Baidu's Kunlunxin targets $14.7b valuation in Hong Kong IPO
Kunlunxin, a subsidiary of Baidu focused on AI chips, is aiming for a valuation of at least 100 billion yuan ($14.69 billion) for its upcoming listing on the Hong Kong Stock Exchange, as reported by sources. This valuation might fluctuate depending on market dynamics. Additionally, the company has begun the IPO process in mainland China, with assistance from state-backed China International Capital Corp during the required tutoring phase, according to a notice from the CSRC. Kunlunxin plans to list on the Sci-Tech Innovation Board (Star Market) of the Shanghai Stock Exchange, aligning with Beijing's initiative for technological self-sufficiency that has prompted numerous local chip companies to seek listings in mainland China and Hong Kong since late last year. No comments were made by Baidu or Kunlunxin.
Key facts
- Kunlunxin seeks at least 100 billion yuan ($14.69 billion) valuation for Hong Kong IPO.
- Valuation could change based on market conditions.
- China International Capital Corp is guiding Kunlunxin in the tutoring process for mainland IPO.
- CSRC published a notice on Thursday about the tutoring process.
- Kunlunxin plans to list on Shanghai Stock Exchange's Star Market.
- Beijing's push for tech self-reliance has spurred chip firms to seek listings since late last year.
- Baidu and Kunlunxin did not respond to requests for comment.
- The sources requested anonymity as the information is private.
Entities
Institutions
- Baidu
- Kunlunxin
- China International Capital Corp
- China Securities Regulatory Commission
- Hong Kong Stock Exchange
- Shanghai Stock Exchange
Locations
- Hong Kong
- China
- Shanghai