Chinese AI server maker xFusion clears review for $1.2 billion Shenzhen IPO
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HONG KONG, Nov 13 : Chinese AI server maker xFusion Digital Technologies has cleared a key Shenzhen Stock Exchange review for its planned $1.2 billion listing on ChiNext, the exchange's growth board, according to a filing.
• The exchange's listing committee said in the filing dated November 12 that xFusion met requirements on share issuance, listing and disclosure
• xFusion plans to raise 8 billion yuan ($1.2 billion) in the proposed IPO, according to its May prospectus
• The committee asked xFusion to explain the trend in its gross margin and whether growth in its operating performance could be sustained, according to the filing
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• It cited changes in demand for computing capacity, capital spending by downstream customers, the company's technology, net operating cash flow, and concentration among customers and suppliers, according to the filing
• The committee also asked whether xFusion had adequately disclosed the related risks, according to the filing
• The filing said there were no further matters for xFusion to address
• xFusion makes computing infrastructure, including AI servers, according to its prospectus. CITIC Securities is the sponsor for the proposed listing, according to the prospectus
($1 = 6.6704 Chinese yuan renminbi)
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