According to the official website of the China Securities Regulatory Commission (CSRC), Xfusion Digital Technologies Co., Ltd. has officially initiated IPO tutoring, with CITIC Securities acting as the tutoring institution.
Founded in 2021 and located in the Zhengzhou Area of the China (Henan) Pilot Free Trade Zone, Xfusion is one of the mainstream server suppliers in the market.
Over the past two years, the booming demand for AI servers has driven a substantial surge in the performance of server manufacturers such as Xfusion. Rumors about Xfusion's "backdoor listing" and "merger and acquisition-based listing" have circulated from time to time in the market. It is reported that Xfusion achieved a revenue of RMB 43.5 billion in 2024, and with sales of RMB 26.8 billion in the first half of 2025, it rose to the second place in China's domestic server market, second only to Inspur.
According to a research report by Great Wall Strategy Consulting, Xfusion was valued at USD 8.9 billion in 2024. Data from Tianyancha shows that China Mobile Capital, a subsidiary of China Mobile, holds a 15.1427% stake in Xfusion, making it the company's second-largest shareholder.