According to the latest media reports, Kunlun Core plans to submit its listing application to the Hong Kong Stock Exchange as early as the first quarter of next year, hoping to complete its IPO by early 2027 at the latest.
After the news broke, Baidu surged during trading, currently up nearly 8%.
According to a previous article by Zhui Feng Trading Platform, JP Morgan believes that Baidu's investment narrative is undergoing a fundamental shift: the company is transforming from a traditional search advertising company into an AI infrastructure provider. It is expected that the sales of Kunlun chips and the demand for GPU computing will significantly boost revenue growth. JP Morgan estimates that Baidu's Kunlun chip revenue will soar from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, an increase of 6 times.
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- Kunlun Core plans to submit an IPO application to the Hong Kong Stock Exchange as early as Q1 2026, aiming for completion by early 2027.  
- Following this news, Baidu's stock surged nearly 8%.  
- Morgan Stanley notes a fundamental shift in Baidu's investment narrative, as the company transitions from a traditional search advertising firm to an AI infrastructure provider, with significant revenue growth expected from Kunlun chip sales and GPU computing demand.

Baidu's stock rose nearly 8% during trading, reporting that Baidu's AI chip business Kunlun plans to IPO in Hong Kong