Another unicorn in the computing power field is gearing up for an IPO.
Author: Wei Xianghui
Source: Dongsishitiao Capital
The A-share market is about to welcome a "computing power unicorn" with a valuation that has reached the 50 billion yuan mark.
The protagonist is Super Fusion Digital Technology Co., Ltd. from Henan. It only took a little over four months from submitting the record for listing guidance in January this year to completing the IPO guidance work.
This company didn't start from scratch. Its predecessor was Huawei's X86 server business, which was wholly divested and independently operated in 2021 due to the impact of the external environment. Subsequently, Henan Chaojuneng Technology Co., Ltd. became the controlling shareholder, holding 31.38% of the shares. The major shareholder of the latter is Yuxin Electronic Technology Group, a state-owned asset platform in Henan. In addition, the second-largest shareholder of Super Fusion is CMCC Capital under China Mobile, holding 15.14% of the shares. Since its establishment, Super Fusion has completed at least 8 rounds of equity financing, with more than 30 VC/PEs behind it.
The reason why Super Fusion is favored by capital is inseparable from the era endorsement of "computing power is national strength". The "Government Work Report" in 2026 clearly proposed to "create a new form of intelligent economy" and included "ultra-large-scale intelligent computing clusters and computing-power and electricity coordination" in the key directions of new infrastructure. Against this background, from the eastern coastal areas to the western inland areas, from first-tier cities to emerging node cities, the construction of computing power infrastructure is spreading comprehensively.
Huawei's Subsidiary Lands in Henan
Super Fusion's starting point is not ordinary.
Its predecessor was Huawei's x86 server business. In 2021, against the backdrop of changes in the international environment, Huawei divested this business as a whole, and Super Fusion took it over and operated as an independent entity. However, this was not a simple asset cut but a "holistic transfer": the core team, technical patents, product system, and even customer resources were all migrated to the new company to ensure that business continuity and competitiveness were not weakened.
Therefore, Super Fusion had a mature product and market foundation at the beginning of its establishment. The company's business continues the Huawei system, focusing on three major directions: general servers, artificial intelligence servers, and key business servers, directly entering the core track of enterprise-level computing. According to the "Henan Daily", since its establishment at the end of 2021, the company's revenue has continued to grow rapidly: it exceeded 28 billion yuan in 2023, more than 40 billion yuan in 2024, and reached 30 billion yuan in the first half of 2025, with the annual revenue expected to reach 60 billion yuan. This speed is rare in the server industry, which is capital-intensive and has a long cycle.
Liu Hongyun, the current vice-chairman, was once a core executive at Huawei, having served as the president of the Asia-Pacific Region Department and been in charge of the server business for a long time. In the early days of the company's establishment, he, as the chairman and general manager, led the integration work after the divestiture, enabling a smooth transition of the technology and market systems. It wasn't until November 2025 that Ma Jianping, the former member of the Standing Committee of the Zhoukou Municipal Party Committee in Henan, took over as the chairman of the company.
In terms of capital, Super Fusion has also received intensive investment. Business information shows that the company has completed at least 8 rounds of financing since its establishment, and there are more than 30 institutional investors behind it. Among them, CMCC Capital under China Mobile holds 15.14% of the shares and is the second-largest shareholder. Since the shareholding reform in 2021 introduced industrial and financial capital such as China Unicom Golden Investment and CMCC Capital, China Telecom, China Merchants Capital, Industrial and Commercial Bank of China, etc. have successively entered the scene, followed by Shenzhen Special Economic Zone Construction and Development Group, CETC Cyber Security and Information Technology Fund, etc. By 2025, Chengtong Fund made a strategic investment through the National Adjustment Fund, and together with local state-owned assets and market-oriented institutions, a multi-level shareholder structure was formed.
In September 2025, Oriental Pearl planned to acquire part of the equity through a fund. In early 2026, it was disclosed that it indirectly held 1.3182% of the shares. Market calculations show that the corresponding valuation has reached the range of 80 to 90 billion yuan. The "Global Unicorn Enterprises 500 Report" released in December 2025 shows that Super Fusion's valuation has increased to 91 billion yuan.
Multiple Regions Compete for Computing Power
If Super Fusion goes public successfully, it will become the "first stock in central China's computing power industry", which is also a sign of the rise of Henan's computing power industry. The "Henan Province Computing Power Infrastructure Development Plan (2024 - 2026)" released in November 2024 proposed to promote the coordinated development of "general computing + intelligent computing + supercomputing" in an overall way, build a pattern of "one core, four poles, and multiple points" with Zhengzhou (including the Airport Economic Zone) as the core and Luoyang, Hebi, Shangqiu, and Xinyang as growth poles, and promote the intensive layout of computing power centers, aiming to become a national computing power highland.
In March 2025, the "Key Points of Henan Province's 2025 Work to Promote the 'Artificial Intelligence +' Initiative" further refined the path and listed "improving the computing power supply capacity" as a key task: on the one hand, accelerate the construction of intelligent computing centers and promote the establishment of the core node of the National Supercomputing Internet; on the other hand, promote the construction of projects such as the Henan Airport Intelligent Computing Center and the Central Plains Computing Valley, and strengthen the opening-up ability of public computing power platforms such as "Songshan" and "Central Plains" to improve the one-stop service level. According to the plan, by the end of 2025, the computing power scale of the whole province will exceed 94 EFLOPS, ranking among the first echelon in the country.
It is worth noting that not only Henan but also computing power has become a "strategic resource" for many cities. Industry calculations show that the scale of China's computing power market is expected to exceed 2.5 trillion yuan in 2026, with an annual growth rate of more than 40%; by 2030, this figure may further climb to 5 trillion yuan. The expectation of high-speed growth has directly prompted regions to increase their investment, and the competition for computing power has heated up rapidly.
The developed eastern regions took the lead in accelerating. In Guangzhou in the Pearl River Delta, the first batch of 4 new computing power infrastructure projects were launched in Huangpu District, with a total investment of 4.839 billion yuan, and it is expected to add more than 40,000 P of intelligent computing power. In Shanghai in the Yangtze River Delta, the intelligent computing power scale has exceeded 120 EFLOPS, and by issuing 1 billion yuan worth of "computing power vouchers" every year, the threshold for enterprises to use computing power is lowered, and the demand side is activated.
The central and western regions are no longer "following". Relying on its energy and climate advantages, Zhongwei in Ningxia attracted China Mobile to invest 6.149 billion yuan to build a data center park, which has gathered many Internet companies such as Meituan, Alibaba, and Tencent. Qingyang in Gansu, around the "Eastern Data and Western Computing" strategy, had Gansu Energy Investment invest 4.377 billion yuan to promote the green power aggregation pilot project, exploring a new path for the coordination of computing power and energy.
The competition for computing-power and electricity coordination has quietly begun among cities in different regions. Based on different resource endowments, it's still hard to say who will be the champion. However, it is certain that only those cities that seize the window period first will have a greater chance to get the key "admission ticket" in the new industrial competition.
This article is from the WeChat official account "Dongsishitiao Capital". The author is Wei Xianghui. It is published by 36Kr with authorization.