In China, chip companies may have found a new clientele for their semiconductors: IPO investors.

Kunlunxin Technology, an AI chip firm majority owned by search engine company Baidu, is planning to go public in Hong Kong at a target valuation of $50 billion, according to a person who participated in a recent investor road show by the company and another person with direct knowledge of Kunlunxin’s plans. And as it lines up a group of investors to take a chunk of the offering, Kunlunxin is prioritizing those who commit to buy its chips, according to two people who participated in a road show.