TECH

Baidu’s Chip Unit Kunlunxin Files for Hong Kong IPO to Tap AI Investment Boom

Published: Jan. 2, 2026 11:32 p.m. GMT+8

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Baidu Inc. announced on Jan. 2 that its AI chip unit Baidu’s Kunlunxin confidentially filed for a spinoff listing on the Hong Kong Stock Exchange on Jan. 1. Photo: IC Photo

Baidu Inc. has confidentially filed for an initial public offering in Hong Kong for its artificial intelligence chip subsidiary, Kunlunxin (Beijing) Technology Co. Ltd., as it seeks to benefit from China’s accelerating push for homegrown semiconductor technology amid tightened U.S. export controls.

In a Friday stock exchange filing, Baidu said Kunlunxin submitted its listing application to the Hong Kong Stock Exchange the day prior. The Chinese tech giant added it will remain the unit’s controlling shareholder post-spinoff.

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Baidu confidentially filed for a Hong Kong IPO for its AI chip subsidiary Kunlunxin, aiming to capitalize on China’s drive for self-reliant semiconductors amid US export restrictions.
Baidu will remain Kunlunxin’s controlling shareholder post-spin-off; Kunlunxin serves 100+ enterprise clients and secured a 1 billion yuan ($143 million) deal with China Mobile.
Kunlunxin’s chips are more compatible with Nvidia’s ecosystem, and fully local M-series chips are planned for 2026-2027.

AI generated, for reference only

Who’s Who

Baidu Inc.: Baidu Inc. has confidentially filed for an IPO in Hong Kong for its AI chip subsidiary, Kunlunxin, and will retain a controlling share. Its stock jumped 8.1%, increasing its market capitalization to HK$391.1 billion. This move is driven by China’s push for homegrown semiconductor technology amid U.S. export controls. Baidu aims to launch M100 and M300 AI chips in 2026 and 2027, respectively, utilizing domestic supply chains.

Kunlunxin (Beijing) Technology Co. Ltd.: Kunlunxin (Beijing) Technology Co. Ltd. is an AI chip subsidiary of Baidu Inc. It confidentially filed for an IPO in Hong Kong, aiming to capitalize on China's push for homegrown semiconductor technology following U.S. export controls. Founded in 2011, Kunlunxin has released its Kunlun II chip (2021) and the third-generation Kunlun III chip, and serves over 100 enterprise clients.

Nvidia Corp.: Nvidia Corp. is mentioned in the context of the US imposing restrictions on the export of advanced chips, such as Nvidia's H20. This has created a demand for domestic alternatives in China. Kunlunxin's chips are noted for being more compatible with Nvidia's software ecosystem, which reduces adoption costs for customers.

China Mobile Communications Group Co. Ltd.: China Mobile Communications Group Co. Ltd. is a significant client of Baidu's AI chip subsidiary, Kunlunxin. In August, China Mobile Communications Group Co. Ltd. placed an order worth over 1 billion yuan ($143 million) with Kunlunxin.

Moore Threads Technology Co. Ltd.: Moore Threads Technology Co. Ltd. is a Chinese AI chipmaker. It recently listed on Shanghai's STAR Market in December, indicating it is one of the domestic AI chip companies racing to raise funds and expand their presence, fueled by strong investor interest.

MetaX Integrated Circuit Co. Ltd.: MetaX Integrated Circuit Co. Ltd. is a Chinese AI chipmaker that recently listed on Shanghai's STAR Market in December. This occurred amidst a surge of domestic AI chip IPOs, fueled by strong investor interest and the demand for alternatives to restricted U.S. chips.

Shanghai Biren Intelligent Technology Co. Ltd.: Shanghai Biren Intelligent Technology Co. Ltd. (上海壁仞智能科技有限公司) is a Chinese AI chipmaker. The company recently debuted on Hong Kong's main board, with its shares closing up 82.1% at HK$35.70.

Huawei Technologies Co. Ltd.: Huawei Technologies Co. Ltd., a Chinese AI chipmaker, is mentioned in the article. It is noted that, unlike Kunlunxin, Huawei is subject to U.S. trade sanctions. This affects its Ascend platform, which is self-developed and less compatible with Nvidia's software ecosystem, leading to higher adoption costs for customers compared to Kunlunxin's offerings.

Cambricon Technologies Corp. Ltd.: Cambricon Technologies Corp. Ltd. (寒武纪) is an AI chipmaker that, unlike Kunlunxin, is subject to U.S. trade sanctions. This means it faces restrictions on accessing overseas wafer fabrication, impacting its operational flexibility compared to other domestic players. The company's business is mentioned in the context of the broader Chinese AI chip market, which is seeing increased activity due to strong investor interest and the demand for domestic alternatives to advanced chips from companies like Nvidia.

AI generated, for reference only

What Happened When

2011：: Kunlunxin was founded.

August 2021：: Kunlunxin's second-generation chip, Kunlun II, entered mass production.

January 1, 2026：: Kunlunxin submitted its listing application to the Hong Kong Stock Exchange.

January 2, 2026：: Baidu disclosed in a stock exchange filing that Kunlunxin had submitted its listing application the previous day; shares of Baidu rose 8.1% in Hong Kong trading to HK$142.2.