Kunlun Core Receives Listing Guidance: Plans to List on the STAR Market with Valuation Reaching Hundreds of Billions

Ask AI · How Kunlun Core’s Listing Reflects the Explosive Growth in AI Computing Power Demand?

Leidi Network Le Tian, May 8th

According to the China Securities Regulatory Commission website, Kunlun Core (Beijing) Technology Co., Ltd. (referred to as “Kunlun Core”) is undergoing listing guidance and preparing to list on the STAR Market.

In early 2026, Baidu announced a proposed spin-off through a global offering via Kunlun Core shares, including: a public offering of Kunlun Core shares in Hong Kong for Hong Kong public investors; and placement of Kunlun Core shares to institutional and professional investors.

This means Kunlun Core may be preparing for simultaneous listings in Hong Kong and on the STAR Market.

Computing power is the “new electricity” in the AI era. At the Baidu AI Developer Conference held in July 2018, Baidu Chairman and CEO Robin Li announced that Baidu’s self-developed AI chip is named Kunlun, and a related business division was established. Robin Li once said, “When we were doing search, buying chips from others was too expensive, costing $10k each. But if we make our own, it only costs 20k RMB.”

In April 2025, Baidu also powered up the Kunlun Core P800 cluster with 30,000 cards. In the financial industry, China Merchants Bank and Baidu Smart Cloud are collaborating on computing power based on Kunlun Core P800. Besides financial institutions like China Merchants Bank, Kunlun Core P800 computing power has been deployed at State Grid, China Steel Research, and other central enterprises, as well as universities like Tongji University and Peking University, and a number of internet companies on a large scale.

To further reduce the cost of computing power usage, Baidu Smart Cloud released the Kunlun Core supernode. The Kunlun Core supernode supports placing 64 Kunlun Core AI acceleration cards in the same cabinet, achieving ultra-high performance for a single node—one cabinet can replace 100 machines.

In March 2021, Baidu announced that the Kunlun Core business had completed an independent financing agreement, with a post-investment valuation of about 13 billion yuan, led by CPE Source Peak, with IDG Capital, Junlian Capital, and Yuanhe Puhua participating.

Currently, Mooresoft and Mu Xi have been listed on the STAR Market, BiliRui and TianShu ZhiXin are listed on the Hong Kong Stock Exchange, and SuiYuan Technology has submitted its listing application, preparing to list on the STAR Market. Domestic GPUs are sparking a listing wave. Kunlun Core’s valuation has also reached hundreds of billions of yuan.

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