Article · AI translation
IT Home reported on November 15 that the Shenzhen Stock Exchange Listing Review Committee held its 61st review meeting of 2026 on November 12. The committee concluded that xFusion Digital Technologies Co., Ltd. (hereinafter referred to as xFusion) met the requirements for issuance, listing and information disclosure in its initial public offering.
At the Shenzhen Stock Exchange Listing Review Committee meeting, the main questions put to xFusion included the following: In light of changes in demand for computing power, capital expenditure by downstream customers, technological sophistication, net cash flow from operating activities, and customer and supplier concentration, explain the trend in xFusion’s gross profit margin, whether its growth in operating performance is sustainable, and whether the relevant risks have been adequately disclosed.
This means xFusion’s application for an IPO on the Shenzhen Stock Exchange’s ChiNext board passed the review. Public information shows that only 174 days elapsed between acceptance of its application and the committee’s approval.
IT Home notes: xFusion was established in September 2021 and originated from Huawei’s x86 server business unit, which Huawei spun off in 2021. It is now controlled by Henan provincial state-owned capital. As for its valuation, the World Unicorn Enterprise Development Report 2024 previously showed that xFusion ranked 47th on the global unicorn list with a valuation of US$8.92 billion (approximately RMB 59.63 billion at the current exchange rate), and was the only unicorn from Henan Province on the list.
In 2022, xFusion’s first full year of independent operation, its sales revenue exceeded RMB 10 billion; in 2023, it exceeded RMB 28 billion; and in 2024, it reached RMB 43.5 billion, crossing the RMB 40 billion mark. The company maintained rapid growth in 2025, with revenue exceeding RMB 30 billion in the first half of the year. People familiar with the matter said full-year revenue could reach RMB 60 billion.
According to a report published by IDC, xFusion ranked second among domestic manufacturers of complete x86 server systems in 2025 with a market share of 12.7% (Inspur: 31.3%; H3C: 12.5%; Lenovo: 10.7%; ZTE: 8.5%). In the liquid-cooled server segment, xFusion also ranked first in China’s standard liquid-cooled server market by share for two consecutive years, from 2023 to 2024. Its market share reached 43% at one point in 2023.
The prospectus submitted for the review meeting shows that the funds xFusion raises through this offering will be directed primarily toward research and development of next-generation computing products and work on key core technologies. The company aims to break down barriers between computing power, data and enterprise AI applications, and has chosen artificial intelligence, computing power, data and energy as its four main areas of technological development for the next 10 years.