According to capital market sources, Kunlun Chip Technology initiated its IPO process on the first working day of the new year, adopting a confidential filing approach that underscores its strategic caution. Notably, this spin-off does not sever the technological synergy with Baidu; the parent company’s ongoing demand for AI search and large model training continues to provide stable business support for the chip firm.
Tracing its development path reveals that the company, which evolved from Baidu’s chip division established in 2012, has completed a critical transformation from an internal supplier to a market-oriented entity. The latest data shows that external customers now account for over 40% of its revenue. Its product line spans cloud training chips and edge computing devices—a dual-track approach perfectly suited to meet the explosive demand for heterogeneous computing power in today’s AI industry.
With the geopolitical landscape around global semiconductors intensifying, Kunlun Chip’s capital move is widely seen by the industry as a milestone in China’s independent computing power journey. Other firms, such as Biren Technology and MiniMax, are also preparing for IPOs simultaneously, forming a “capital phalanx” of domestic AI infrastructure. This collective breakthrough is driven by two forces: the national “East Data West Computing” initiative on the policy side, and the large model arms race on the market side.
The Hong Kong Stock Exchange has recently ramped up efforts to attract hard-tech companies, and its revised listing rules now provide a dedicated channel for chip firms like Kunlun Chip that are “not yet profitable but strategically valuable.” From the STAR Market to Hong Kong, China is working to build a multi-layered capital support system for the semiconductor industry.