Super fusion IPO full analysis: Huawei's ”orphan” arithmetic king figure, 8 billion fundraising sword pointed to the future of intelligent computing

On May 22, 2026, a paper acceptance announcement on the official website of the Shenzhen Stock Exchange officially put an arithmetic giant spun off from Huawei into the spotlight of the capital market.

(hereinafter referred to as ”Super Fusion”) Growth Enterprise Market ("GEM")IPOOfficially accepted, the proposed fundraising of 8 billion yuan, a move to become the largest IPO project accepted since 2026. The company was born out of Huawei's X86ServerBusiness, backed by Henan state-owned arithmetic unicorn, is ”Huawei gene + national team color” double halo, to the A shares launched the most violent impact.

Past life and present life: from Huawei divestiture to computing power domination

The story of hyperfusion begins in 2021.

That year, affected by external factors, Huawei made a major strategic adjustment, divesting its X86 server business as a whole. on September 13, 2021, Super Fusion was officially incorporated in Zhengzhou, Henan Province, with the team, technology, customers and patents of the original Huawei X86 server business transferred. Huawei no longer holds any shares and only retains after-sales services.

After landing in Henan, this ”Huawei orphans” did not wither as the outside world worried, but in Henan state-owned strong support under the savage growth. The company's controlling shareholder, Henan super-polymerization of energy science and technology (Yuxin Electric Technology Co., wholly owned by the back of the Henan Provincial Department of Finance) only took over the baton for a month, will complete a round of state capital capital ”group purchasing”-Henan Investment Group, in the move capital, in the network investment and other industrial capital have been Into the game.

In just four years, hyperfusion has delivered an eye-opening report card::

From tens of billions of dollars to nearly sixty billion dollars, the revenue has doubled nearly six times in three years. According to the World Unicorn Enterprise Development Report 2024, the valuation of super fusion reached 8.92 billion U.S. dollars (about 60.9 billion yuan), ranking 47th among the global unicorns, and it is the only enterprise on the list in Henan Province.

Market Position: ”Double Champion” of Domestic Servers”

If revenue figures are the ”face” of hyperfusion, then market share is its ”face”.

According to IDC.From 2022 to 2025, hyperfusion servers' market share in China soars from 11.71 TP4T to 14.21 TP4T, jumping to the second place in shipment ranking, second only to Wave Information (31.3%) and ahead of Xinhua San (12.5%), Lenovo (10.7%) and ZTE (8.5%).

More noteworthy are two ”firsts”:

• Domesticated server sales ranked first in the Chinese market, which overall is firmly in the first tier of the industry;
• Standard liquid-cooled server market share to remain No. 1 in China for four consecutive years from 2022 to 2025, with a market share of 43% at one point in 2023 and nearly 42,000 units shipped.

In the golden track of AI training servers, hyperfusion is also king.In the first half of 2025, the company ranked the top AI training server in China with a market share of 35%, ByteHopper, Alibaba and other headline cloud vendors are its core customers.

In the latest tests conducted by SPEC, an authoritative international performance testing organization, the hyperfusion FusionServer V8 series servers were ranked number one in the world for integer, floating point and energy efficiency metrics, with a performance lead of 4.91 to 6.84 percentage points over the second-place finisher.

Shareholding structure: State-led ”national team” luxury line-up

The list of shareholders of hyperfusion can be called a ”state capital atlas”.

As of the date of the prospectus, the Company has36 shareholders, with state-owned capital accounting for more than 80% of the total::

The actual controller of the company isHenan Provincial State-owned Assets Supervision and Administration Commission (SASAC)Ma Jianping, the legal representative and chairman of the board of directors, was the deputy director of the Finance Department of Henan Province and the executive vice mayor of Zhoukou City, and took over in November 2025 from the former chairman of the board of directors, Liu Hongyun.

It is worth mentioning that the management of super fusion ”Huawei colorful” - vice chairman, general manager Liu Hongyun was president of Huawei's Asia-Pacific region, deputy general manager Zhang Xiaohua, Mao Zhi, Weng Yeqing and so on have Huawei work experience. Huawei's technical genes and the resource advantages of the state capital, constituting a unique super fusion of ”double engine” drive mode.

The $8 billion fundraising: four directions for betting on the future of arithmetic

Super Fusion intends to make a public offering of not less than 97,813,450,000 and not more than 22,008,026,200 A-shares to raise aboutEight billion dollars., cast in four main directions:

At the hardware level, the company will focus on iterating the new generation of high-efficiency commercial liquid-cooling system, high-density high-speed backplane, all self-research and development of power supply system and other core technologies, to promote the evolution of single-cabinet super node to the megawatt level; at the software level, to deepen the research and development of server operating system, AI reasoning acceleration engine and other research and development, to create ”hardware + software” synergistic core technology barriers.

Worries and Challenges: A Warning of Gross Margin Decline

The other side of the high growth rate is a hidden concern that cannot be ignored.

During the reporting period, the gross profit margins of hyperfusion's main business were14.27%, 10.04%, 8.58%, showing a continuous downward trend. The company admitted that: actively develop the business of Internet customers, this type of customer purchasing volume, price sensitivity, bargaining power, resulting in lower gross profit margin of sales. And the proportion of Internet customer revenue is rising year by year, which is the main reason for the decline in gross profit margin.

Hyperfusion warns in the prospectus:“If the Internet customers further increase their cost control efforts, or if the industry supply and demand situation changes significantly, market competition further intensifies, and the Company fails to significantly improve its bargaining power, there will be a risk of a decline in the level of the Company's gross profit margin.”

This is a structural contradiction that must be faced squarely - the explosive growth in demand for AI computing power is not equivalent to the simultaneous explosion of profits of computing power manufacturers. Between the ”price war” and the ”scale war”, super fusion chose the path of doing large-scale first, and then seek profits.

Industry background: hard technology ”two innovation boards” bagged the head of IPOs

Superfusion's IPO is not an isolated case, but epitomizes a distinct trend in the A-share market in 2026.

According to Flush iFinD, 35 IPOs have been accepted by the Shanghai and Shenzhen North Exchanges so far.Top 10 IPOs rounded up by TechCenter, GEM, a total of 38.866 billion yuan to be raised, accounting for more than 60%. Super fusion to 8 billion yuan topped the list, followed by flint original technology (6 billion yuan), micro-nano star (5 billion yuan), Yu tree technology (4.202 billion yuan) and other hard science and technology enterprises.

From computing leaders to humanoid robots, from commercial spaceflight to semiconductors--The capital market is making unprecedented efforts to transfuse and empower hard science and technology enterprises. As investment and financing expert Xu Xiaoheng said, ”‘The two founding boards” bagged the head IPO is not a coincidence, but the inevitable result of the system design and the depth of the industrial law."

concluding remarks

Super Fusion's IPO is not only a capital story of a company, but also a footnote to the rise of China's arithmetic industry.

From a hundred and one years ago when Huawei divested itself, to today's arithmetic juggernaut with annual revenues of nearly $60 billion and the top market share of domestic servers, hyperfusion has taken four years to prove one thing:Technical genes can be inherited, but what really transforms an enterprise is the opportunity given by the times and its own ability to seize the opportunity.

With $8 billion in fundraising in hand, can hyperfusion continue to run wild on the trillion-dollar track of AI arithmetic? Can the hidden worry of declining gross margins be resolved? Can the balance between state capital and marketization be sustained? The answers to these questions will be revealed one by one in the coming years.

But one thing is certain-In the arithmetic arms race of the AI era, hyperfusion has got the most important ticket.