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<Research>Haitong Int'l: Baidu's (BIDU.US) Spin-off & Separate Listing of Kunlunxin Timely
Recommend 17 Positive 32 Negative 14 |
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According to Baidu's (BIDU.US) strategy of “unlocking the AI-powered businesses”, Baidu announced plans to spin off its non-wholly owned subsidiary Kunlunxin and separately list it on the main board of the Hong Kong Stock Exchange, Haitong International said in its report. Now is the optimal time for the spin-off and separate listing of Kunlunxin, in the broker’s view, as it can ride the wave of IPOs by GPU suppliers such as METAX (688802.SH) and BIREN TECH (06082.HK). METAX and BIREN TECH are now valued at RMB232.1 billion (relative to RMB740 million revenue in 2024) or USD33.2 billion, and HKD822 billion (relative to RMB360 million revenue in 2024) or USD11.8 billion, respectively. Based on 2024 shipment volumes cited by IDC, Kunlunxin ranked third with 69,000 units, toppling CAMBRICON (688256.SH) with 26,000 units and METAX with 24,000 units. In terms of market size, the size of China's AI chip market is expected to grow from RMB142.5 billion in 2025 to RMB1,336.8 billion by 2029 according to Frost & Sullivan forecasts, at a CAGR of 53.7%. AASTOCKS Financial News Website: www.aastocks.com |
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