Movement Alert｜Baidu Group-SW Rises 4.93% at Open, Kunlunxin $50 Billion Valuation HK IPO Plan Continues to Catalyze

Market Focus

Jul 02

On July 2, Baidu Group-SW rose 4.93% at open, trading at HKD 115.0/share, with turnover of HKD 78.2 million. The rally was driven by continued market enthusiasm over its AI chip subsidiary Kunlunxin's planned Hong Kong IPO at a target valuation of approximately $50 billion, which exceeds Baidu's current market capitalization.

According to reports, potential anchor investors are required to commit to purchasing Kunlunxin chips worth 3 to 7 times their IPO subscription amount, a measure designed to bolster pre-listing order visibility and revenue support. Kunlunxin's flagship P800 chip has completed large-scale validation, with Tencent already onboarded as a client and ByteDance reportedly considering adoption. BOCOM International recently maintained a Buy rating on Baidu, raising its US ADR target price to $175, citing an expected earnings inflection point in the second half of the year, with AI new business projected to reach 64% of Baidu's general revenue by 2028.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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