Baidu’s AI Chip Unit Plans Dual IPO in Shanghai and Hong Kong

Baidu Inc.’s chip unit Kunlunxin is planning an initial public offering on Shanghai’s Nasdaq-style bourse in addition to a separate listing plan in Hong Kong as the Chinese search engine giant looks to taps investor appetite for semiconductor stocks.

The chipmaking unit is seeking an IPO on Shanghai’s STAR Board and is working with China International Capital Corp., according to a statement filed by the investment bank to the Chinese Securities Regulatory Commission. Earlier this year, Baidu said Kunlunxin had confidentially filed for an offering in Hong Kong. Baidu’s stock in Hong Kong jumped as much as 4.1% on Friday.