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Enacy Mapakame

China's xFusion taps Citic Securities for IPO preparation after 2024 AI server boom

Chinese AI server maker xFusion has appointed Citic Securities as its investment bank and begun formal IPO preparation following strong 2024 revenue of over 40 billion yuan. The IPO tutoring phase is slated to run from early January through as late as April or May 2026, as the company moves to join a wave of Chinese AI and chip firms listing in Shanghai and Hong Kong amid intensified state backing for domestic technology.
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