Chinese State Lessor Funded 700 Servers, 32 With Nvidia B300s

Semi-Tech Leasing Group, a Chinese finance company now controlled by municipal entities in Shenzhen and Beijing and originally seeded by the national semiconductor fund, provided capital for Guangzhou-listed Hongjing Technology, known in English as Glory View, to buy more than 700 servers. One of the contracts explicitly covered 32 Asustek Computer units powered by Nvidia's restricted B300 Blackwell chips, Bloomberg reported from documents filed with Beijing regulators.

The arrangement opened in August 2025, when Glory View "borrowed 401 million yuan (about $60 million) to purchase 171 servers, to be repaid over 63 months," per Bloomberg's read of the credit registry. It widened from there into about a dozen sale-and-leaseback deals totaling over 3 billion yuan, roughly $450 million.

After scrutiny began, Semi-Tech "refiled the same credit registry documents, this time with the hardware descriptions, supplier names, and server model numbers stripped out," Bloomberg reports. Nvidia told the outlet it is investigating the matter with its equipment manufacturing partners; Asustek reiterated its commitment to international export control regulations.

A companion Bloomberg feature published the same day argues the pattern of recent cases, "stretching from a seized Singapore mega-mansion to intercepted cargo in Taiwan," points to systemic gaps in Nvidia's distribution oversight. It lands in the same week US prosecutors charged the owner of Earthmade over an alleged $300 million Nvidia-to-China smuggling scheme, one of 344 China AI items on our tracker over the past 90 days.