Dec 5 (Reuters) – Kunlunxin, the AI chip unit of Chinese internet search giant Baidu, is planning an initial public offering in Hong Kong, having recently completed a fundraising that valued it at 21 billion yuan ($2.97 billion), three people familiar with the matter told Reuters.

The move comes as China pushes to develop domestic alternatives to U.S. semiconductors amid escalating Washington export restrictions on advanced chips, and follows several other Chinese AI chip companies eyeing public market debuts.

In a sign of massive appetite for AI chip stocks, on Friday Moore Threads, which makes graphics processing units (GPUs) used for artificial intelligence computing, debuted on the Shanghai Stock Exchange at more than five times its IPO price.

Investment materials reviewed by Reuter

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