business
Baidu shares jump 7% as AI chip arm Kunlunxin said to target $50 billion Hong Kong IPO
Key takeaways
- Livestream Menu Make Itselect USAINTLLivestream Search quotes, news & videos Livestream Watchlist SIGN INCreate free account Markets Business Investing Tech Politics Video Watchlist Investing Club PROLivestream Menu
- Baidu confidentially filed a listing application for Kunlunxin on the Hong Kong Stock Exchange at the start of the year, though offering details, including size and structure, were undecided then.
- Kunlunxin chips have drawn interest from ByteDance, the owner of TikTok, according to an earlier Reuters report citing sources.
Livestream Menu Make Itselect USAINTLLivestream Search quotes, news & videos Livestream Watchlist SIGN INCreate free account Markets Business Investing Tech Politics Video Watchlist Investing Club PROLivestream Menu
Hong Kong-listed shares of Baidu surged more than 7% Monday on reports that its artificial intelligence chip unit Kunlunxin is targeting an initial public offering in the city, which could value its affiliate at $50 billion.
Prospective investors were asked to buy semiconductors worth three to seven times the value of their intended investment in Kunlunxin's planned listing, The Information reported Sunday, citing two sources familiar with the matter.
Article preview — originally published by CNBC. Full story at the source.
Read full story on CNBC →
More top stories
Also covered by
Aggregated and edited by the Scoop newsroom. We surface news from CNBC alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop