记者丨雷晨 编辑丨巫燕玲 2026年开局，中国算力产业迎来一则重磅消息。 1月6日，中国证监会官网更新的一则备案信息，揭开了一场酝酿已久的资本大戏——成立仅四年、年营 收已突破400亿元的超聚变数字技术有限公司（下称"超聚变"），正式启动A股上市辅导，中信证券出 任辅导机构。 图片来源：超聚变辅导备案报告 这家从华为母体"断裂"而生的企业，在经历了"独立生存质疑—国资果断接手—技术路线押注—市场逆 势跃升"的完整周期后，不仅活了下来，更以四年狂飙的速度，长成了中国算力版图中一个不容忽视 的"新巨头"。 此刻，站在IPO的起跑线上，超聚变的发展故事既是中国算力产业链自主可控的生动切片，也是地方政 府以资本与政策培育战略性新兴产业的一次关键实验，更是AI浪潮席卷之下，国产算力企业密集资本 化的又一标志性事件。 从生存到领先 超聚变的诞生，始于一场科技界的战略调整。 2021年，在复杂的国际环境下，华为对其x86服务器业务做出了剥离决策。同年9月，脱胎于此的超聚变 数字技术有限公司正式成立，并落户河南郑州。 剥离之初，业内曾有声音：离开了华为的品牌与生态体系，这家新公司如何独立生存？没过多久，河南 国资的果断出手， ...

Core Viewpoint - The article highlights the significant development of Chaopujian Digital Technology Co., Ltd. (超聚变), which has rapidly grown to become a major player in China's computing power industry and is now preparing for an IPO, marking a key milestone in the capital market for the sector [1][2]. Company Development - Chaopujian was established in September 2021 after Huawei's strategic adjustment led to the spin-off of its x86 server business, raising initial concerns about its survival without Huawei's brand and ecosystem [4]. - The company has successfully stabilized its operations by retaining its core team and maintaining existing client relationships, leading to impressive revenue growth from over 100 billion yuan in 2022 to more than 400 billion yuan projected for 2024 [5]. - The company has positioned itself strategically in the AI server market and has made early investments in liquid cooling technology, anticipating trends in domestic production and green computing [5][6]. Market Position and Strategy - By mid-2025, Chaopujian achieved a sales figure of 268 billion yuan, ranking second in the domestic server market and first in the liquid cooling server segment [6]. - The company has developed a full-stack capability from hardware to solutions, focusing on AI and high-performance computing, as well as green computing technologies [6]. - Chaopujian's 2.0 strategy expands its business scope beyond basic computing infrastructure to include AI, data, computing, and energy solutions, with a new headquarters in Zhengzhou symbolizing this strategic upgrade [6]. IPO and Market Dynamics - The initiation of the IPO process is seen as a response to internal needs for funding to support R&D, capacity expansion, and market development [8]. - The ownership structure includes significant stakes from state-owned enterprises, indicating strong local government support for the company's growth and its role in developing the computing industry cluster in Henan province [9]. - The anticipated valuation for Chaopujian post-IPO is approximately 89 billion USD, reflecting its positioning as a stable technology platform rather than a speculative AI company [9]. Industry Context - The article notes that the demand for intelligent computing power in China is expected to reach 486 EFLOPS by 2025, significantly higher than in 2023, supported by government initiatives and funding for computing infrastructure [11][12]. - The rapid response of the capital market to the computing power sector is evident, with multiple companies in the field either preparing for IPOs or already listed, indicating a growing trend towards the commercialization of computing infrastructure [12].