In-depth Analysis of the Impact of Kunlunxin AI Chip's Listing on Baidu's Stock Price

Baidu officially announced on January 2, 2026 that its AI chip subsidiary Kunlunxin has submitted a confidential IPO application to the Hong Kong Stock Exchange, planning a spin-off listing [1][2][3]. This news caused a sharp rise in Baidu’s stock price: BIDU traded on Nasdaq rose by

on the day, closing at $150.30, hitting a 52-week high; Baidu Hong Kong shares (0988.HK) also rose nearly 10% synchronously [1][2].

Time Dimension	Change	Remarks
Single Day	+15.03%	January 2, 2026
Weekly Change	+20.4%	Hit 52-week high
Monthly Change	+26.60%	Continued strength
Annual Change	+80.26%	Outperformed the market significantly

From a technical analysis perspective, BIDU is currently in a clear

, with a trend score of 5.5 out of 10, showing a breakout pattern [0]. The key resistance level is at $151.08, the next target level is $156.25, and the support level is at $128.09 [0].

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The market’s reaction to Kunlunxin’s spin-off listing news is extremely positive, mainly based on the following logic [1][2][3]:

1. Unlock Hidden Asset Value
   : As Baidu’s core AI asset, Kunlunxin has been undervalued by the market for a long time. The spin-off listing allows investors to evaluate the value of its AI chip business independently.

2. Valuation Multiple Increase
   : Independently listed Kunlunxin is expected to get a higher valuation multiple for tech companies, and parent company Baidu will benefit from the increased value of consolidated assets as a result.

3. “Holding-type Tech Platform” Positioning
   : After the spin-off, Baidu may be repositioned as a holding-type tech platform, which is expected to get a valuation premium.

According to calculations by JPMorgan Chase and Guosen Securities [1][2]:

Time	Revenue Forecast	Valuation Calculation
2025	3.5-5 billion yuan	Expected break-even
2026	8.3-10 billion yuan	Based on 10x P/S ratio, valuation exceeds 80 billion yuan

Current valuation of Kunlunxin: The latest financing valuation in July 2025 is about 21 billion yuan, an increase of 62% compared to the 13 billion yuan in the first round of financing in 2021 [2].

Baidu currently holds

of Kunlunxin’s shares and is in a controlling position [1][2]. Based on the 80 billion yuan valuation estimate, Baidu’s shareholding value is about 47.6 billion yuan, accounting for about 11% of Baidu’s current market capitalization (about 335 billion Hong Kong dollars / 43 billion US dollars) [2].

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Kunlunxin was founded in 2012 and is the core support of Baidu’s full-stack AI strategy [1][3]:

Product	Technical Indicators	Status
P800	FP16 computing power of 345 TFLOPS, supporting 10,000-card cluster deployment	Fully launched and mass-produced in 2025
M100	Optimized for large-scale inference	Expected to be launched in 2026
M300	Tackling multi-modal training	Planned for 2027

In the first half of 2025, Kunlunxin successfully launched a

. The P800 has been fully verified internally at Baidu, undertaking most of the inference tasks, and successfully trained a multi-modal model based on a single 5,000-card cluster [1].

Kunlunxin has gradually transformed from an internal supplier of Baidu to an independent chip supplier selling externally [1]:

• 2024
  : Revenue of about 2 billion yuan, net loss of about 200 million yuan; won a 1-billion-level centralized procurement order from China Mobile
• 2025
  : Expected revenue to grow to more than 3.5 billion yuan, achieving break-even; P800 chip has gained market recognition, mainly supplying state-owned enterprises and government data center projects
• External Sales Ratio
  : It is expected that more than 50% of revenue will come from external customers in 2025

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1. Valuation Reassessment Effect
   : The market reprices the AI chip business, driving up Baidu’s overall valuation
2. Increased Capital Attention
   : The expectation of Kunlunxin’s listing attracts the attention of institutional investors focusing on the hard tech track
3. Strengthened Technical Narrative
   : The spin-off listing strengthens Baidu’s market positioning as a “full-stack AI company”

