xFusion Digital Technologies has cleared a key Shenzhen Stock Exchange review for its planned 8 billion yuan (about $1.2 billion) IPO on ChiNext, the exchange’s growth board, Reuters reports. Source
The listing committee said in a filing dated November 12, 2026, that the Chinese AI server maker met requirements on share issuance, listing and disclosure, according to Reuters’ November 13 report. The filing listed no further matters for xFusion to address in that review. Source
The committee gave xFusion some financial homework: explain its gross-margin trend and whether growth in operating performance could be sustained. It also asked whether the company had adequately disclosed the related risks, Reuters reported. Source
The scrutiny covered changes in demand for computing capacity, customers’ capital spending, xFusion’s technology, net operating cash flow and concentration among customers and suppliers, according to the filing as reported by Reuters. Selling AI servers still means answering cash-flow questions. Source
For scale, xFusion reported revenue of 58.25 billion yuan for the full year of 2025 and 37.29 billion yuan for the first half of 2026, Dow Jones Newswires reported on MarketWatch, citing the IPO prospectus. Source
CITIC Securities is sponsoring the proposed listing, according to the prospectus cited by Reuters. The exchange’s statement didn’t give an IPO date, Dow Jones Newswires reported. Source Source
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