Baidu (9888 HK)’s Spin-Off And Listing Of Kunlunxin
On the 2nd Jan 2026, Baidu (9888 HK) announced the proposed listing of subsidiary Kunlunxin on the HKEx. The Street promptly bumped its fair values. Shares gained a punchy 9.4%.
Kunlunxin is Baidu’s AI chip subsidiary, held as to ~59.45%. Baidu’s stake is expected to fall to 51% after the spinoff.
What is Kunlunxin worth? ~US$3bn if using recent founding rounds; up to US$16-US$23bn according to some Street analysts. Baidu’s market cap is ~US$52bn.
Keep reading with a 7-day free trial
Subscribe to Hong Kong/China M&A/Events to keep reading this post and get 7 days of free access to the full post archives.