Baidu's Hong Kong Shares Hit Over Two-Year High as Jefferies Lifts Target Price 14% on Kunlun Xin Spinoff Plan

Deep News11:51

Baidu's stock price in Hong Kong extended its gains, climbing to its highest level since September 2023, after the company announced its proposal to spin off Kunlun Xin for an independent listing on the main board of the Hong Kong Stock Exchange. Jefferies raised its target price for the stock by 14% to HK$176, stating that this move would unlock the value of Baidu's artificial intelligence-driven businesses.

Baidu Group further expanded its gains to 8.7%, leading the advances among the constituents of the Hang Seng Tech Index.

Analysts including Thomas Chong at Jefferies noted in a report that the proposed spin-off of Kunlun Xin offers several advantages, including a better reflection of Kunlun Xin's value and broader financing channels. They estimate Kunlun Xin's valuation to be between $16 billion and $23 billion, implying the value of Baidu's stake in Kunlun Xin is between $9 billion and $13 billion.

Jefferies raised its target price for Baidu's US-listed shares from $159 to $181, while maintaining a Buy rating.

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