The Henan-based company signed an agreement with Citic on December 31 for an IPO “tutoring” program—designed to train executives on IPO processes—set to run from January through April or May, according to a disclosure on the China Securities Regulatory Commission (CSRC) website on Wednesday.
xFusion, spun off from Huawei in 2021, is China’s leading AI server provider, generating sales exceeding 40 billion yuan ($5.72 billion) in 2024, the Henan government reported. The company counts China Telecom Group Investment and China Mobile Capital Holding among its shareholders and serves customers across more than 100 countries in sectors ranging from telecom and finance to transportation and internet services. Consultancy Greatwall Strategy Consultants valued xFusion at nearly $9 billion in 2023.
Authorities in China have fast-tracked IPOs in the AI and chipmaking sectors to strengthen domestic alternatives to advanced U.S. technology, in response to U.S. export restrictions on high-tech goods. Recent examples include AI chipmakers Shanghai Biren Technology, Moore Threads Technology, and MetaX Integrated Circuits, which listed in Hong Kong and Shanghai over the past few weeks. Biren rose 76% on its Hong Kong debut, while Moore Threads and MetaX surged 400% and 700%, respectively, in Shanghai. The CSI AI Index climbed 67% in 2025, reflecting feverish investor demand for AI-related stocks.
xFusion describes itself as a global provider of computing infrastructure and services, with a presence in over 100 countries and diverse customers spanning multiple industries. Its planned IPO comes amid a wave of tech listings and growing domestic efforts to compete with U.S. high-tech exports, signaling strong confidence in the company’s growth potential.