xFusion, China’s top AI server company, has hired Citic Securities to advise on an initial public offering, according to a regulatory filing.

The company, based in Henan and spun off from Huawei in 2021, signed the agreement with Citic on December 31 for IPO preparation sessions running through April or May.

xFusion reported sales of over 40 billion yuan (US$5.7 billion) in 2024, according to the Henan government.

The move follows a trend of Chinese AI and chip firms seeking listings amid government efforts to boost domestic tech in response to US export restrictions.

XFusion’s shareholders include China Telecom Group Investment and China Mobile Capital Holding, local media said.

The company was valued at nearly US$9 billion in 2023 by Greatwall Strategy Consultants.

🔗 Source: Reuters