Chinese State-Backed Firm Financed Nvidia B300 Servers

The reported financing is striking because the paperwork connects a local-government-controlled leasing firm to a specific contract for restricted Nvidia hardware. But it documents financing and listed equipment, not how the chips were procured or whether the transaction had an export license.

What the filings reportedly show

Semi-Tech Leasing Group Co. provided financing for Glory View Technology’s purchases of more than 700 servers, totaling more than 3 billion yuan, or $440 million, according to regulatory filings reviewed by Bloomberg. Glory View began financing arrangements with the lessor in August 2025 and later entered a series of finance lease agreements. The filings describe financing for servers; they do not establish who procured or physically supplied the chips. The reported financing and agreement details

One contract covered 32 Asus servers equipped with Nvidia B300 chips from the Blackwell product family. The report says U.S. regulations prohibit selling B300 chips to China without an explicit license. The evidence provided does not say whether a license was sought or obtained, so the reported hardware and restriction do not by themselves establish that an unlawful sale occurred. The contract and reported export-control requirement

A listed destination, then redacted filings

The filings listed most of the servers, including the 32 Blackwell units, as deployed at a China Mobile data-center facility in Zhongwei, Ningxia. The report identifies Zhongwei as one of China’s national computing cluster zones. This is a reported destination in the documents, not independent confirmation of where the servers ultimately operated. The listed deployment location

Semi-Tech Leasing was founded in 2015 by China’s state-backed semiconductor fund. After the fund sold most of its stake in 2020, municipal and provincial governments, including those in Shenzhen and Beijing, became the company’s dominant shareholders, according to the report. The company later replaced its regulatory submissions with redacted copies that removed server models, specifications, supplier names and installation locations. Bloomberg had reviewed unredacted filings earlier. The ownership history and filing changes

That sequence makes the filings unusually informative, but it also marks the limit of what can be concluded from them. Nvidia said it was looking into the report and would work with its original equipment manufacturer customer to investigate. Asus said it complies with applicable laws, including export controls. The reported financing raises questions about how restricted compute is being financed and tracked; it does not answer how the hardware crossed any regulatory boundary. The companies’ statements and the report’s account of the filings