独家：知情人士称百度昆仑芯估值接近30亿美元，拟在香港IPO

独家：知情⼈⼠称百度昆仑芯估值接近30亿美元，拟在⾹港IPO ByReuters December 5, 202512:42 PM GMT+8·Updated 6 mins ago A sign of Baidu is pictured at the company's headquarters in Beijing, China March 16, 2023. REUTERS/Tingshu Wang/File PhotoPurchase LicensingRights 2023年3⽉16⽇，中国北京，百度总部的⼀个标识。路透/王廷书/档案照⽚购买许可权 Dec 5 (Reuters) - Kunlunxin, the AI chip unit of Chinese internet search giant Baidu(9888.HK), isplanning an initial public offering in Hong Kong, having recently completed a fundraising thatvalued it at 21 billion yuan ($2.97 billion), three people familiar with the matter told Reuters. 路透社12⽉5⽇——三位知情⼈⼠告诉路透社，百度（9888.HK）的⼈⼯智能芯⽚业务昆仑芯正计划在⾹港进⾏⾸次公开募股，此前其刚完成⼀轮融资，估值为210亿元⼈⺠币（29.7亿美元）。 The move comes as China pushes to develop domestic alternatives to U.S. semiconductors amidescalating Washington export restrictions on advanced chips, and follows several other Chinese AI chip companies eyeing public market debuts. 此举正值中国在美国对先进芯⽚加紧出⼝限制之际，推动发展国内替代品之时，同时也在其他⼏家中国AI芯⽚公司寻求公开市场⾸秀之后。 The Reuters Daily Briefing newsletter provides all the news you need to start your day.Sign uphere. 路透每⽇简报（The Reuters Daily Briefing）通讯提供开启⼀天所需的所有新闻。在此注册。 In a sign of massive appetite for AI chip stocks, on Friday Moore Threads(688795.SS), whichmakes graphics processing units (GPUs) used for artificial intelligence computing,debutedon theShanghai Stock Exchange at more thanfive times its IPO price. 作为对⼈⼯智能芯⽚股票巨⼤胃⼝的⼀个迹象，上周五⽣产⽤于⼈⼯智能计算的图形处理单元（GPU）的摩尔线程（688795.SS）在上海证券交易所的⾸发价超过发⾏价五倍以上。 Investment materials reviewed by Reuters showed that Kunlunxin wanted to complete an IPO byearly 2027. Two of the sources said the company was communicating that it aims tofile a listingapplication to the Hong Kong Stock Exchange as early as thefirst quarter of 2026. 路透审阅的投资材料显示，昆仑芯希望在2027年初完成⾸次公开募股。两位消息⼈⼠表示，公司正在传达其⽬标是在2026年第⼀季度尽早向⾹港联交所提交上市申请。 Kunlunxin completed its latest funding round in the past six months, raising over 2 billion yuan froma China Mobile fund and other private investors, the two people and a third source said. 两位⼈⼠和第三位消息⼈⼠表示，昆仑芯在过去六个⽉完成了最新⼀轮融资，从中国移动旗下基⾦及其他私募投资者筹集了超过20亿元⼈⺠币。 The round valued Kunlunxin at around 21 billion yuan, up from 18 billion yuan in its previousfundraising, the people said. 这些⼈⼠说，此轮融资将昆仑芯估值定在⼤约210亿元⼈⺠币，⽽其上⼀轮融资为180亿元⼈⺠币。 The sources declined to be identified as the information is not public. Baidu did not addressquestions about the IPO plan. 因信息尚未公开，消息来源要求匿名。百度未对有关IPO计划的问题作出回应。 Developing domestic GPU capabilities has become critical for Beijing as the U.S. has tightenedrestrictions on exports of advanced semiconductors to China, including barring sales of Nvidia's(NVDA.O)latest chips. 随着美国收紧对华先进半导体出⼝限制，包括禁⽌销售英伟达（NVDA.O）最新芯⽚，发展国内GPU能⼒已成为北京的当务之急。 Kunlunxin joins a wave of Chinese chip companies planning public listings. Following MooreThreads' listing, MetaX is expected to debut in coming weeks. 昆仑芯加⼊了计划公开上市的⼀批中国芯⽚公司浪潮。在摩尔线程（Moore Threads）上市之后，MetaX预计将在未来⼏周内亮相。 Biren Technology, which has been blacklisted by the U.S., is also planning a Hong Kong listing,Reuters reported in June. 路透社在六⽉报道，被美国列⼊⿊名单的⽐伦科技也在计划在⾹港上市。 EXPANDING BEYOND BAIDU超越百度的扩张 Founded in 2012 as an internal business unit developing AI chips for Baidu, Kunlunxin has sincebecome independently operated, though Baidu retains a controlling stake. 昆仑芯成⽴于2012年，最初作为百度的内部业务单元开发AI芯⽚，后来已独⽴运营，但百度仍保有控股权。 The company mainly supplied chips to Baidu but has gradually expanded external sales over thepast two years. 该公司主要向百度供应芯⽚，但在过去两年中逐步扩⼤了对外销售。 Kunlunxin expects its revenue to grow to more than 3.5 billion yuan this year and to achieve break-even, according to the investment materials reviewed by Reuters. 据路透查看的投资资料，昆仑芯预计今年营收将增⻓到超过35亿元⼈⺠币并实现收⽀平衡。 In 2024, it booked a net loss of about 200 million yuan on revenue of around 2 billion yuan. 2024年，公司在约20亿元⼈⺠币的营收上录得约2亿元⼈⺠币的净亏损。 In 2025, over half of its revenue is expected to come from external sales, according to thefirst twosources. 据前两位消息⼈⼠称，2025年其超过⼀半的收⼊预计将来⾃外部销售。 The company's most advanced product, the P800 chip, has gained traction this year, primarilysupplying data centre projects built by state-ownedfirms and governments. 公司最先进的产品P800芯⽚今年已开始获得市场认可，主要供应国有企业和政府建设的数据中⼼项⽬。 Last month, Kunlunxinunveiled twonew AI chip products: the M100, an inference-focused chip setto launch in early 2026, and the M300, capable of both training and inference, slated for early 2027. 上个⽉，昆仑芯推出了两款新的⼈⼯智能芯⽚产品：M100，⼀款以推理为主的芯⽚，预计于2026年初发布；以及M300，兼具训练和推理能⼒，计划于2027年初推出。 ($1 = 7.0724 Chinese yuan renminbi) 我们的标准：汤森路透信托原则。 Read Next阅读下⼀篇