Chinese state-backed firm funds purchase of Nvidia Blackwell servers

October 2, 2026 at 11:17 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Semi-Tech Leasing Group Co, a Chinese financing company owned by local government entities, funded the purchase of more than 700 servers, including 32 Asustek servers equipped with Nvidia B300 chips, according to regulatory filings. The deal suggests state support for an illicit trade that Washington has sought to prevent through export restrictions. Nvidia said it is investigating the report.

Key Facts

Semi-Tech Leasing Group Co funded the purchase of more than 700 servers for Glory View Technology Co over the past year, according to regulatory filings.
One contract identifies funding for 32 Asustek Computer Inc servers equipped with Nvidia B300 chips, bought from a separate Chinese company.
US regulations forbid the sale of Nvidia B300 chips to China absent an explicit licence.
Semi-Tech Leasing was set up in 2015 by the China Integrated Circuit Industry Investment Fund, known as the Big Fund, and is now jointly controlled by local governments in Shenzhen, Beijing and other provinces.
Semi-Tech Leasing has deployed more than 11 billion yuan (US$1.6 billion) into data centre infrastructure in recent years.

The Deal

Semi-Tech Leasing Group Co, a Chinese financing company owned by several local government entities, provided capital to Glory View Technology Co for the purchase of more than 700 servers over the past year, according to documents filed with Beijing regulators. One contract identifies funding for 32 units of Asustek Computer Inc servers equipped with Nvidia's B300 chips, bought from a separate Chinese company about which little public information is available. The B300 is part of Nvidia's Blackwell family of products, and US regulations forbid their sale to China absent an explicit licence. An order of 32 servers, model name XA NB3I-E12, is small, but hundreds of other servers that Semi-Tech Leasing purchased match the specifications for Nvidia Blackwell chips, though the documents do not explicitly identify the hardware.

State Ownership

Semi-Tech Leasing, which in June changed its name from Sino IC Leasing Co, was set up in 2015 by the China Integrated Circuit Industry Investment Fund, colloquially known as the Big Fund, to provide financial support to the semiconductor industry. After the Big Fund sold most of its shares in 2020, local governments in Shenzhen, Beijing and other provinces have jointly controlled most of Semi-Tech Leasing's shares, according to Chinese company registry information. In recent years, Semi-Tech Leasing has expanded its remit to data centre infrastructure and deployed more than 11 billion yuan (US$1.6 billion).

Company Responses

Nvidia said it is "looking into this report and will work with our OEM customer to investigate", referring to original equipment manufacturers like Asus that buy Nvidia chips and assemble them into servers. Asus said in a statement that the company "is committed to strict compliance with all applicable laws and regulations, including export controls". The Ministry of Industry and Information Technology in Beijing did not respond to a faxed request for comments, and Semi-Tech Leasing and Glory View also did not answer queries.