Kunlun芯, Baidu's AI chip subsidiary, is pursuing a dual listing on the Shanghai STAR Market and in Hong Kong, with a valuation exceeding $3 billion. Documents filed by China International Capital Corporation with the China Securities Regulatory Commission reveal plans for an IPO on the STAR Market, while a Hong Kong listing was reportedly filed earlier this year. Baidu holds a 58% stake in Kunlun芯, which was initially created to support its AI operations. Analysts from Jefferies anticipate the Hong Kong IPO to conclude in the third quarter of this year, with the STAR Market listing expected to attract domestic investment. The growing demand for domestic inference chips, driven by new AI models from companies like DeepSeek and ByteDance, is fueling investor interest in Chinese chip firms.