Baidu announced that its AI chip unit Kunlunxin has confidentially filed for a Hong Kong listing, following a fundraising round that valued the company at approximately $3 billion.
The proposed spin-off aims to showcase Kunlunxin's value as an independent entity and broaden financing channels, though the company is expected to remain a subsidiary of Baidu after completion.
The filing comes amid a wave of Chinese AI chip IPOs, including Shanghai Biren Technology, which raised $717 million and began trading January 2, as Beijing pushes to develop domestic semiconductor alternatives amid U.S. export restrictions.
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