李彦宏第 2 家上市公司来了！

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, which has significantly boosted market confidence and led to a notable increase in Baidu's stock prices [1][2]. Group 1: Company Developments - Kunlun Chip completed its shareholding reform in December 2025 and is expected to officially list in the first half of 2026 [2]. - Baidu holds a 59.45% stake in Kunlun Chip, with other major shareholders including China Internet Investment Fund, Beijing Artificial Intelligence Industry Investment Fund, BYD, and a fund under China Mobile [2]. Group 2: Financial Projections - Goldman Sachs predicts that Kunlun Chip's revenue will reach between 3.5 billion to 5 billion yuan in 2025, with the potential to exceed 6.5 billion yuan in 2026 [2]. - The spin-off listing is crucial for Baidu, which is currently facing a decline in revenue, with a 7% year-on-year drop reported in Q3 2025 and a net loss, marking six consecutive quarters of decline in its core online marketing business [2]. Group 3: Strategic Importance - The independent listing of Kunlun Chip is a key step for Baidu in presenting its "full-stack AI" narrative, which encompasses chips, frameworks, large models, cloud services, and applications, thereby showcasing the strategic value of its AI initiatives [2].