Exclusive | Kunlun Core Secret Exchange Table Priority for Existing Baidu Shareholders

In early 2026, Baidu Group announced that its non-wholly owned subsidiary Kunlun Core had submitted an application for a main board listing on the Hong Kong Stock Exchange in a confidential manner through joint sponsors. According to sources, Kunlun Core is expected to start investor roadshows after the Spring Festival, with current Baidu shareholders as the primary target audience. It is reported that Kunlun Core had a post-investment valuation of 21 billion yuan in July 2025 after a Series D financing round.