Chinese state funds backed purchases of restricted Nvidia chips

A Chinese state-backed financing entity funded the acquisition of restricted Nvidia processors, according to a Bloomberg News report based on Chinese regulatory filings. The report stated that Semi-Tech Leasing Group Co. financed the purchase of more than 700 servers by AI infrastructure developer Glory View Technology Co.

Filings with the People's Bank of China cited by Bloomberg showed that at least one transaction financed 32 Asustek Computer servers powered by Nvidia high-performance B300 Blackwell chips. Nvidia stated to Bloomberg that it is investigating the matter alongside its equipment manufacturing partners, while Asus reaffirmed its compliance with international export control rules.

Semi-Tech Leasing was originally founded with backing from China's national semiconductor fund and is now controlled mainly by municipal government entities in Shenzhen and Beijing. The company has deployed more than 11 billion yuan ($1.6 billion) into compute infrastructure. Under sale-and-leaseback arrangements started in mid-2025, Glory View secured over 3 billion yuan ($450 million) to expand its data center capacity, with most hardware intended for a China Mobile computing hub in Ningxia.

Semi-Tech Leasing later resubmitted altered filings to Chinese credit registries that removed hardware descriptions, supplier names, and server model designations.