BUZZ-Baidu's HK shares hit near 4-week high on assessing unit spin-off plan

Reuters12-08
BUZZ-<a href="https://laohu8.com/S/09888">Baidu</a>'s HK shares hit near 4-week high on assessing unit spin-off plan

** Hong Kong shares of Chinese internet search giant Baidu Inc 9888.HK climb 5.2% to HK$127.9, their highest level since November 13, and on course for a third consecutive session of gains

** Stock set for the biggest one-day pct gain since October 27; top pct gainer in the Hang Seng Index .HSI and Hang Seng Tech Index .HSTECH, which are down 0.4% and up 0.2%, respectively

** U.S.-listed stock BIDU.N rose 5.9% on Friday

** Baidu says it is assessing proposed spin-off and separate listing of Kunlunxin (Beijing) Technology and, if proceeded, the spin-off and listing will subject to relevant regulatory approval process

** Baidu's AI chip unit Kunlunxin is planning an initial public offering in Hong Kong, having recently completed a fundraising that valued it at 21 billion yuan ($2.97 billion), three people familiar with the matter told Reuters

** YTD, Baidu's Hong Kong stock up 52.4%, U.S.-listed shares up 49.2%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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