Hong Kong Stock Movement | BIDU-SW (09888) Rises Over 4% as Kunlun Xin Pursues Independent Hong Kong Listing, Baidu's Stake Value Could Reach $22 Billion

Stock News01-12

Baidu Group-SW (09888) saw its shares rise by 4.22% to HK$143.2 by the time of writing, with a trading volume of HK$866 million. On January 1st, Baidu officially announced the spin-off of its AI chip subsidiary, Kunlun Xin, which has submitted a listing application to the Hong Kong Stock Exchange. In its spin-off valuation model, CICC evaluated the AI cloud infrastructure centered around Kunlun Xin as an independent business segment, attributing an implied value exceeding $50 billion to it. Furthermore, Goldman Sachs' latest research report suggests that, based on its core calculations, if the market assigns Kunlun Xin a valuation multiple similar to that of Cambricon (40x price-to-sales ratio), Baidu's 59% stake could be worth up to $22 billion, equivalent to 45% of Baidu's current total market capitalization. Goldman Sachs data projects Kunlun Xin's sales to reach 3.5 billion yuan in 2025, with a potential surge to 6.5 billion yuan in 2026. Morgan Stanley's forecast is even more aggressive, predicting 2026 revenue could hit 8.3 billion yuan.

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