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Baidu, Inc. (NASDAQ:BIDU) shares climbed during Friday’s premarket session after fresh developments involving its AI chip subsidiary surfaced.
Investors reacted after reports suggested Kunlunxin could target a valuation exceeding 100 billion yuan during a Hong Kong listing process, according to people familiar with the matter, as the South China Morning Post reports.
Targets Massive $14.7 Billion Valuation
Kunlunxin reportedly continues preparations for a Hong Kong initial public offering amid rising investor appetite for Chinese semiconductor assets.
Sources familiar with the discussions said …
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