xFusion clears IPO review in just 174 days, eyeing 60 billion yuan revenue this year

The listing review committee of the Shenzhen Stock Exchange in China has approved the IPO application of xFusion Digital Technologies for the ChiNext board. The whole process from filing to approval took only 174 days.

Founded in September 2021, xFusion grew out of Huawei's X86 server business and is now controlled by local state-owned capital in Henan Province. It is valued at 8.92 billion US dollars, ranking 47th on the global unicorn list and the only unicorn from Henan.

On the business side, the company earned 43.5 billion yuan in 2024, topped 30 billion yuan in the first half of 2025, and may hit 60 billion yuan for the full year. According to IDC, xFusion holds a 12.7% market share, ranking second among China's x86 server makers, and has been No.1 in China's standard liquid-cooling server market for two years in a row.

The prospectus shows the raised funds will mainly go to next-generation computing product R&D, with AI, computing power, data and energy as the company's four key directions for the next 10 years.