The super fusion spun off by Huawei has passed the review and plans to raise 8 billion yuan

The server manufacturer Super Fusion has passed the review of the listing committee of the Shenzhen Stock Exchange's Growth Enterprise Market for its IPO, planning to raise 8 billion yuan, setting a new high for the fundraising scale of companies going public on the Growth Enterprise Market this year. Super Fusion was formerly Huawei's x86 server business, which was spun off from Huawei in 2021 and is currently actually controlled by the Henan Provincial State-owned Assets Supervision and Administration Commission. According to IDC data, Super Fusion is expected to rank second in China's server market in terms of shipment volume by 2025, with a market share of 14.2%.

The company's revenue for 2025 is projected to be 58.246 billion yuan. In the first half of 2026, revenue reached 37.286 billion yuan, with AI servers contributing approximately 19.852 billion yuan, accounting for 53.29% of the main business income. During the same period, net profit was 2.108 billion yuan, more than double that of the entire previous year. The net cash outflow from operating activities during the same period was 15.685 billion yuan, and short-term loans increased from 1.563 billion yuan at the end of last year to 18.026 billion yuan.

The company stated that the growing demand for AI servers requires advance procurement of chips and components, suppliers demand quicker payments, while customer payments are relatively slow, leading to funds being tied up in inventory and accounts receivable. As of the end of June, the inventory balance was 35.662 billion yuan. During the review by the Shenzhen Stock Exchange, questions were raised about whether performance growth can be sustained, as well as risks related to cash flow, customer and supplier concentration, etc. Currently, the IPO has only passed the listing committee review and has not yet completed registration and issuance.