Henan’s Server Leader Accelerates Toward IPO

Author | Yezi

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Henan’s most prominent unicorn is making its debut on the public market.

Recently, Super Fusion, Henan’s leading server company, officially wrapped up its pre-IPO counseling. This computing power behemoth, with a valuation exceeding 60 billion yuan, is primarily focused on three key areas: selling AI servers, constructing liquid-cooled data centers, and leasing computing power.

According to an IDC report, in 2025, Super Fusion captured a 12.7% market share, firmly establishing itself as the second-largest domestic x86 server vendor, trailing only Inspur Information’s 31.3% and surpassing New H3C, Lenovo, and ZTE.

Building on this momentum, Super Fusion has achieved remarkable financial results. Public data reveals that Super Fusion’s revenue soared to a staggering 43.5 billion yuan in 2024, with expectations to surge to 60 billion yuan in 2025.

What makes Super Fusion even more fascinating is its origin: it was spun off from Huawei. In 2021, Huawei divested its entire x86 server business, which was subsequently acquired by Henan’s state-owned assets and reorganized into today’s Super Fusion. In just a few years, Super Fusion has orchestrated a remarkable capital turnaround...

A Strategic Retreat and a ‘Snake Swallowing an Elephant’

Among Huawei’s spin-off ventures, Super Fusion stands out for its scale and strategic importance. Its inception was driven by a survival crisis with no room for retreat.

Rewind to 2021, when Huawei faced a supply chain bottleneck crisis. As a critical pillar of its enterprise business, its server operations grappled with uncertainties in securing key components, particularly x86 CPUs from Intel and AMD, which faced imminent supply disruptions.

Under intense external pressure, Huawei made a rare and decisive move: it divested its entire x86 server business, encompassing R&D, products, marketing, and supply chains, and established it as a new, independent entity. Huawei relinquished all shares, retaining only after-sales services.

The acquirer was Henan’s state-owned assets. In November 2021, Super Fusion completed its industrial and commercial registration in Zhengzhou, Henan, acquired by a consortium led by local state-owned platforms such as Henan Water Conservancy Investment Group and Henan Railway Construction Investment. In just 55 days, Super Fusion’s first server rolled off the production line in Zhengzhou and entered mass production.

Super Fusion retained nearly the entire Huawei x86 server R&D team and technological foundation, continuing product lines like FusionServer and KunLun series.

Liu Hongyun, a pivotal figure in the company’s early days, is a seasoned Huawei executive with nearly 30 years of experience. He previously served as President of Huawei’s Asia-Pacific region and long oversaw server operations. After Super Fusion’s establishment, he became Chairman and CEO, leading the core team through the brand transition from Huawei servers to Super Fusion servers, system replacement, and the establishment of an independent financial system.

This combination proved highly effective: Huawei veterans handled technology and market expansion, while local state-owned assets provided resource support.

As the company stabilized, Super Fusion’s foundation solidified. In November 2025, Ma Jianping, former Deputy Director of Henan’s Provincial Finance Department, Executive Vice Mayor of Zhoukou, and Party Secretary of Taikang County, assumed the roles of Legal Representative and Chairman of Super Fusion after stepping down as a member of the Zhoukou Municipal Party Committee Standing Committee.

This leadership transition cemented Super Fusion’s structure, dominated by state-owned entities and supported by industry capital.

A Computing Power Giant with 40 Billion Yuan in Annual Revenue

Riding the AI wave, Super Fusion has become even more formidable.

Previously, servers were just one of many business lines within Huawei; now, Super Fusion has concentrated its resources on the computing power track.

From 10 billion yuan in revenue during its independent operations in 2021 to 20 billion yuan in 2022 and 43.5 billion yuan in 2024, Super Fusion’s performance has skyrocketed. Reports indicate that the company’s revenue surpassed 30 billion yuan in the first half of 2025, with full-year expectations to hit 60 billion yuan.

According to the IDC report, in 2025, Super Fusion secured a 12.7% market share, firmly ranking as the second-largest domestic x86 server vendor, trailing only Inspur Information’s 31.3% and surpassing New H3C, Lenovo, and ZTE. Globally, it successfully broke into the top six.

How does Super Fusion generate substantial profits? The key lies in capitalizing on the current structural dividends in the computing power market, where ‘high-end is in short supply, and low-end is in surplus’.

Today’s large-scale model training generates excessive GPU heat, rendering traditional fan cooling inadequate. The entire industry is fiercely competing for ‘liquid cooling.’ Super Fusion’s first ace card is its liquid-cooled servers. From 2023 to 2024, the company topped China’s standard liquid-cooled server market share for two consecutive years, with a market share reaching 43% in 2023.

