Another unicorn in the computing power sector is gearing up for an IPO.

The A-share market is about to welcome a "computing power unicorn" with a valuation that has reached the threshold of 50 billion yuan.

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 in 2021 due to the external environment and has been operating independently since then. 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/PE firms backing it.

The reason why Super Fusion is favored by capital is inseparable from the era endorsement of "computing power is the national fortune." The 2026 "Government Work Report" 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 backdrop, from the eastern coast to the western inland, and from first-tier cities to emerging node cities, the construction of computing power infrastructure is presenting a comprehensive expansion trend.

A Subsidiary of Huawei Lands in Henan

Super Fusion's starting point is quite unusual.

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 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, over 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, serving as the president of the Asia-Pacific region and being in charge of the server business for a long time. In the early days of the company's establishment, he led the integration work after the divestiture as the chairman and general manager, enabling a smooth transition of the technical and market systems. It was not 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, with more than 30 institutional investors behind it. Among them, CMCC Capital under China Mobile holds 15.14% of the shares, making it the second-largest shareholder. Since the shareholding reform in 2021 introduced industrial and financial capital such as China Unicom Golden Bull Investment and CMCC Capital, China Telecom, China Merchants Capital, Industrial and Commercial Bank of China, etc. have successively entered the market, followed by Shenzhen Special Zone Construction and Development Group, China Electronics Technology Network Information Fund, etc. By 2025, Chengtong Fund made a strategic investment through the State-owned Capital Operation Fund, and with the participation of 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 its corresponding valuation has reached the range of 80 billion to 90 billion yuan. The "Global Unicorn Enterprises Top 500 Report" released in December 2025 showed that Super Fusion's valuation had 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 testament to 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 manner, build a "one core, four poles, and multiple points" pattern 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 Action to Promote 'Artificial Intelligence +'" further refined the path and listed "enhancing 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 province's computing power scale will exceed 94 EFLOPS, ranking among the first echelon in the country.

It is worth noting that not only in Henan, 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 promoted various 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 scale; in Shanghai in the Yangtze River Delta, the intelligent computing power scale has exceeded 120 EFLOPS, and by issuing 1 billion yuan of "computing power vouchers" annually, it has lowered the threshold for enterprises to use and activated the demand side.

The central and western regions are no longer "trailing behind." 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 focused on the "Eastern Data and Western Computing" strategy, and Gansu Energy Investment invested 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 obtain the key "admission ticket" in the new industrial competition.

This article is from the WeChat official account "Dongshisi Capital" (ID: DsstCapital). The author is Wei Xianghui, and it is published by 36Kr with authorization.