Baidu (9888)'s AI chip unit, Kunlunxin, is taking a further step in its dual listing plan, filing its listing tutoring and registration with the China Securities Regulatory Commission's Beijing Bureau on April 29, with plans to list on the STAR Market.
According to the China Securities Regulatory Commission (CSRC) website, this follows Kunlunxin's earlier disclosure this year that it had confidentially filed for a Hong Kong listing. Chinese media quoted sources as saying that the company is "still advancing the Hong Kong listing process as normal."
CSRC records show that Kunlunxin's tutoring institution is CICC (3908), which systematically advances the tutoring work in line with STAR Market listing requirements. Baidu currently holds a 57.67 percent stake in Kunlunxin.
Tutoring registration is one of the key early steps in an A-share listing and usually indicates that the company and its sponsor have agreed on the listing plan. The process will move forward based on the outcomes of the tutoring period.
As for the Hong Kong listing, Chinese media outlet 21st Century Business Herald quoted a person familiar with the matter as saying, "Kunlunxin is currently still advancing its Hong Kong listing process as normal," and with the launch of STAR Market tutoring registration, the company is in fact preparing for a listing on both markets simultaneously.
Kunlunxin's move is not the traditional A+H approach, where a company first lists on one market and then issues shares on the other. The report noted that for technology companies, pursuing a Hong Kong listing while laying the groundwork for A-share tutoring registration in advance has become a common industry practice.
This approach preserves the flexibility for future domestic financing, allowing for greater proactive adjustment should valuation divergences emerge across markets, while also reflecting long-term confidence in China's domestic capital market.
Earlier, JPMorgan independently valued Kunlun Chip at between US$40 billion (HK$312 billion) and US$49 billion, believing that, driven by AI demand, the company's business scale can expand domestically. JPMorgan also projected that by 2030, Kunlunxin's revenue, profit margins, and profitability would surpass those of MiniMax (0100) and Zhipu (2513).
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓
