Kunlunxin, Baidu's AI chip unit, targets $50 billion Hong Kong IPO - The Information; Kunlunxin IPO subscribers obligated to pledge chip acquisitions ...

Baidu Inc. (NASDAQ: BIDU; HKEX: 9888) has announced that its AI chip subsidiary, Kunlunxin, has confidentially filed for a Hong Kong initial public offering (IPO), with the proposed listing expected to proceed in 2026. The move is part of a broader trend in China, where domestic chipmakers seeking public funding amid U.S. export restrictions on advanced semiconductor technology.

According to reports, Kunlunxin, which was established in 2012 as an internal unit of Baidu, has grown into an independently operated entity while maintaining a controlling stake by its parent company. The firm primarily supplies AI chips to Baidu but has expanded external sales in recent years.

The proposed IPO is reported to be one of the largest in Hong Kong, with potential subscribers required to commit to chip purchases worth three to seven times their investment. This structure aims to secure long-term demand for Kunlunxin’s products and stabilize post-IPO operations.

Hong Kong’s stock market has seen a surge in semiconductor-related IPOs in 2025, raising over $36.5 billion from 114 new listings. Kunlunxin’s listing is expected to further diversify investor access to China’s AI chip sector, though final details remain to be determined such as offering size and pricing.