On July 2, Baidu Group-SW rose 3.92% in regular trading, trading at HK$114.0/share, with turnover of HK$313 million. The stock continues to gain on sustained catalysts from Kunlunxin's planned Hong Kong IPO.

Baidu's AI chip subsidiary Kunlunxin is preparing for a Hong Kong listing at a target valuation of approximately $50 billion, exceeding Baidu's current market capitalization. The company's flagship product, the P800 chip, has completed large-scale validation and delivered multiple 10,000-card computing clusters. Notably, Tencent has already become a Kunlunxin client, while ByteDance is also considering adopting its AI chips. Potential anchor investors are reportedly required to commit to purchasing Kunlunxin chips worth 3 to 7 times their IPO subscription amount, strengthening pre-listing order visibility and revenue support.

Additionally, BOCOM International recently upgraded Baidu's US-listed target price to $175 with a Buy rating, projecting an earnings inflection point in the second half of the year, with AI new business revenue share expected to rise from 53% to 64% by 2028.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)