Baidu's Hong Kong Shares Rise Amid Spin-Off Plans for AI Chip Unit
Baidu Inc's Hong Kong shares have climbed 5.2% to HK$127.9, marking their highest level since November 13. This rise is part of a broader trend, with the stock set for its biggest one-day percentage gain since October 27. The increase follows Baidu's announcement that it is assessing a proposed spin-off and separate listing of its AI chip unit, Kunlunxin, in Hong Kong. The unit recently completed a fundraising round valuing it at 21 billion yuan ($2.97 billion). Baidu's U.S.-listed shares also rose 5.9% on Friday, reflecting investor optimism about the potential spin-off.