Baidu (BIDU) announced its proposed spinoff and separate listing of the H shares of Kunlunxin Technology, a non-wholly owned subsidiary of the company, on the Main Board of the Hong Kong Stock Exchange. The spin-off “aims to independently showcase Kunlunxin’s value, attract investors focused on the AI chip sector, and leverage its standalone listing to enhance its market profile, broaden financing channels, and better align management accountability with performance,” Baidu said in a statement. “This also supports the effort to unlock the value of Baidu’s AI-powered businesses,” the company adds. Following completion of the proposed spin-off, it is expected that Kunlunxin will remain as a subsidiary of Baidu. Shares of Baidu are up 12% to $146.50 in premarket trading.
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