A major Chinese technology firm, xFusion has taken its first formal step toward going public as interest in artificial intelligence companies continues to surge. AI server maker xFusion has appointed an investment bank to guide it through preparations for a future stock market listing according to a regulatory filing released this week.
The Henan based company has signed an agreement with Citic Securities to begin the IPO “tutoring” process which focuses on training senior management on regulatory and listing requirements. The process is scheduled to run from January through April or May based on a filing published on the website of the China Securities Regulatory Commission on Wednesday. xFusion is currently China’s top AI server provider with sales exceeding 40 billion yuan or $5.72 billion in 2024 according to a local government website.
The move comes as Chinese authorities accelerate IPO approvals in the AI and chipmaking sectors to strengthen domestic alternatives to advanced US technology following export restrictions. Several AI chip firms have listed recently across Shanghai and Hong Kong with more offerings expected. Shanghai Biren Technology rose 76% on its first trading day in Hong Kong while Moore Threads Technology and MetaX Integrated Circuits jumped 400% and 700% when they debuted in Shanghai last month. Strong investor appetite has helped push the CSI AI Index up 67% in 2025.
On its website xFusion describes itself as a leading global provider of computing infrastructure and services operating in more than 100 countries and regions. Its customers span telecom finance transportation and internet sectors. The company was valued at nearly $9 billion in 2023 by a consultancy according to official data. xFusion was spun off from Huawei in 2021 and its shareholders include China Telecom Group Investment and China Mobile Capital Holding according to local media.
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