**What valuation is Kunlunxin targeting for its Hong Kong IPO?**

Kunlunxin is targeting a $50 billion valuation for its Hong Kong IPO, according to a Reuters report published June 28, 2026, citing two sources. An earlier May 2026 report from the South China Morning Post cited a lower figure of at least 100 billion yuan, or approximately US$14.69 billion. The valuation could change based on market conditions and final terms.

**Who owns Kunlunxin?**

Kunlunxin was founded in 2012 as an internal business unit of Baidu, the Chinese tech company. It has since become independently operated. Baidu retains a controlling stake in the company. Kunlunxin mainly supplies AI chips to Baidu but has expanded external sales over the past two years to customers including Tencent.

**Which companies are Kunlunxin chip customers?**

Tencent is confirmed as a Kunlunxin chip customer, according to one source cited by Reuters. ByteDance, the parent company of TikTok, was separately reported by Reuters to be considering using Kunlunxin chips. Baidu remains the primary customer, though Kunlunxin has been expanding external sales over the past two years.

**Is Kunlunxin listing only in Hong Kong?**

No. Kunlunxin is pursuing two separate listings. It confidentially filed for a Hong Kong stock exchange listing in January 2026. It is also seeking to list on the Sci-Tech Innovation Board, known as the Star Market, of the Shanghai Stock Exchange. State-backed bank China International Capital Corp is guiding the company through the mandatory mainland tutoring process.

**When did Kunlunxin first file for an IPO?**

Baidu announced in January 2026 that Kunlunxin had confidentially filed a listing application with the Hong Kong stock exchange. That filing was described as paving the way for a spin-off and separate listing. The mandatory tutoring process for a Shanghai Star Market listing was confirmed by a China Securities Regulatory Commission notice published in May 2026.

Kunlunxin Eyes $50B Hong Kong IPO Valuation

By iCharles News · June 29, 2026

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Baidu's AI chip spinoff Kunlunxin is pushing toward a $50B Hong Kong IPO. Tencent is already a customer; ByteDance is considering a deal.

Kunlunxin Eyes $50B Hong Kong IPO Valuation

What is Kunlunxin and what IPO is it planning?

Kunlunxin is Baidu's AI chip unit, founded in 2012 as an internal business unit developing AI chips for the Chinese tech giant. It is now independently operated, though Baidu retains a controlling stake.

Kunlunxin is targeting a $50 billion valuation for an initial public offering on the Hong Kong stock exchange, Reuters reported on June 28, 2026, citing two sources. Reuters noted it could not immediately verify the report, and Baidu did not immediately respond to a request for comment.

How did the IPO process start?

Baidu announced in January 2026 that Kunlunxin had confidentially filed a listing application with the Hong Kong stock exchange. That filing paved the way for a spin-off and separate listing, according to Baidu's investor relations announcement.

Here's what we know so far: the January confidential filing set the formal process in motion, and the June reporting marks the first time a specific $50 billion target valuation has been publicly cited.

What valuation figures are being reported?

Two different figures have emerged from separate reporting windows:

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Reporting Date	Reported Valuation	Source
May 8, 2026	At least 100 billion yuan (~US$14.69 billion)	South China Morning Post
June 28, 2026	US$50 billion	The Information, via Reuters

The South China Morning Post reported in May that Kunlunxin was seeking a valuation of at least 100 billion yuan (US$14.69 billion), citing two people familiar with the matter. That source noted the valuation could change based on market conditions and final terms.

Who are Kunlunxin's customers?

Kunlunxin mainly supplies chips to Baidu. Over the past two years, it has expanded external sales.

Tencent is already a Kunlunxin chip customer, according to one of the sources cited by Reuters.
ByteDance, the parent company of TikTok, was considering using Kunlunxin chips, Reuters reported separately earlier in June 2026.

These customer relationships matter for the IPO story. Kunlunxin's ability to sell beyond Baidu is central to its pitch as an independent chip company — though the sources do not quantify the revenue split.

What are investors being asked to do?

Investors have been asked to buy chips with a value three to seven times the worth of their planned subscription in Kunlunxin's IPO shares, according to the Reuters report. This detail comes from the same two sources who cited the $50 billion valuation target.

Is Kunlunxin also pursuing a mainland China listing?

