Semi-Tech Leasing Group, a Chinese financier controlled predominantly by local government entities, funded contracts for servers equipped with Nvidia Blackwell chips whose sale to China requires a US licence, according to Bloomberg’s 2 October report on documents filed with Beijing regulators. The contracts provided capital to Glory View Technology for more than 700 servers. One identified 32 Asustek Computer systems fitted with Nvidia B300 processors.
Key points
- Glory View and its subsidiary borrowed more than three billion yuan through finance leases with Semi-Tech Leasing.
- A contract names 32 Asus servers fitted with Nvidia B300 chips. US rules require an explicit licence for sales of Blackwell chips to China.
- Most of the financed servers, including the 32 Asus systems, were recorded for installation at a China Mobile data centre park in Zhongwei.
- Semi-Tech subsequently filed censored copies of the contracts that removed hardware and supplier details.
Semi-Tech’s ownership and Glory View’s leases
Semi-Tech was established in 2015 by the China Integrated Circuit Industry Investment Fund to finance the semiconductor industry. The fund sold most of its shares in 2020. Entities associated with local governments in Shenzhen, Beijing and other provinces subsequently came to control most of the company’s equity, according to Chinese corporate registry information cited by Bloomberg. Semi-Tech changed its name from Sino IC Leasing in June. Its government links therefore concern the financier in these contracts, rather than a disclosed government purchase of the servers.
The company has also moved into data centre infrastructure. At a financial conference in Shanghai in April, its chairman said it had deployed more than 11 billion yuan towards an AI-related ecosystem, according to local reports cited in Bloomberg’s account. That is the chairman’s description of the company’s wider spending, not the amount attached to the Glory View contracts. Glory View, a publicly traded company previously focused on smart-city solutions, has expanded into AI data centre work.
Glory View signed the first of about a dozen finance leases with Semi-Tech in August 2025. Under that agreement, it effectively borrowed 401 million yuan to buy 171 servers, with repayment spread over 63 months. Similar agreements ran through May 2026. Together, Glory View and its Shenzhen subsidiary borrowed more than three billion yuan for more than 700 servers. The lease structure matters here because Semi-Tech supplied the financing while Glory View acquired the machines identified in the contracts.
The B300 contract and US controls
One agreement identifies 32 Asustek servers, model XA NB3I-E12, equipped with Nvidia B300 chips. The supplier for those 32 servers was another Chinese company about which few details can be found. B300 belongs to Nvidia’s Blackwell product family, and US regulations prohibit sales of Blackwell chips to China without an explicit licence. The other financed servers cannot all be described as B300 machines: hundreds matched specifications for Blackwell-equipped systems, but their contracts did not expressly identify the chips inside them.
US authorities have alleged that black-market brokers moved billions of dollars’ worth of Nvidia hardware, including Blackwell chips, into China. Some US officials have pointed to weaknesses in company due diligence and government enforcement. Those broader allegations are distinct from the lease records, which identify the financier, borrower and one Blackwell-equipped order.
Chinese companies are legally required to enter certain financing-contract details in a database maintained by the People’s Bank of China’s credit agency. Semi-Tech submitted the records covering its transactions with Glory View and the Shenzhen subsidiary. Their hardware descriptions made the B300 order identifiable to Bloomberg when it examined the original documents in May and June. For this transaction, the financing paperwork supplied a view of the equipment that the lessor’s broader spending figure could not.
Zhongwei installations and revised contract copies
Most of the servers financed under the agreements, including the 32 Blackwell systems, were recorded for installation at a data centre park developed by China Mobile in Zhongwei, Ningxia. That destination places the identified order within a much larger financed deployment. It does not change the narrower identification in the contracts: the B300 chips are expressly named for 32 servers, while the hardware inside the remaining systems is not expressly identified.
In late June, Semi-Tech filed new, censored copies of the records, Briefs reported. The replacements removed hardware descriptions, supplier information, model designations and installation locations. That sequence leaves the earlier copies central to identifying the Asus order. It also narrows the equipment detail available in the later filings, even though the underlying financing arrangements involved the same lessor and borrower.
The companies named in the contracts and supply chain have given different responses. The Ministry of Industry and Information Technology did not respond to a faxed request for comment, while Semi-Tech and Glory View did not answer queries, Bloomberg reported. Nvidia said it was looking into the report and would work with its original-equipment-manufacturer customer to investigate. Asus said it was committed to complying with applicable laws and regulations, including export controls.
