Baidu Jumps as Company Weighs Spinoff and Hong Kong IPO of Kunlunxin Unit

Baidu shares rose 4.5% in Hong Kong, and rose 3.8% in US overnight trading after the company said it is evaluating a potential spin-off and listing of Kunlunxin, but cautioned that there is no guarantee the spin-off or the listing will proceed.

Kunlunxin, the AI chip unit of Chinese internet search giant Baidu, is planning an initial public offering in Hong Kong, having recently completed a fundraising that valued it at 21 billion yuan ($2.97 billion), Reuters reported last week.