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Baidu’s AI Chip Unit Kunlunxin Files Confidentially for Hong Kong IPO

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Baidu said on Friday that its artificial intelligence chip arm, Kunlunxin, has confidentially filed a listing application with the Hong Kong Stock Exchange on January 1, paving the way for a potential spin-off and separate public listing.

The move follows an earlier report by Reuters that Kunlunxin was preparing for a Hong Kong initial public offering after completing a fundraising round that valued the unit at around 21 billion yuan ($3 billion). While the filing marks a key step toward a listing, Baidu said details such as the size and structure of the offering have not yet been finalised.

Kunlunxin was founded in 2012 as an internal Baidu unit focused on developing AI chips to support the company’s core businesses. Over time, it has become independently operated, although Baidu continues to hold a controlling stake. Following the proposed spin-off, Kunlunxin is expected to remain a subsidiary of Baidu. The company added that while Kunlunxin still mainly supplies chips to Baidu, it has expanded external sales over the past two years.

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The planned listing comes as China accelerates efforts to develop domestic alternatives to U.S. semiconductors amid tightening export restrictions from Washington on advanced chips. In this context, several Chinese AI and semiconductor companies have either launched or announced plans for public offerings.

Earlier this week, Chinese AI startup MiniMax said it expects to raise up to HK$4.19 billion ($538 million) in its Hong Kong IPO. Meanwhile, semiconductor designer Shanghai Biren Technology raised HK$5.58 billion in its public offering, according to an exchange filing. Other semiconductor specialists, including OmniVision Integrated Circuits and GigaDevice Semiconductor, have also begun bookbuilding for IPOs, each aiming to raise about $600 million.

Hong Kong’s equity capital markets have seen a strong rebound. The city raised $36.5 billion from 114 new listings in 2025, its strongest performance since 2021 and more than triple the $11.3 billion raised in 2024, according to data from LSEG.