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.
Baidu (9888 HK)’s Spin-Off And Listing Of Kunlunxin
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