Kunlun Core initiates the STAR Market IPO counseling: still actively promoting the Hong Kong stock listing process, Baidu holds 57% of the shares

Why Are Tech Companies Popular for Simultaneous Listing on Hong Kong and A-Share Markets?

Kunlun Core Initiates Listing Guidance.

On May 8, according to the official website of the China Securities Regulatory Commission, Baidu (Nasdaq: BIDU, 09888.HK) subsidiary Kunlun Core (Beijing) Technology Co., Ltd. (abbreviated as Kunlun Core) plans to issue shares publicly for the first time and list on the STAR Market, with China International Capital Corporation serving as the guidance institution.

The guidance filing report shows that Kunlun Core was established in June 2011. The company’s controlling shareholder is Baidu (China) Co., Ltd., holding 57.67% of the shares. On January 2, 2026, Baidu announced that on January 1, Kunlun Core had submitted a listing application form (A1 form) to the Hong Kong Stock Exchange in a confidential manner through its joint sponsors, seeking approval for its shares to be listed and traded on the Main Board of the Hong Kong Stock Exchange.

On the same day, The Paper reporter learned from an informed source that Kunlun Core is still actively pushing forward with its Hong Kong listing process.

In fact, it has become a common industry practice for tech companies to simultaneously advance A-share guidance filings before and after listing on the Hong Kong stock market. Previously, companies like Zhipu AI and Biren Technology also had similar arrangements, with related work progressing according to the planned schedule.

Industry analysts point out that by advancing A-share guidance filings while promoting Hong Kong listings, tech companies can retain flexibility for future domestic financing and also demonstrate long-term confidence in the domestic capital market.

Regarding the reasons and benefits of suggesting the spin-off of Kunlun Core, Baidu stated in its January announcement that, first, a spin-off can more comprehensively reflect the value of Kunlun Core Group based on its own advantages and improve its operational and financial transparency, allowing investors to clearly distinguish between Kunlun Core Group and the retained group, and independently evaluate and measure Kunlun Core Group’s performance and potential; second, Kunlun Core’s business (which differs from the more diversified business model of the retained group) will attract investors focused on general AI computing chips and related hardware and software systems; third, Kunlun Core Group’s business, due to its scale, is already sufficient to seek a listing status, which Baidu believes will be beneficial for both Baidu and Kunlun Core, including enhancing Kunlun Core’s image among its clients, suppliers, and potential strategic partners, and increasing its bargaining power and ability to secure more business; this will enable Kunlun Core to directly and independently access equity and debt capital markets when needed in the future, allowing the retained group to more effectively allocate financial resources.

Tianyancha APP shows that Kunlun Core (Beijing) Technology Co., Ltd. has as many as 57 shareholders. Beijing Core Century Technology Partnership (Limited Partnership) holds a 3.8108% stake, making it the second-largest shareholder; Tianjin Jiu Zhang Kunlun Enterprise Management Partnership (Limited Partnership) holds 3.46%, ranking third. Additionally, Beijing Artificial Intelligence Industry Investment Fund (Limited Partnership) holds 1.4546%, China Internet Investment Fund (Limited Partnership) holds 1.0588%, Zhongguancun Independent Innovation Investment Fund (Beijing) Partnership (Limited Partnership) holds 0.7273%, CITIC Securities Investment Co., Ltd. and BYD Co., Ltd. each hold 0.2647%.

CICC released a research report in August 2025 indicating that, considering the expected valuation of domestic GPU companies listed in Hong Kong to be between HKD 30 billion and HKD 100 billion, Kunlun Core’s valuation should be at the high end of this range. Due to factors such as group discount and market skepticism about Baidu’s special dividends, CICC at that time valued Kunlun Core at HKD 50 billion.

It is reported that Baidu launched the full-function cloud AI chip “Kunlun” in 2018, which includes the training chip Kunlun 818-300 and the inference chip Kunlun 818-100. Baidu Chairman and CEO Robin Li introduced at the time that “Kunlun” is China’s first full-function cloud AI chip. In June 2021, Baidu announced the establishment of an independent new company for its Kunlun chip business, named Kunlun Core (Beijing) Technology Co., Ltd.

At the Baidu World Conference in November 2025, Baidu Group Executive Vice President Shen Dou introduced that the new generation Kunlun includes two products. Kunlun Core M100 is optimized for large-scale inference scenarios, offering extreme cost performance and scheduled for listing in 2026; Kunlun Core M300 is designed for training and inference of ultra-large-scale multimodal models, providing top performance and scheduled for listing in 2027.

Notably, besides Kunlun Core, Alibaba’s chip company Pingtouge was also reported in January to be planning an independent listing to cater to investor interest in the hot field of AI accelerators.

Pingtouge Semiconductor Co., Ltd. was announced in September 2018 as Alibaba Group’s wholly owned semiconductor chip business entity. Pingtouge offers a full-stack product series integrating edge and cloud, covering data center chips, IoT chips, and more, achieving end-to-end chip design coverage. However, Alibaba has not commented on this news.