Chinese artificial intelligence server provider xFusion has hired Citic Securities as it prepares for an initial public offering, according to a regulatory disclosure, becoming the latest technology firm to tap strong investor appetite for AI-related assets.
The Henan province–based company signed an agreement with Citic Securities on Dec. 31 to begin the IPO “tutoring” process — a preparatory phase in which executives are trained on regulatory and listing requirements. The process is expected to run from January through April or May, according to a filing published on Wednesday on the website of the China Securities Regulatory Commission.
xFusion is China’s largest AI server provider by sales, with revenue exceeding 40 billion yuan ($5.72 billion) in 2024, according to the Henan provincial government website. The move comes as Chinese authorities accelerate listings in the AI and semiconductor sectors to bolster domestic technology capabilities amid U.S. restrictions on advanced chip exports.
Several AI chipmakers have already gone public in recent weeks, including Shanghai Biren Technology, Moore Threads Technology, and MetaX Integrated Circuits. Biren’s shares surged 76% on their first day of trading in Hong Kong, while Moore Threads and MetaX jumped 400% and 700% respectively upon their debuts in Shanghai last month.
Strong demand for AI-linked stocks has helped push the CSI AI Index up 67% in 2025, underscoring investor enthusiasm for the sector.
On its website, xFusion describes itself as a global provider of computing infrastructure and services, operating in more than 100 countries and regions. Its customers span industries including telecommunications, finance, transportation, and internet services. The company was valued at nearly $9 billion in 2023 by consultancy Greatwall Strategy Consultants, according to government data.
xFusion was spun off in 2021 from Huawei Technologies, which is on a U.S. trade blacklist. Local media have reported that xFusion’s shareholders include China Telecom Group Investment and China Mobile Capital Holding.
