Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its proposed spinoff and separate listing of the H shares of Kunlunxin (Beijing) Technology Co., Ltd. ("Kunlunxin"), a non-wholly owned subsidiary of the Company, on the Main Board of the Hong Kong Stock Exchange (the "Proposed Spin-off"). The Proposed 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. This also supports the effort to unlock the value of Baidu's AI-powered businesses.
A listing application form has been submitted to the Hong Kong Stock Exchange (the "HKEX") on a confidential basis to apply for the listing of, and permission to deal in, the H shares of Kunlunxin on the HKEX. Following completion of the Proposed Spin-off, it is expected that Kunlunxin will remain as a subsidiary of the Company.
Details of the Proposed Spin-off have not yet been finalized. The Proposed Spin-off is subject to, among others, the obtaining of approvals from the HKEX, the completion of the filing with the China Securities Regulatory Commission, and the final decisions of the Company and Kunlunxin. There is no assurance that the Proposed Spin-off will take place or when it may take place.
This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Source: ir.baidu.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein