Baidu's AI chip unit Kunlunxin targets $50 billion Hong Kong IPO, The Informatio

June 28 (Reuters) - Baidu's AI chip unit, Kunlunxin, is planning to go public in Hong Kong ‌at a target valuation of $50 billion, The Information ‌reported on Sunday, citing two sources.

Investors have been asked to buy ​chips with a value three to seven times the worth of their planned subscription in Kunlunxin's initial public offering shares, the report said.

Reuters could not immediately verify the ‌report. Baidu did ⁠not immediately respond to a Reuters request for comment.

TikTok parent ByteDance was considering using ⁠Baidu's Kunlunxin chips, Reuters had reported this month, citing sources. Tencent is already a Kunlunxin chip customer, according to one ​of the ​sources.

Baidu said in January ​that Kunlunxin had confidentially ‌filed a listing application with the Hong Kong stock exchange, paving the way for a spin-off and separate listing.

China's onshore technology IPOs are on track for their strongest year since 2023 as Beijing seeks to bolster ‌listings of chip and artificial ​intelligence companies in a push for ​tech self-reliance amid ​the country's rivalry with the U.S.

Founded in ‌2012 as an internal business ​unit developing ​AI chips for Baidu, Kunlunxin has

Fuente original: Yahoo Finance (https://finance.yahoo.com/technology/ai/articles/baidus-ai-chip-unit-kunlunxin-181913432.html)