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On June 29, Baidu's shares, listed on the Hong Kong Stock Exchange, experienced a significant surge of over 8%, buoyed by the news that its subsidiary, Kunlunxin, is planning an initial public offering (IPO) in Hong Kong, aiming for a valuation of around $50 billion. Sources with inside knowledge of the situation disclosed that Tencent has already become a client of Kunlunxin, and there had been discussions about ByteDance potentially adopting Kunlunxin's AI chips. However, an individual with close ties to the matter clarified today that ByteDance currently has no plans for such a collaboration. Notably, Kunlunxin's P800 chip has successfully undergone large-scale validation, and since 2025, multiple clusters comprising tens of thousands of cards have been deployed.
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