百度宣布：昆仑芯拟于港交所独立上市

Core Viewpoint - Baidu's subsidiary Kunlun Core has submitted a listing application to the Hong Kong Stock Exchange, indicating a potential spin-off and independent listing, which is expected to enhance Baidu's overall valuation and market position [1][3]. Group 1: Listing Announcement - On January 1, Kunlun Core submitted a listing application to the Hong Kong Stock Exchange through its joint sponsors, aiming for a public offering and institutional placement [1]. - The proposed spin-off is expected to be completed while Kunlun Core remains a subsidiary of Baidu [1]. Group 2: Market Reaction - Following the announcement of the potential spin-off, Baidu's stock surged over 8% on the first trading day of the new year, reaching a new high [3]. - Baidu's stock has seen significant growth, with an increase of over 35% in the past eight trading days, adding more than 935 million HKD to its market capitalization [4]. Group 3: Company Background - Kunlun Core, established in 2011, focuses on AI acceleration and has a strong foundation in architecture, chip implementation, software systems, and application scenarios [4]. - The company completed independent financing in April 2021, further solidifying its position in the AI chip sector [4]. Group 4: Valuation Insights - According to research from Zhongyin International, the expected valuation for domestic GPU companies listed in Hong Kong ranges from 30 billion to 100 billion HKD, with Kunlun Core likely positioned at the higher end of this range [5]. - Currently, Kunlun Core is estimated to contribute approximately 50 billion HKD to Baidu's valuation, representing about 25% of its market value [5].