Baidu's Kunlunxin Hong Kong IPO Reportedly Delayed to Next Year
Baidu's AI chip company Kunlunxin's Hong Kong IPO may be delayed to next year, as it is still awaiting approval from the China Securities Regulatory Commission. Kunlunxin confidentially filed for a $2 billion IPO in January this year and had originally expected approval in the summer; people familiar with the matter said it is now more likely to take place in 2027. A Baidu representative said the company refutes so-called "market rumors" and cannot disclose the listing progress due to the confidential filing process.
Body · AI translation
People familiar with the matter said that the initial public offering of Baidu's artificial intelligence chip unit may be delayed until next year, as the company is waiting for approval from the China Securities Regulatory Commission.
Kunlunxin, a company that makes chips for data center servers, confidentially filed for a $2 billion IPO in Hong Kong in January this year and was expected to receive approval from the China Securities Regulatory Commission in the summer to launch the deal.
According to people familiar with the matter, although the company is still preparing for the offering, it now appears more likely that the offering will take place in 2027, provided regulatory approval is obtained.
A Baidu representative said the company rejected so-called "market rumors."
"Because Kunlunxin is undergoing a confidential filing process and in accordance with regulatory requirements, we cannot disclose any material non-public information, including the listing process," the spokesperson said, adding that the company will issue a public statement in due course.
Kunlunxin is one of the most closely watched IPOs in Hong Kong this year. Total IPO fundraising in Hong Kong has reached $51.6 billion and is approaching the record set in 2010. Most IPO activity has been driven by companies in the artificial intelligence supply chain, an industry at the forefront of China's technological ambitions.
Since September, as cracks have appeared in global artificial intelligence deals, IPO activity in the financial hub has slowed, with investors increasingly demanding clear returns on hundreds of billions of dollars in spending.
Earlier this year, Kunlunxin also began preparations for a listing on the STAR Market, although the Hong Kong listing had previously been expected to come first.
Kunlunxin was established in part to meet the powerful computing power Baidu needed to operate its online business, and it is now one of the few Chinese companies capable of designing the powerful accelerators needed to run artificial intelligence.