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Chinese internet search giant Baidu said yesterday its AI chip unit Kunlunxin has confidentially filed a listing application with the Hong Kong stock exchange on Thursday, paving the way for a spin-off and separate listing.
Baidu’s US shares rose 12 per cent in early trading yesterday following the news.
Reuters had earlier reported that Kunlunxin was planning for a Hong Kong initial public offering after completing a fundraising that valued it at 21 billion yuan ($3bn).
China is pushing to develop domestic alternatives to US semiconductors amid escalating Washington export restrictions on advanced chips, and several other Chinese AI chip companies have announced public share debuts.
Earlier this week, Chinese AI startup MiniMax said it expects to raise up to HK$4.19bn ($538 million) in its Hong Kong offering, and semiconductor designer Shanghai Biren Technology raised HK$5.58bn in its public offering, according to an exchange filing.
Semiconductor specialists OmniVision Integrated Circuits and GigaDevice Semiconductor have also started bookbuilding for IPOs, aiming to raise about $600m each.
Hong Kong raised $36.5bn from 114 new listings in 2025, its strongest year since 2021, and more than triple the $11.3bn raised in 2024, LSEG data shows.
After the proposed spin-off, Kunlunxin is expected to remain a subsidiary of Baidu, the company said.
Details such as the offering size and structure have not been finalised yet, it said.
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