财联社·2026-01-02 05:43Core Viewpoint - Baidu's Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a public offering while remaining a subsidiary of Baidu after the spin-off [4]. Group 1: Company Developments - Kunlun Chip, previously part of Baidu's intelligent chip and architecture department, completed independent financing in April 2021 with an initial valuation of approximately 13 billion RMB [4]. - As of December 16, 2025, Kunlun Chip transformed into a joint-stock company, increasing its registered capital from about 2.128 million RMB to 400 million RMB, a growth of approximately 1780% [5]. - The new generation of Kunlun Chips, M100 and M300, is set to be launched in 2026 and 2027, respectively, targeting large-scale inference and multimodal model training tasks [5]. Group 2: Market Position and Valuation - Goldman Sachs estimates the value of Baidu's 59% stake in Kunlun Chip to be between 3 billion to 11 billion USD, while Macquarie Securities values it at approximately 16.5 billion USD, accounting for 30% of Baidu's target valuation [6]. - Morgan Stanley predicts that revenue from Baidu's self-developed AI chips will surge from 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, a sixfold increase, which will also double Baidu's GPU computing revenue in 2026 [6]. Group 3: Industry Trends - There is a wave of IPOs in the AI chip sector, with domestic GPU companies like Muxi and Moole Technology recently listing on the STAR Market, experiencing significant stock price increases on their debut [7]. - Wall Street analysts suggest that the current period is an optimal time for AI narratives, positioning Kunlun Chip favorably to capitalize on market trends and shed the perception of being solely for internal use by large companies [9]. - According to IDC's 2024 report, Nvidia holds a 70% market share in accelerated computing chip shipments, with Kunlun Chip ranking among the top domestic AI chip manufacturers, having shipped 69,000 units [10].