Baidu's Kunlunxin Targets $50B Valuation in Hong Kong IPO

According to Reuters, Baidu's AI chip subsidiary Kunlunxin is planning a Hong Kong initial public offering with a target valuation of $50 billion. As part of the fundraising, prospective investors are being asked to purchase chips worth 3 to 7 times their planned share subscriptions, significantly above Kunlunxin's last disclosed private valuation of approximately $2.97 billion from a 2 billion yuan fundraising.
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