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At the beginning of the new year, Baidu's subsidiary, Kunlun Xing Technology Co., Ltd., announced a major development, having submitted an application for listing to the Hong Kong Stock Exchange, aiming to go public. This announcement caused Baidu's stock price to rise immediately, with a strong market reaction. Since 2021, Kunlun Xing has operated independently and has now become the second-largest AI chip manufacturer in terms of shipment volume in China.
Kunlun Xing's origin can be traced back to 2011, when Baidu secretly launched an FPGA AI accelerator project internally to reduce costs. As the demand for self-developed chips continued to grow, Baidu decided to launch its first AI chip based on its self-developed XPU architecture, "Kunlun 1," in 2018. This chip quickly gained recognition within the industry upon its release.
This spin-off listing is not only a strategic choice for Baidu but also aims to showcase Kunlun Xing's market value independently. Through independent listing, Kunlun Xing will be able to attract more investors focused on AI chips and directly raise funds in the capital market. This will provide more flexible resource support for Kunlun Xing's development and enhance its competitiveness in the market.
The management of Kunlun Xing will also be closely tied to the company's performance, which helps to improve the motivation of the management team and ensure that the company maintains a leading position in the rapidly developing AI field. According to the latest information, Kunlun Xing plans to conduct a global offering on the Hong Kong Stock Exchange and will not provide existing Baidu shareholders with priority subscription rights, a move that has generated market expectations for its future performance.
In summary, Kunlun Xing's independent listing is an important milestone in the domestic chip industry, marking the rise and self-renewal of AI chips in China. With the growing demand for high-performance computing, Kunlun Xing is gradually moving towards a broader development space.