Xeon Fusion Digital Technology Co., Ltd. (hereafter "Xeon Fusion") has reached a critical juncture in its IPO journey.

According to the Shenzhen Stock Exchange (SZSE) website, the SZSE Listing Review Committee is scheduled to convene its 61st review meeting of 2026 on November 12 to deliberate on Xeon Fusion's initial public offering application. The company is seeking a listing on the ChiNext board, with CITIC Securities serving as sponsor, and aims to raise 8 billion yuan.

Xeon Fusion's ChiNext IPO application was accepted on May 22, 2026. The company bills itself as a computing power infrastructure and digital intelligence service provider, with computing power as its core business. Its products span in-demand segments including general-purpose servers and artificial intelligence servers.

Xeon Fusion's origins are closely tied to Huawei's x86 server business. When Huawei divested the unit in 2021, Xeon Fusion subsequently established operations in Zhengzhou, Henan, under the leadership of a consortium that included Henan state-owned capital. Since then, the company has continued to expand its server market presence by leveraging its existing R&D, supply chain, and service infrastructure.

Xeon Fusion has carved out a stable and competitive market position across key sectors such as the internet, telecommunications operators, and finance. Capitalizing on its leadership in key niche segments—including domestic servers, AI servers, and liquid-cooled data centers—the company has become a valued partner for governments, telecom operators, and large centrally-administered state-owned enterprises in advancing domestic substitution.

Emerging businesses represent Xeon Fusion's strategic focus for the future, encompassing its smart enterprise ecosystem business and energy smart solutions. The prospectus (review draft) indicates that the smart enterprise ecosystem business is built on the company's self-developed core commercial software, such as "Xeon Fusion Smart Enterprise ERP," designed to empower customers in achieving digital intelligence transformation in the agent era. Xeon Fusion has concurrently conducted preliminary research on AI-native next-generation enterprise-level software. Its energy smart solutions primarily consist of charging network solutions, and the company has initiated R&D of products and solutions for high-voltage direct current scenarios such as AIDC and megawatt charging stations, including digital energy storage systems, solid-state transformers, and energy management systems.

The planned 8 billion yuan fundraising target has made Xeon Fusion one of the most closely watched IPO projects recently.

In the first half of the year, Xeon Fusion posted operating revenue of 37.286 billion yuan, up 20.78% year-on-year; net profit attributable to the parent company reached 2.108 billion yuan, roughly double the full-year 2025 figure of 1.030 billion yuan; gross margin of the main business stood at 15.49%, up 6.91 percentage points from 8.58% in 2025, reversing the downward trend in gross margin since 2023.

With demand for AI large-model training and inference on the rise and investment in computing power infrastructure continuing to expand, Xeon Fusion's listing process has drawn greater market attention to the server and computing power industry chain.

From an industry perspective, Xeon Fusion's smooth path to listing could further reshape the competitive landscape of the domestic server market. Upstream segments such as liquid cooling, high-speed connectivity, printed circuit boards, optical modules, and server power supplies are also expected to attract more market attention.

That said, Xeon Fusion still faces multiple challenges. Its AI server business is relatively sensitive to upstream chip supply, and the industry is characterized by high hardware costs and fierce market competition. Going forward, the pace of AI infrastructure investment, the supply of core components, and the company's profitability will all be important factors for gauging its operating performance.

In addition, the planned fundraising scale of 8 billion yuan may also trigger a market capital diversion effect.

IDC statistics show that from 2022 to 2025, Xeon Fusion's server market share in China climbed from 11.7% to 14.2%, with its shipment ranking rising to second place—achieving dual improvements in revenue scale and market position while establishing leading advantages in certain niche tracks. Xeon Fusion ranks first in domestic server sales in the Chinese market, and its overall market position remains firmly in the industry's first tier. From 2022 to 2025, the company's standard liquid-cooled server market share held steady at first place in the Chinese market.