凤凰网财经·2026-01-02 13:42Core Viewpoint - Baidu announced the spin-off of its non-wholly owned subsidiary Kunlun Chip (Kunlun) for an IPO on the Hong Kong Stock Exchange, aiming to enhance its valuation and attract specialized investors in AI computing chips and related systems [3][4][7]. Group 1: Spin-off Details - Kunlun submitted its listing application to the Hong Kong Stock Exchange on January 1, 2026, with the proposal confirmed by the exchange [3][4]. - The global offering will include a public offering in Hong Kong and allocations to institutional and professional investors [5]. - Post-spin-off, Kunlun is expected to remain a subsidiary of Baidu, although details regarding the shareholding reduction and offering scale are yet to be finalized [6]. Group 2: Reasons for Spin-off - The spin-off will allow for a more accurate reflection of Kunlun's value based on its strengths, enabling independent assessment by investors [7]. - The business nature of Kunlun is expected to attract investors focused on AI computing chips and related hardware and software systems [7]. - The company believes that Kunlun's scale justifies its pursuit of a public listing, which could enhance its reputation among clients and partners, leading to business growth [7]. Group 3: Kunlun's Background and Performance - Kunlun, a supplier of AI computing chips and integrated systems, has its roots in Baidu's smart chip and architecture department, with self-developed chip projects dating back to 2011 [8]. - In 2021, Kunlun completed independent financing, achieving a valuation of approximately 13 billion yuan, and has since attracted significant investment from various firms [9]. - Kunlun secured a major contract in August 2022, ranking first in market share for AI server products in a procurement project by China Mobile [9]. Group 4: Future Product Launches - The next-generation Kunlun products, including Kunlun M100 and M300 chips, are set to launch in 2026 and 2027, respectively, targeting large-scale inference and high-performance training needs [13][14]. - Baidu's executive vice president emphasized a long-term investment strategy in infrastructure, with annual product launches planned for the next five years [15]. Group 5: Market Position and Stock Performance - IDC reported that Kunlun's shipment volume reached 69,000 units, significantly outperforming competitors [16]. - Analysts have noted that Kunlun has achieved or surpassed many leading companies in various aspects, particularly in CUDA compatibility [17]. - Following the announcement of the spin-off, Baidu's stock price rose to a two-year high, closing at 143.8 HKD per share, an increase of 9.35% [19].