Baidu's AI chip unit, Kunlunxin, has confidentially filed for a Hong Kong stock exchange listing, aiming to spin off as a separate entity. This move follows a fundraising round that valued the company at 21 billion yuan. Kunlunxin's IPO is part of China's broader effort to develop domestic semiconductor alternatives amid U.S. export restrictions. Several other Chinese AI chip firms have also recently pursued or completed public offerings in Hong Kong.