Overview
Chinese state‑backed financing entity Semi‑Tech Leasing Group Co. funded the acquisition of restricted Nvidia AI processors for Glory View Technology Co., highlighting Beijing’s role in circumventing export controls.
Financing Details
- Semi‑Tech Leasing provided financing for more than 700 servers, including a specific transaction for 32 Asus computers equipped with Nvidia’s B300 Blackwell chips.
- The financing amounted to over 3 billion yuan (approximately US$450 million) under sale‑and‑leaseback arrangements that began in mid‑2025.
- Semi‑Tech Leasing, originally established with backing from China’s national semiconductor fund and now mainly controlled by municipal governments in Shenzhen and Beijing, has deployed more than 11 billion yuan (about US$1.6 billion) into compute infrastructure.
Deployment
- The majority of the procured hardware is slated for installation at a China Mobile Ltd. computing hub in Ningxia, a key node in the state‑backed data‑center network.
Regulatory and Compliance Notes
- Nvidia confirmed it is investigating the matter with its equipment manufacturing partners.
- Asus reiterated its commitment to international export‑control regulations.
- After initial scrutiny, Semi‑Tech Leasing resubmitted altered filings to Chinese credit registries, removing specific hardware descriptions, supplier details, and server model designations, reflecting efforts to obscure supply‑chain details.
Significance
- The transaction underscores persistent gaps in Western export restrictions aimed at limiting China’s AI technology progress.