Baidu Inc.’s semiconductor unit Kunlunxin is planning an IPO on Shanghai’s STAR Board alongside a previously announced Hong Kong listing, according to a China International Capital Corp. filing with the China Securities Regulatory Commission. Baidu holds a 58% stake in Kunlunxin, which was valued at at least $3 billion in December. The STAR 50 Index has risen more than 20% this year to record highs. Analysts at Jefferies said a Shanghai listing would improve access to domestic investors, while t

Baidu Inc.’s semiconductor unit Kunlunxin is planning an IPO on Shanghai’s STAR Board alongside a previously announced Hong Kong listing, according to a China International Capital Corp. filing with the China Securities Regulatory Commission. Baidu holds a 58% stake in Kunlunxin, which was valued at at least $3 billion in December. The STAR 50 Index has risen more than 20% this year to record highs. Analysts at Jefferies said a Shanghai listing would improve access to domestic investors, while the Hong Kong IPO is expected in the third quarter, as China accelerates efforts to build domestic AI chip capacity amid US export restrictions.