly 8% at one point before closing up over 5%, with a market capitalization of 334.4 billion HKD [10].