Movement Alert｜Baidu Group-SW Rises 4.89% in Regular Trading, Subsidiary Kunlun Chip Plans Hong Kong IPO at $50 Billion Valuation

Market Focus09:32

On June 30, Baidu Group-SW rose 4.89% in regular trading, trading at 110.0 HKD/share, with turnover of HKD 174 million. The rally was driven by continued momentum from reports that Baidu's AI chip subsidiary Kunlun Chip is planning a Hong Kong IPO with a target valuation of approximately $50 billion.

The target valuation significantly exceeds Baidu's own market capitalization of roughly $35.8 billion, highlighting the potential value unlock from the spinoff. Reports indicate that Tencent has already become a Kunlun Chip customer, while ByteDance is also considering adopting its AI chips. Notably, IPO investors are reportedly required to commit to purchasing Kunlun Chip products worth 3 to 7 times their subscription amounts, reflecting a bundled sales strategy to lock in downstream demand.

Kunlun Chip's flagship P800 product has completed large-scale deployment validation, with external commercial revenue now exceeding internal supply to Baidu. BOCOM International maintains a Buy rating with a raised target price of $175, expecting an earnings inflection point in the second half of the year. Citi has also initiated a 30-day positive catalyst watch on Baidu.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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