xFusion Wins Shenzhen Nod for $1.2B ChiNext AI Server IPO

The Shenzhen Stock Exchange's listing committee has cleared xFusion Digital Technologies for a ChiNext IPO of up to 220.08 million new shares, aimed at raising 8 billion yuan, roughly $1.2 billion, Bloomberg reported. The Zhengzhou-based company was spun off from Huawei's x86 server business and is now one of the larger pure-play Chinese AI-server names heading to public markets this year.

The filing shows why Beijing's AI build-out is doing most of the work on the P&L. Revenue climbed from RMB 25.09 billion in 2023 to RMB 44.27 billion in 2024 and RMB 58.25 billion in 2025, and the first six months of 2026 alone brought in RMB 37.29 billion on net profit of RMB 2.11 billion. "AI server revenue has accounted for more than 50% of xFusion's core business revenue" over the past two years, according to the disclosures accompanying the review.

The nod is procedural, not final. The committee found that xFusion "met issuance, listing and information-disclosure requirements," with Citic Securities as sponsor, but the company "still needs registration with the China Securities Regulatory Commission before shares can be priced and listed." The approval lands in a crowded tape for China AI infrastructure; our tracker has logged 483 AI Infrastructure stories over the last 90 days, including same-day moves from Samsung's talks to buy data-center cooler Modine.