第一财经·2026-01-02 03:10Core Viewpoint - Baidu has announced the plan to spin off its AI chip subsidiary Kunlun Chip for independent listing on the Hong Kong Stock Exchange, marking a significant step following its evaluation of the split in late 2025 [3]. Group 1: Spin-off Details - The spin-off will involve a global offering of Kunlun Chip, including a public offering in Hong Kong and allocations for institutional and professional investors [3]. - Post-spin-off, Kunlun Chip is expected to remain a non-wholly-owned subsidiary of Baidu [3]. - The reasons for the spin-off include the potential to better reflect Kunlun Chip's value, attract specialized investors, and provide an independent financing platform [3]. Group 2: Regulatory Aspects - Baidu has received a waiver from the Hong Kong Stock Exchange regarding specific listing rules, which typically protect existing shareholders during a spin-off [4]. - The waiver was granted due to the high costs and extensive work involved in complying with these rules, which were deemed disproportionate to the benefits for shareholders [4]. Group 3: Business Context - Kunlun Chip is a key part of Baidu's AI infrastructure strategy and has been independently financed since 2021, catering to both internal and external AI chip demands [4]. - The main product of Kunlun Chip is the P800, with a diverse client base including major companies like China Merchants Bank and Geely [4]. - The competitive landscape for Kunlun Chip is intense, with major players like Nvidia and AMD globally, and local competitors such as Huawei and Cambricon in China [5]. Group 4: Future Considerations - The successful completion of the spin-off depends on several conditions, including approval from the Hong Kong Stock Exchange and the China Securities Regulatory Commission [5]. - Baidu has not yet finalized details regarding the scale and structure of the global offering or the dilution of its ownership stake in Kunlun Chip [5].