Baidu is spinning off its AI chip unit, Kunlunxin, for separate listings in Hong Kong and Shanghai.
The company filed a confidential Hong Kong IPO application in January 2026. Kunlunxin began the pre-listing process for Shanghai’s tech-focused STAR Market in May.
Baidu will remain the controlling shareholder after the spin-off. The dual listing aims to provide the unit with direct capital market access and a valuation independent of Baidu’s core internet operations.
China’s push for technological self-sufficiency is driving investor appetite for domestic alternatives to foreign suppliers like Nvidia.