Kunlunxin targets $50 billion valuation in Hong Kong IPO
Kunlunxin, Baidu’s AI chip unit, plans to go public in Hong Kong with a target valuation of $50 billion.
The company has asked investors to buy chips with a value three to seven times their planned subscription in the initial public offering shares.
Kunlunxin has expanded external sales over the past two years, mainly supplying chips to Baidu, and also has customers like Tencent.
China’s onshore technology IPOs are on track for their strongest year since 2023, driven by Beijing’s push for tech self-reliance.