Baidu Shares Rally After Report Says AI Chip Arm Eyes $50 Billion Hong Kong IPO
Baidu's stock climbed sharply after reports that its AI chip subsidiary, Kunlunxin, is aiming for a roughly $50 billion valuation in a Hong Kong initial public offering. The parent company's shares rose more than 7% to HK$105.80, helping to lift the Hang Seng index. The planned listing follows a confidential filing earlier this year and comes as Ba…