Kunlunxin, the AI chip subsidiary of tech giant Baidu, is gearing up for an initial public offering (IPO) in Hong Kong. Initially, the company had set its sights on listing on the Science and Technology Innovation Board (also known as the STAR Market). However, it has now shifted its focus and is aiming to make its stock market debut in Hong Kong in the latter half of this year. Following its latest round of financing, the company's post-investment valuation soared to around RMB 21 billion.

Over the past two years, Kunlunxin has witnessed remarkable growth in its business operations. Notably, external clients now constitute roughly 40% of its customer base, a testament to its expanding market reach. In 2024 alone, the company's revenue surpassed the RMB 1 billion mark, distinguishing it as a standout performer among domestic AI chip firms. This achievement has allowed Kunlunxin to outpace its rivals, including Enflame Technology, Biren Technology, MetaX Integrated Circuits, Moore Threads, and Cambricon, in terms of market presence and financial performance.