Baidu’s AI chip subsidiary Kunlunxin applied for an IPO in Hong Kong, amid China’s tech self-reliance push. Details of the IPO are pending, but Baidu’s shares rose 7.5%. 20 Chinese semiconductor IPOs raised $6.4 billion last year. GPU developers Biren and Enflame are among the “Four Little Dragons” in China’s sector. Kunlunxin’s valuation is estimated at $16-23 billion.

Read more at Yahoo Finance: Baidu chip unit Kunlunxin files for Hong Kong IPO amid China’s push for tech self-reliance