Baidu Kunlun Core Plan to be listed simultaneously on the STAR Market and Hong Kong, with a valuation exceeding $3 billion

According to Dongcha Beating monitoring, Baidu’s AI chip company Kunlun Chip is advancing plans to list in two locations. According to Bloomberg, documents submitted by China International Capital Corporation to the China Securities Regulatory Commission show that Kunlun Chip is seeking an initial public offering (IPO) on the Shanghai STAR Market. Earlier, Kunlun Chip was reported to have secretly filed an application for a Hong Kong listing earlier this year.

Kunlun Chip was founded within Baidu in its early years, aiming to provide computing power support for its AI business. Baidu currently holds 58% of the company’s shares. In last year’s December report, Kunlun Chip’s valuation was reported to be at least $3 billion. Jefferies analysts expect Kunlun Chip’s Hong Kong IPO to be completed in the third quarter of this year, and listing on the STAR Market will make it easier for the company to secure funding support from domestic investors.

Recently, new-generation large models released one after another by DeepSeek and ByteDance have significantly boosted demand for homegrown inference chips. Fueled by this wave, market enthusiasm for investing in domestic chip companies has remained high. It is also rumored that Alibaba is currently considering spinning off and listing its chip division.