MediumV Technology Geopolitics & AI1 October 2026, Thursday
Chinese state-linked leasing firm financed restricted Nvidia servers
Chinese registry filings published by Bloomberg on 1 October show that Semi-Tech Leasing, controlled by local governments, financed Glory View Technology's purchase of more than 700 servers. One contract covers 32 Asus servers with B300 chips, which the US bars from sale without a licence.
According to a Bloomberg report cited by the Taipei Times, Semi-Tech Leasing, formerly Sino IC Leasing, was set up in 2015 by the Big Fund, China's national integrated circuit fund. The fund sold most of its shares in 2020, and the company is now jointly controlled by the local governments of Shenzhen, Beijing and other provinces. The company changed its name in June 2026. It has channelled more than 11 billion yuan, about 1.6 billion dollars, into AI infrastructure.
According to Investing.com, more than 3 billion yuan of this, about 450 million dollars, has been provided through sale-and-leaseback contracts since mid-2025. The filings show that most of the hardware, including 32 Blackwell servers, is to be installed at a China Mobile data centre in Zhongwei, Ningxia. Zhongwei is one of China's national computing cluster zones. After Bloomberg's initial review, Semi-Tech re-uploaded the filings in late June with model, supplier and location details removed.
Nvidia responded on 1 October, saying it was looking into the matter with its manufacturing partner. Asus said it complies with all laws, including export controls. As of 2 October, it could not be verified through which country the servers entered China or whether a licence had been obtained.
Talay assessment
Bottom line
The report shows that the gap in US export controls now lies not only in smuggling but also on the balance sheets of state-linked financiers. Thirty-two servers is a small number. Yet the existence of a leasing channel worth more than 11 billion yuan suggests oversight must shift from chip sales to the points of financing and installation. The most likely path is a new US enforcement step targeting leasing firms and intermediaries.
Likely effects
- US export controlsNegative1–6 months
Restricted chips appearing in the filings of a state-linked leasing company increase pressure on the Commerce Department to add financing firms to the Entity List.
- Taiwanese server makersNegativeWeeks
With Asus named in the 32-server contract, Taiwanese assemblers need to tighten end-user checks.
- China's AI infrastructureUncertain1–6 months
The scrubbing of the filings in late June suggests similar purchases will move to less visible channels.
Possibilities, ranked
- 1US widens enforcement50%
The Commerce Department issues a new listing or warning covering leasing firms and intermediaries.
Watch: Semi-Tech Leasing or Glory View being added to the BIS Entity List
- 2Company-level investigation35%
Nvidia and Asus disclose the supply chain through internal reviews, with no new step at government level.
Watch: A statement from Nvidia or Asus on the route the servers took
- 3Matter closes15%
Because of the US–China ceasefire calendar, Washington takes no new step and the file drops off the agenda.
Watch: No statement on the matter from US authorities within 60 days
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.
Market reaction
Indicators affected
- Servers financed▼ 700+
- Asus servers with B300 chips▼ 32
- Channelled into AI infrastructure▼ 11bn+ yuan