Baidu's AI chip spin-off Kunlun Chip is pursuing a dual listing on Shanghai's STAR Market and in Hong Kong, with a valuation of at least $3 billion. Bloomberg reports that CICC has submitted documents to the CSRC for an IPO on the STAR Market. The company also reportedly filed confidentially for a Hong Kong listing earlier this year.
Kunlun Chip was originally incubated inside Baidu to provide computing power for the company's AI operations. Baidu still holds a 58 percent stake. As of late last year, the company was valued at $3 billion or more. Jefferies analysts anticipate that the Hong Kong IPO could happen sometime this year.