Baidu, Inc. (NASDAQ:BIDU) saw its share prices soar by 20.4 percent last week, hitting a new 52-week high. The jump was fueled by its semiconductor subsidiary’s plan to publicly list on the Hong Kong Stock Exchange. The company is looking to spin off Kunlunxin (Beijing) Technology Co., Ltd. and list its series H shares on the HKEx.

An official filing for the spinoff has been submitted, pending approval from the HKEx and the China Securities Regulatory Commission. Kunlunxin will remain a subsidiary of Baidu, Inc. (NASDAQ:BIDU) post-listing. The move aims to showcase Kunlunxin’s value, attract AI chip sector investors, and enhance market profile and financing channels.

Kunlunxin, founded in 2012, supports Baidu, Inc.’s (NASDAQ:BIDU) goal to become a full-stack AI company. Last year, it secured 1 billion yuan in orders from technology companies supplying to China Mobile. While BIDU shows investment potential, other AI stocks may offer higher returns with limited downside risk.

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Read more at Yahoo Finance: Baidu (BIDU) Skyrockets 20% as Chip Unit Eyes IPO in HK