On July 2, Baidu Group-SW rose 4.93% at open, trading at HKD 115.0/share, with turnover of HKD 78.2 million. The rally was driven by continued market enthusiasm over its AI chip subsidiary Kunlunxin's planned Hong Kong IPO at a target valuation of approximately $50 billion, which exceeds Baidu's current market capitalization.

According to reports, potential anchor investors are required to commit to purchasing Kunlunxin chips worth 3 to 7 times their IPO subscription amount, a measure designed to bolster pre-listing order visibility and revenue support. Kunlunxin's flagship P800 chip has completed large-scale validation, with Tencent already onboarded as a client and ByteDance reportedly considering adoption. BOCOM International recently maintained a Buy rating on Baidu, raising its US ADR target price to $175, citing an expected earnings inflection point in the second half of the year, with AI new business projected to reach 64% of Baidu's general revenue by 2028.

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