Baidu's Hong Kong-listed shares rose sharply by over 7% in afternoon trading, reaching HK$124.8 with current turnover exceeding HK$1.1 billion.
The rally followed reports that Baidu's AI chip business unit Kunlunxin is planning an initial public offering in Hong Kong. Kunlunxin recently raised $283 million in funding, valuing the company at $2.97 billion.
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