Baidu Inc. (BIDU,9888.HK) announced plans for the proposed spin-off and separate listing of H shares of Kunlunxin (Beijing) Technology Co., Ltd., a non-wholly owned subsidiary, on the Main Board of the Hong Kong Stock Exchange (HKEX). The initiative is designed to highlight Kunlunxin's independent value, attract investors with a focus on the AI chip sector, and strengthen its market profile. By pursuing a standalone listing, Kunlunxin aims to broaden financing channels and enhance management accountability, while supporting Baidu's broader strategy to unlock the value of its AI-powered businesses.
A confidential listing application has already been submitted to the HKEX for approval to list and trade Kunlunxin's H shares. Upon completion of the spin-off, Kunlunxin is expected to remain a subsidiary of Baidu.
The details of the proposed spin-off are still being finalized and remain subject to multiple conditions, including approvals from the HKEX, completion of filings with the China Securities Regulatory Commission, and final decisions by both Baidu and Kunlunxin.
The company cautions that there is no assurance regarding the timing or certainty of the spin-off taking place.
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