June 28 (Reuters) – Baidu’s AI chip unit, Kunlunxin, is planning to go public in Hong Kong \u200cat a target valuation of $50 billion, The Information \u200creported on Sunday, citing two sources. <\/p>\n
Investors have been asked to buy \u200bchips with a value three to seven times the worth of their planned subscription in Kunlunxin’s initial public offering shares, the report said. <\/p>\n
Reuters could not immediately verify the \u200creport. Baidu did \u2060not immediately respond to a Reuters request for comment. <\/p>\n
TikTok parent ByteDance was considering using \u2060Baidu’s Kunlunxin chips, Reuters had reported this month, citing sources. Tencent is already a Kunlunxin chip customer, according to one \u200bof the \u200bsources. <\/p>\n
Baidu said in January \u200bthat Kunlunxin had confidentially \u200cfiled a listing application with the Hong Kong stock exchange, paving the way for a spin-off and separate listing. <\/p>\n
China’s onshore technology IPOs are on track for their strongest year since 2023 as Beijing seeks to bolster \u200clistings of chip and artificial \u200bintelligence companies in a push for \u200btech self-reliance amid \u200bthe country’s rivalry with the U.S. <\/p>\n
Founded in \u200c2012 as an internal business \u200bunit developing \u200bAI chips for Baidu, Kunlunxin has since become independently operated, although Baidu retains a controlling stake. <\/p>\n
Kunlunxin mainly \u200bsupplies chips to \u200cBaidu but has expanded external sales over the \u200bpast two years. <\/p>\n
(Reporting by Preetika Parashuraman in \u200bBengaluru; Editing by Mark Porter) <\/p>\n","protected":false},"excerpt":{"rendered":"June 28 (Reuters) – Baidu’s AI chip unit, Kunlunxin, is planning to go public in Hong Kong \u200cat…\n","protected":false},"author":2,"featured_media":88809,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[24,25,2817,47102,2700,9753,9285,47103],"class_list":["post-88808","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ai","tag-ai","tag-artificial-intelligence","tag-baidu","tag-citing-sources","tag-hong-kong","tag-hong-kong-stock-exchange","tag-initial-public-offering","tag-kunlunxin"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/88808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/comments?post=88808"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/88808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media\/88809"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media?parent=88808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/categories?post=88808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/tags?post=88808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}