Kunlunxin, the artificial intelligence chip unit of Chinese tech giant Baidu, is seeking a valuation of at least 100 billion yuan (US$14.69 billion) for its Hong Kong stock exchange listing, according to two people familiar with the matter.

The valuation could change based on market conditions and final terms, according to one of the sources, who requested anonymity as the information was private.

Baidu and Kunlunxin did not immediately respond to a request for comment on Friday.

Separately, Kunlunxin has taken the first step towards an initial public offering (IPO) on the mainland Chinese market, riding the tide of Beijing’s push for tech self-reliance that has seen a slew of local chip firms seeking mainland and Hong Kong listings since late last year.

State-backed investment bank China International Capital Corp will guide Kunlunxun and its executives on IPO-related issues in the so-called tutoring process, a mandatory step for companies seeking a public listing in mainland China, according to a notice published by the China Securities Regulatory Commission (CSRC) on Thursday.

The company, one of the champions for self-reliance in China tech, is separately seeking to list on the Sci-Tech Innovation Board, also known as the Star Market, of the Shanghai Stock Exchange.