Baidu Announcement: On January 1, Kunlun Chip submitted a Form A1 listing application to the Hong Kong Stock Exchange through its joint sponsors on a confidential basis, seeking approval for the listing and trading of Kunlun Chip shares on the Main Board of the Hong Kong Stock Exchange.The proposed spin-off is currently intended to be conducted through a global offering of Kunlun Chip shares, comprising: (i) a public offering of Kunlun Chip shares in Hong Kong for subscription by the Hong Kong public; and (ii) a placement of Kunlun Chip shares to institutional and professional investors.As of the date of this announcement, Kunlun Chip is a non-wholly-owned subsidiary of the Company and is an industry-leading supplier of AI computing chips and related integrated software and hardware systems, dedicated to making computing smarter. Upon completion of the proposed spin-off, Kunlun Chip is expected to remain a subsidiary of the Company.