Moreover, Super Fusion made a strategic move in the AI chip landscape. It deeply integrated with Huawei’s Ascend ecosystem, achieving dual-architecture compatibility between x86 and Kunpeng/Ascend, becoming one of Ascend’s largest complete machine partners. Simultaneously, it obtained NVIDIA’s global certification, becoming the first Chinese mainland liquid-cooled server vendor to enter NVIDIA’s global supply chain.

This means Super Fusion can secure orders regardless of whether major clients opt for domestic alternatives or stick with NVIDIA.

It’s crucial to note that the computing power industry is no longer experiencing indiscriminate growth as it did a few years ago. On one hand, companies specializing in high-end AI servers and high-end computing power leasing (such as Super Fusion, Foxconn Industrial Internet, and Hygon Information) are reaping substantial profits, with machines being snapped up as soon as they arrive.

On the other hand, numerous small firms that blindly rushed into mid-to-low-end computing power leasing or relied solely on assembly for profit margins are facing plummeting occupancy rates and extreme profit squeezes from upstream chip manufacturers and downstream major clients.

Industry insiders have a pragmatic assessment: globally, fewer than 10 AI server giants are likely to survive in the future, with China’s market perhaps retaining only around 5. Super Fusion clearly holds a ticket to the high-end arena in this ruthless elimination round.

Backed by a Stellar Shareholder Lineup

Super Fusion’s rapid growth is inseparable from its stellar shareholder lineup and the broader trend of central and western Chinese cities fiercely competing for computing power resources.

According to Qichacha and pre-IPO counseling filings, Super Fusion has completed at least eight rounds of equity financing since its inception, attracting over 30 VC/PE firms and industrial capital players.

Currently, the controlling shareholder is Henan Super Energy Technology Co., Ltd., representing Henan’s state-owned assets, holding 31.38%. The second-largest shareholder is China Mobile’s China Mobile Capital, with a 15.14% stake.

Additionally, the shareholder roster includes national teams such as China Telecom, China Unicom Zhongjin, State-owned Capital Operation and Investment Fund, and China Internet Investment Fund, along with top-tier market-oriented institutions like Hillhouse Venture Capital, CICC Capital, and China Merchants Capital.

This formidable shareholder lineup underscores one point: Super Fusion is not a grassroots startup relying solely on market financing but a technology platform shouldering local industrial upgrading, central enterprise computing power layout, and domestic alternative historical missions.

Super Fusion’s successful settlement and growth in Henan reflect the upgrading of the computing power industry in central and western regions.

Over the past decade, central and western China has often been labeled as coal, steel, and energy bases. However, with the 2022 launch of the national ‘East Data West Computing’ project, computing power has emerged as a new strategic resource. Regions like Guizhou, Ningxia, Inner Mongolia, and Zhengzhou are aggressively attracting computing power companies.

The logic is straightforward: AI large-scale models are extremely power-hungry. Annual electricity costs for a large intelligent computing center can reach hundreds of millions of yuan. Central and western regions offer low electricity prices (as low as 0.36 yuan/kWh in some areas, far below the eastern regions’ over 0.7 yuan/kWh), enabling GPU data centers operating 24/7 to save tens of millions annually.

‘Previously, the competition was about chip strength; now, it’s about electricity costs.’ To seize this opportunity and transform from the ‘Central Plains Granary’ to the ‘Central Plains Computing Powerhouse,’ Henan has spared no effort.

On the policy front, Henan released a computing power plan, creating a ‘one core, four poles’ layout, with Zhengzhou Airport Economy Zone as the core and establishing a 10 billion yuan computing power industry fund. Super Fusion is the most critical piece in this grand plan, with Henan providing green lights for land, taxation, and industrial chain support.

The computing power industry exhibits strong clustering effects. The entry of a leading server company attracts supporting enterprises in liquid cooling, cabinets, power supplies, and software operations and maintenance, which grow like vines.

After Super Fusion’s establishment in Zhengzhou, in just over three years, the Zhengzhou Airport Economy Zone has gathered over 80 upstream and downstream enterprises, creating over 12,000 jobs. In 2024, the zone’s electronic information industry output value exceeded 530 billion yuan.

For Henan, Super Fusion is not just a star enterprise generating hundreds of billions in annual revenue but the core engine driving the entire thousand-billion-yuan advanced computing industry chain.

References:

"Annual Revenue of 40 Billion Yuan: Henan’s Largest Unicorn Goes IPO, Selling Computing Power," Pencil News;

"57 Billion Yuan: Henan’s Largest Unicorn Goes IPO!" Hurun Report;

"Born from Huawei, Valued at Over 60 Billion Yuan! Server Leader Super Fusion Completes IPO Counseling," Sci-Tech Innovation Board Daily;

"Another Computing Power Unicorn Rushes Toward IPO," Dongsi Shitiao Capital;

"Valued at Over 60 Billion Yuan, Henan’s Super Unicorn Goes IPO," Lieyun Selection;

"Henan’s Largest Unicorn Goes IPO," Daily IPO;

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