XFusion Digital Technologies is about to face its examiners. The Shenzhen Stock Exchange's listing committee will take up the company's IPO application at its 61st review meeting of 2026 on November 12, per the exchange's website and a Diankun News report on November 9. Sina Finance, writing on November 11, called it the largest ChiNext listing review of the year, with the company seeking to raise RMB 8 billion.
The company describes itself as a computing-infrastructure and digital-services provider, and servers remain where the money comes from. IDC data tells the story. Its server market share in China climbed from 11.7% in 2022 to 14.2% in 2025, good enough for second place in shipments, while its domestically produced server sales rank first in China. On liquid cooling, its standard liquid-cooled server share has held the top spot for consecutive years.
The growth curve is steep. The prospectus shows revenue of RMB 25.09 billion, 44.27 billion and 58.25 billion for 2023 through 2025, plus RMB 37.29 billion in the first half of 2026 alone. Profits are moving faster still. Net profit attributable to shareholders went from RMB 507 million in 2023 to RMB 1.03 billion in 2025, then hit RMB 2.11 billion in the first half of 2026 — a half-year figure approaching the sum of the three preceding full years.
Servers are not the whole bet. XFusion is nurturing two newer lines. One is an enterprise ecosystem built on its self-developed XFusion ERP software, with AI-native enterprise applications already in pre-research. The other covers energy, from charging networks to digital energy storage, solid-state transformers and energy-management products aimed at high-voltage DC scenarios such as AI data centers and megawatt charging stations. The patent portfolio backs this up. As of June 30, 2026, the company held 2,438 granted patents, about 90 percent of them invention patents, and had contributed to more than 80 standards.
For A-share investors, this review is a test case in how AI computing-infrastructure assets get priced. Liquid cooling, domestic substitution and AI servers define the company, and they happen to be the most certain threads running through today's computing supply chain. If the committee gives a green light, the year's largest computing IPO on ChiNext moves toward issuance — and similar computing assets waiting in the queue may find their own pace quickening.