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IPO | Baidu's Kunlun Chip reportedly targets a valuation of 390 billion for its IPO.
According to The Information, citing people familiar with the matter, Baidu (09888) unit Kunlun Chip plans to list in Hong Kong, with a target valuation of up to $50 billion (about HK$390 billion).
The report, citing people familiar with the matter, said potential investors are being required to buy Kunlun Chip chips worth 3 to 7 times the amount of their shares intended to be subscribed for in the IPO, suggesting the company may use chip procurement commitments to enhance order visibility and revenue support ahead of the listing.
In addition, the report said Tencent (00700) has become a customer of Kunlun Chip, and ByteDance is also considering adopting its AI chips.
Baidu announced in January this year that Kunlun Chip, through its joint sponsors, submitted a main board listing application to the Hong Kong Exchanges and Clearing Limited in a confidential manner. The website of the China Securities Regulatory Commission shows that Kunlun Chip officially kicked off STAR Market listing counseling on May 7, with CICC serving as the counseling institution.
According to IFR, citing people familiar with the matter earlier, Kunlun Chip plans to raise $1 billion to $2 billion (HK$7.8 billion to HK$15.6 billion).