Yes. Kunlunxin is separately seeking to list on the Sci-Tech Innovation Board — also known as the Star Market — of the Shanghai Stock Exchange.

State-backed investment bank China International Capital Corp (CICC) will guide Kunlunxin and its executives through the mandatory "tutoring process," a required step for companies seeking a public listing in mainland China. This was confirmed in a notice published by the China Securities Regulatory Commission (CSRC), according to the South China Morning Post's May 8 report.

What is the broader context for this IPO push?

China's onshore technology IPOs are on track for their strongest year since 2023. Beijing has been pushing for listings of chip and AI companies as part of a broader drive for tech self-reliance, particularly amid the country's rivalry with the United States.

Kunlunxin is one of several Chinese chip firms seeking mainland and Hong Kong listings since late 2024. This trend connects directly to the same forces driving AI chip deals globally, as companies race to secure domestic semiconductor supply chains.

The race to build independent AI infrastructure also mirrors moves by Western firms. Qualcomm's acquisition of Modular and the broader AI funding surge reflect how much capital is chasing chip and AI platform plays right now.

Key timeline: Kunlunxin's path to IPO

2012 — Kunlunxin founded as an internal Baidu business unit developing AI chips
January 2026 — Baidu announces Kunlunxin has confidentially filed a Hong Kong listing application
May 8, 2026 — SCMP reports Kunlunxin seeks at least 100 billion yuan (~US$14.69 billion) valuation; CICC tutoring process for Shanghai Star Market listing confirmed by CSRC
June 2026 — Reuters reports ByteDance is considering Kunlunxin chips
June 28, 2026 — Reuters reports Kunlunxin targets $50 billion Hong Kong IPO valuation

The most concrete confirmed next step is Kunlunxin's mandatory tutoring process with CICC for its Shanghai Star Market listing, as confirmed by the CSRC notice. The Hong Kong IPO valuation and timeline remain subject to market conditions, per the sources.

Frequently asked questions

**What valuation is Kunlunxin targeting for its Hong Kong IPO?**: Kunlunxin is targeting a $50 billion valuation for its Hong Kong IPO, according to a Reuters report published June 28, 2026, citing two sources. An earlier May 2026 report from the South China Morning Post cited a lower figure of at least 100 billion yuan, or approximately US$14.69 billion. The valuation could change based on market conditions and final terms.
**Who owns Kunlunxin?**: Kunlunxin was founded in 2012 as an internal business unit of Baidu, the Chinese tech company. It has since become independently operated. Baidu retains a controlling stake in the company. Kunlunxin mainly supplies AI chips to Baidu but has expanded external sales over the past two years to customers including Tencent.
**Which companies are Kunlunxin chip customers?**: Tencent is confirmed as a Kunlunxin chip customer, according to one source cited by Reuters. ByteDance, the parent company of TikTok, was separately reported by Reuters to be considering using Kunlunxin chips. Baidu remains the primary customer, though Kunlunxin has been expanding external sales over the past two years.
**Is Kunlunxin listing only in Hong Kong?**: No. Kunlunxin is pursuing two separate listings. It confidentially filed for a Hong Kong stock exchange listing in January 2026. It is also seeking to list on the Sci-Tech Innovation Board, known as the Star Market, of the Shanghai Stock Exchange. State-backed bank China International Capital Corp is guiding the company through the mandatory mainland tutoring process.
**When did Kunlunxin first file for an IPO?**: Baidu announced in January 2026 that Kunlunxin had confidentially filed a listing application with the Hong Kong stock exchange. That filing was described as paving the way for a spin-off and separate listing. The mandatory tutoring process for a Shanghai Star Market listing was confirmed by a China Securities Regulatory Commission notice published in May 2026.

Verified claims

Each key claim below was checked against its source — the exact supporting passage is quoted so you can confirm it yourself.

Investors have been asked to buy chips with a value three to seven times the worth of their planned subscription in Kunlunxin's IPO shares.

three to seven times
Verified finance.yahoo.com
Kunlunxin was seeking a valuation of at least 100 billion yuan (US$14.69 billion), according to the South China Morning Post in May 2026.

100 billion yuan
Verified scmp.com

Sources

Reuters reported on June 28, 2026 finance.yahoo.com
paved the way for a spin-off and separate listing ir.baidu.com
reported in May scmp.com

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