Computing power giant starts IPO counseling

The official website of the China Securities Regulatory Commission shows that Super Fusion Digital Technology Co., Ltd. (referred to as "Super Fusion") submitted its listing guidance filing to the Henan Securities Regulatory Bureau on January 6, 2026, with CITIC Securities Co., Ltd. serving as the guidance institution.

According to the disclosure, Super Fusion was established in September 2021, with a registered capital of 880 million yuan. The legal representative is Ma Jianping, and the company's controlling shareholder is Henan Super Fusion Technology Co., Ltd., which currently holds a 31.38% stake.

According to Qichacha, on November 7, 2025, Super Fusion completed a new round of investor changes. New shareholders include Zhengzhou Airport Advanced Computing Phase I Venture Capital Fund Partnership (Limited Partnership), Zhengzhou Airport Advanced Computing Phase II Venture Capital Fund Partnership (Limited Partnership), Zhengzhou Airport Advanced Computing Phase III Venture Capital Fund Partnership (Limited Partnership), Henan Hongkai Equity Investment Fund Partnership (Limited Partnership), Jinshi Xizhi (Jiaxing) Equity Investment Partnership (Limited Partnership), Xiamen Huiyou Haoqi Equity Investment Partnership (Limited Partnership), Suzhou Xinlian Xinjv Venture Capital Partnership (Limited Partnership), among 10 institutions. At the same time, several old shareholders increased their investments in this round.

Regarding the listed company, Oriental Pearl, as a limited partner, participated in the investment of the Zhengzhou Airport Advanced Computing Phase I and II special funds with a total of 499 million yuan of its own funds, with the core purpose of acquiring equity in Super Fusion.

Public information shows that Super Fusion's predecessor was Huawei's X86 server business department. In 2021, Huawei spun off the X86 server business to establish Super Fusion, which is based in Zhengzhou, Henan.

According to the Henan Daily, as a global leader in computing infrastructure and computing services, Super Fusion's sales revenue exceeded 10 billion yuan in 2022, surpassed 28 billion yuan in 2023, and is expected to directly exceed 40 billion yuan in 2024, maintaining the largest market share in China's standard liquid-cooled server market for two consecutive years. At the beginning of 2025, Super Fusion Chairman Liu Hongyun revealed that the company's revenue target for the entire year of 2025 will exceed 50 billion yuan This article is sourced from: Shanghai Securities Journal

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