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Story summary
- Baidu said its AI chip unit Kunlunxin will pursue a $50 billion valuation in a Hong Kong IPO.
- The company filed a listing on the Hong Kong Stock Exchange in January, will keep a controlling stake, and requires investors to buy chips worth three to seven times their investment.
- Baidu’s shares rose more than 7% after the news, while Tencent is already buying Kunlunxin chips and ByteDance has considered using them.