Newshot Domestic Computing Power Giant xFusion Passes ChiNext IPO Review, Formerly Huawei's X86 Server Business
IT之家 November 15 news: The Shenzhen Stock Exchange Listing Review Committee held its 61st review meeting of 2026 on the 12th of this month, and the result was that xFusion Digital Technologies Co., Ltd. (hereinafter referred to as xFusion) (initial offering) meets the issuance conditions, listing conditions, and information disclosure requirements.
At the meeting site of the Shenzhen Stock Exchange Listing Review Committee, the main questions asked of xFusion included: in light of changes in computing power demand, downstream customers' capital expenditures, technological advancement, net operating cash flow status, customer and supplier concentration, and other circumstances, explain the trend of changes in xFusion's gross profit margin, and whether the growth of operating performance is sustainable, and whether the relevant risk disclosures are sufficient.
This means that xFusion's application for a ChiNext IPO on the Shenzhen Stock Exchange has passed the review, and public information shows that it took only 174 days from acceptance of the application to passing the review.
IT之家 note: xFusion was established in September 2021, originating from the X86 server business unit that Huawei spun off in 2021, and is currently controlled by Henan local state-owned capital. In terms of valuation, the "World Unicorn Enterprise Development Report 2024" once showed that xFusion, with a valuation of US$8.92 billion (approximately RMB 59.63 billion at current exchange rates), ranked 47th on the global unicorn list and was the only unicorn enterprise from Henan Province on the list.
In 2022, the first full year after xFusion began independent operations, its sales revenue exceeded RMB 10 billion; in 2023 it exceeded RMB 28 billion; in 2024 it reported revenue of RMB 43.5 billion, reaching the RMB 40 billion mark. In 2025, the company continued its rapid growth, with revenue in the first half of the year already exceeding RMB 30 billion, and people familiar with the matter revealed that it is expected to sprint toward RMB 60 billion for the full year.
According to a report released by IDC, in 2025 xFusion ranked second among domestic x86 server system manufacturers with a market share of 12.7% (Inspur 31.3%, H3C 12.5%, Lenovo 10.7%, ZTE 8.5%). At the same time, in the liquid-cooled server sub-track, xFusion has ranked first in China's standard liquid-cooled server market share for two consecutive years (2023 to 2024), with its market share once reaching 43% in 2023.
The prospectus (review draft) shows that the funds raised in this issuance by xFusion will be focused on the research and development of next-generation computing power products and breakthroughs in key core technologies, committed to breaking down the barriers between computing power, data, and enterprise intelligent applications, and selecting the four technical elements of artificial intelligence, computing power, data, and energy as its main development directions for the next 10 years.
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