Baidu's Kunlun Core plans to go public in Hong Kong: previously considered A-shares, with annual revenue surpassing Cambrian and Moore Threads

On December 5th, Tencent News "Frontline" exclusively learned that Baidu's AI chip company Kunlun Core is preparing to go public in Hong Kong. Investors close to Kunlun Core told Tencent News "Frontline" that earlier, Kunlun Core had planned to prepare for an IPO on the Sci-Tech Innovation Board, but after communicating with several brokerages, it decided to shift its focus to the Hong Kong stock market in the second half of this year. Previously, Kunlun Core had initiated a round of financing, with a pre-investment valuation exceeding 25 billion yuan.

According to foreign media reports on December 5th, Kunlun Core intends to go public in Hong Kong, planning to submit its listing application to the Hong Kong Stock Exchange as early as the first quarter of 2026, with the goal of completing its IPO in early 2027, and has completed a new round of financing, with a post-investment valuation of approximately 21 billion yuan (about 3 billion USD).

As of the time of publication, Kunlun Core has not responded to this news. Affected by this news, Baidu's Hong Kong stock surged by 5%, with the latest stock price at HKD 121.60.

Kunlun Core is an AI chip company incubated internally by Baidu, which completed independent financing in April 2021. Its core advantage lies in products refined through Baidu's core business and large model research and application. Several industry insiders have told Tencent Finance that Kunlun Core's technology and revenue rank among the top in the domestic AI chip companies.

According to information obtained by Tencent News "Frontline," Kunlun Core's business has grown rapidly over the past two years. In addition to Baidu, external customers account for about 40% of Kunlun Core's business, including internet giants, mobile phone manufacturers, operators, and central state-owned enterprises. The company's revenue is expected to exceed 1 billion yuan in 2024, surpassing previously listed companies such as Suiruan Technology, Birun Technology, and Muxi Integrated Circuit, as well as already listed companies like Moore Threads and Cambricon.

The competition for domestic AI chips is intensifying, and support from the capital market is particularly important for these companies. Currently, Kunlun Core's main products include Kunlun Core 3rd generation, Kunlun Core 2nd generation, and other integrated hardware and software products. On November 13th, Kunlun Core released two new AI chips, M100 and M300, as well as two new super nodes.

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