Baidu Inc.’s semiconductor unit Kunlunxin is planning an IPO on Shanghai’s STAR
Board alongside a previously announced Hong Kong listing, according to a China
International Capital Corp. filing with the China Securities Regulatory
Commission. Baidu holds a 58% stake in Kunlunxin, which was valued at least
$3 billion in December. The STAR 50 Index has risen more than 20% this year to
record highs. Analysts at Jefferies said a Shanghai listing would improve access
to domestic investors, while the Hong Kong IPO is expected in the third quarter,
as China accelerates efforts to build domestic AI chip capacity amid US export
restrictions.
