Kunlun Xin is about to complete its stock reform: accelerating the sprint for listing, with revenue far exceeding 2 billion yuan in 2025
Kunlun Xin is about to complete its share reform, accelerating the process of going public, and plans to shift to a Hong Kong stock listing. Baidu, as the major shareholder, is evaluating the spin-off and listing matters, but emphasizes that regulatory approval is required and does not guarantee that the spin-off and listing will definitely proceed
The undercurrents behind "China's Nvidia" "sprinting for listing."
On December 15, Tencent Technology exclusively learned that Kunlun Core is about to complete its share reform and accelerate its pace towards listing.
An informed source revealed, "Everyone is paying attention, it can't be hidden anymore, but the timeline is yet to be confirmed."
It is understood that before this round of share reform, Kunlun Core decided to turn to the Hong Kong stock market after communicating with several securities firms. Subsequently, Baidu, as the major shareholder, announced that it is currently evaluating the proposed spin-off and listing. Baidu emphasized that if a spin-off and listing occur, it must go through relevant regulatory approval procedures, and the company does not guarantee that the spin-off and listing will take place.
Kunlun Core's completion of share reform and sprinting for a Hong Kong Stock Exchange IPO is taking place against the backdrop of MuXi Co., Ltd. and Moore Threads completing their listings on the Sci-Tech Innovation Board.
On the evening of December 15, domestic GPU company MuXi Co., Ltd. announced that it will officially list on the Sci-Tech Innovation Board on December 17. Meanwhile, on December 5, another domestic GPU company, Moore Threads, also successfully landed on the Sci-Tech Innovation Board, with a market value that once exceeded 440 billion yuan, and its stock price ranked just behind Kweichow Moutai and Cambricon.
It is worth noting that Kunlun Core is not the only AI chip company targeting a Hong Kong IPO; Birun Technology completed its Hong Kong IPO filing earlier. Additionally, TianShi ZhiXin is also preparing related matters but has not received a positive response.
As a representative of domestic chips, Kunlun Core has been active since 2025.
At Baidu's World Conference in November, several new products from Kunlun Core were showcased, including the M100 chip, which is optimized for large-scale inference and planned for release in 2026, and the M300 chip, which is optimized for large-scale multimodal model training and inference, planned for release in 2027. Additionally, the "Tianchi 256" and "Tianchi 512" super nodes are also set to launch in 2026.
In terms of performance, Baidu's large-scale cluster deployment has provided crucial support for Kunlun Core, while Kunlun Core has also made substantial progress in expanding external orders, including large orders from China Merchants Bank and China Mobile. According to previously disclosed bidding information, based on Kunlun Core's Xinhua San server products, it won a nearly 1 billion yuan server procurement order from China Mobile.
According to data disclosed by Kunlun Core, it has currently established a 32,000-card domestic computing power cluster. In addition to winning the 1 billion-level procurement project from China Mobile in 2025, it has also achieved large-scale deployment in key industries such as the internet, finance, energy and power, and telecommunications operators.
IDC data shows that in 2024, Kunlun Core's shipment volume ranks second in the industry. Regarding Kunlun Core's annual performance, previous research minutes indicated that its annual revenue is expected to be around 5 billion yuan, a significant increase compared to 2 billion yuan in 2024.
However, based on data obtained from the industry, its final annual revenue may be lower than this figure but far exceeds the 2 billion yuan in 2024.
"Ranking among the top three in terms of scale for domestic companies should not be a problem," an informed source close to Kunlun Core revealed In comparison, the leading domestic AI chip manufacturer Cambricon is expected to generate revenue of 2.881 billion yuan in the first half of 2025, with an annual forecast of 5-7 billion yuan. The newly listed Moore Threads and Muxi are projected to have annual revenues in 2025 ranging from 1.218 billion to 1.498 billion yuan, and from 1.5 billion to 1.98 billion yuan, respectively.
In terms of product supply, Kunlun Core's main product is currently the P800. Considering other products and estimating based on an average price of 60,000 yuan, if the revenue data of 3-4 billion yuan in 2025 is accurate, the corresponding chip shipment volume would be 50,000 to 67,000 units.
Source: Tencent Technology
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