1. Technical Correction
   : RSI and KDJ indicators show that it is in an overbought area in the short term, with correction pressure [0]
2. Selling Pressure
   : Excessive short-term gains may trigger profit-taking

1. Improved Financing Capacity
   : After Kunlunxin’s independent listing, it can directly access capital market financing, reducing reliance on Baidu’s capital investment
2. Business Synergy Effect
   : As an independent entity, Kunlunxin can expand external customers more flexibly and increase market share
3. Optimized Governance Structure
   : The spin-off helps sort out Baidu’s complex business context, allowing investors to evaluate the value of each business unit more clearly

1. Dependence on Related Party Transactions
   : It may still be highly dependent on Baidu’s business in the early stage; need to observe the progress of external customer expansion
2. Industry Competition
   : Need to compete with domestic AI chip manufacturers such as HiSilicon (Huawei), Cambricon, and Horizon Robotics
3. Geopolitical Risks
   : U.S. chip export controls to China may affect access to advanced manufacturing processes

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: In January 2026, Baidu was listed by the U.S. Department of Defense as a “Chinese military company” and faces legal review [4]. This risk may affect:

• The willingness of U.S. institutional investors to hold positions
• Baidu’s liquidity in U.S. stocks
• Kunlunxin’s international expansion

1. Valuation Bubble Risk
   : If Kunlunxin’s listing valuation is too high, it may face value regression pressure after listing
2. Performance Delivery Pressure
   : The market has high expectations for Kunlunxin’s revenue growth; need to continuously track the actual commercialization progress
3. Technology Iteration Risk
   : AI chip technology iterates rapidly; need to continue R&D investment to maintain competitiveness

Competitors	Advantages	Threats
HiSilicon (Huawei)	Advanced manufacturing process capability, vertical integration	Market share competition
Cambricon	First-mover advantage, listed on STAR Market	Homogeneous competition
NVIDIA	CUDA ecosystem, leading computing power	High-end market is hard to shake

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, mainly reflected in:

1. Immediate Valuation Release
   : The stock price surged 15% on the day the news was announced, showing the market’s recognition of the value of AI assets
2. Long-term Valuation Reassessment
   : The spin-off allows investors to evaluate Kunlunxin’s value independently, which may drive up Baidu’s overall valuation
3. Business Synergy Effect
   : Independent listing helps Kunlunxin expand external markets and feed back to Baidu’s AI ecosystem

From a technical perspective, BIDU shows a

, but there is a short-term correction risk [0]:

• Uptrend Confirmation
  : MACD and moving average system both show a bullish pattern
• Overbought Warning
  : RSI and KDJ indicators are in the overbought area
• Volume Cooperation
  : Recent trading volume has increased significantly, with active capital intervention

:

• Support Level
  : $128.09
• Resistance Level
  : $151.08 (already broken)
• Target Level
  : $156.25

Dimension	Assessment
Short-term (1-3 months)	Cautious about chasing gains , wait for correction before entering
Medium-term (6-12 months)	Actively follow , Kunlunxin’s listing progress and valuation performance
Long-term (over 1 year)	Lay out at low prices , benefit from the growth of the AI chip industry

: Investors need to closely monitor the progress of U.S. legal review, Kunlunxin’s specific listing plan, and changes in the competitive landscape of China’s AI chip market.

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[1] 经济观察网 - 百度股价单日飙涨近10% "昆仑芯"独立IPO引爆价值重估 (http://www.eeo.com.cn/2026/0102/776749.shtml)

[2] 百度AI芯片公司昆仑芯冲刺IPO：技术自立与资本突围的双重奏 (https://aistudio.baidu.com/blog/detail/759193597970757)

[3] OFweek人工智能网 - 百度官宣：昆仑芯已秘密交表，将分拆上市！(https://m.ofweek.com/ai/2026-01/ART-201700-8110-30678047.html)

[4] Market Chameleon - Baidu Faces Legal Scrutiny Following Pentagon Designation (https://marketchameleon.com/Blogpost/2026/01/02/baidu-legal-scrutiny-pentagon-designation-investor-impact)

[0] 金灵AI金融数据库 - 百度实时报价、公司概况、技术分析