xFusion Partners with Citic Securities for IPO: China's Top AI Server Provider Prepares for Market Debut
China's top AI server provider, xFusion, has enlisted Citic Securities to assist with its upcoming initial public offering (IPO), as per regulatory filings. The company, based in Henan province, has signed an agreement with Citic for IPO guidance from January to April or May. xFusion reported sales exceeding 40 billion yuan in 2024, making it a key player in the AI server market.
In response to U.S. restrictions on high-tech exports, Chinese authorities have expedited IPOs in the AI and chipmaking sectors to bolster domestic technological capabilities. Several AI chipmakers, such as Shanghai Biren Technology, Moore Threads Technology, and MetaX Integrated Circuits, have recently gone public in Shanghai or Hong Kong, capitalizing on the strong investor interest in AI-related stocks.
xFusion positions itself as a global leader in computing infrastructure and services, serving clients across various industries worldwide. The company, valued at nearly $9 billion in 2023, was established as a spin-off from Huawei in 2021. Its major shareholders reportedly include China Telecom Group Investment and China Mobile Capital Holding.
The AI sector has experienced significant growth, with the CSI AI Index surging by 67% in 2025. As xFusion gears up for its IPO with the support of Citic Securities, it aims to leverage investor enthusiasm for AI technology and strengthen its market position.