China's state-backed lessor financed 700 servers for Hongjing, including 32 with Nvidia B300s

Why it matters

Leasing can finance AI infrastructure at scale. Here, public filings corroborate a lessor relationship, while Bloomberg reports that one contract covered 32 restricted Nvidia B300 servers; the documents do not establish delivery or a legal violation.

Ouyang Hua founded Hongjing Technology in 1997, after working in Shantou government and economic-development roles. Nearly three decades later, the company he leads is financing a fast-growing computing business with equipment leases, including deals tied to Nvidia hardware that US export controls restrict from sale to China.

Bloomberg reported on October 1st that Semi-Tech Leasing Group funded Glory View Technology's acquisition of more than 700 servers over the past year. One contract covered 32 Asus servers equipped with Nvidia B300 Blackwell chips. Glory View Technology is the English name used by Guangzhou-listed Hongjing Technology, ticker 301396; Hongjing's filings also identify a controlled subsidiary, Shenzhen Hongjing Zongheng, as a party to sale-and-leaseback financing with Semi-Tech.

The reported purchases are not a venture round, and the disclosed documents do not establish that every server was delivered, where the B300 systems are now, or that a violation of export-control law occurred. They show how equipment leasing can finance AI infrastructure and why the route from manufacturer to operator matters alongside the chip order itself.

A founder's business moves into compute

Hongjing started out serving government and urban-technology projects. Its business has since expanded into computing services, which accounted for about 904 million yuan of its 1.18 billion yuan in 2025 revenue, according to Hongjing's 2025 annual report. The company reported the rest primarily as smart-city business. That shift gives the financing a commercial context: Hongjing is building an operating business around computing capacity, not simply buying servers for internal use.

Ouyang remains Hongjing's chairman and general manager. Company records trace his career from a Shantou municipal office and a local high-tech-zone development company to Hongjing, which he co-founded with two partners. The public filings offer no direct explanation from Ouyang for the newer compute strategy. They do show a company whose computing-services revenue has grown into its larger line of business.

Semi-Tech is an established industrial lessor rather than a venture investor. The company says it was founded in Shanghai in 2015 with backing from China's national semiconductor investment fund and industry participants. Its current shareholder base includes local state-owned entities as well as semiconductor companies and investment firms, according to its company profile. Bloomberg's reporting puts that financing network behind server purchases linked to the restricted Nvidia systems.

The reported arrangements use sale-and-leaseback financing: a company acquires equipment and then leases it back, spreading the cost over time while supporting a data-center expansion. Bloomberg's account says the agreements began in mid-2025 and that Glory View secured more than 3 billion yuan through the program. Those are financing figures, not equity raised or a valuation, and should not be read as money available for general corporate spending.

The filings establish financing, not a violation

Hongjing's July 31st disclosure provides a separate, concrete link to the lessor. The listed company said it guaranteed 58.09 million yuan of obligations under a sale-and-leaseback contract between Semi-Tech and its controlled subsidiary, Shenzhen Hongjing Zongheng. The filing corroborates the lessor relationship and the use of lease financing. It does not identify that contract as the one covering the 32 B300-equipped servers, so the two figures should not be combined.

Bloomberg reported that the documents identified Asus servers and Nvidia B300 chips, while Nvidia told the outlet it was investigating with equipment-manufacturing partners. Asus said it complies with international export-control rules. A financing record can identify the planned equipment and the parties to a contract; by itself, it cannot prove delivery, the chips' present location, or who ultimately operated them.

The episode puts a practical pressure point in China's AI buildout in view. Financing and leasing can help operators acquire computing capacity without paying the full hardware cost upfront. When a state-linked lessor finances that expansion, policy ambition and the commercial balance sheet meet in the same transaction. The unresolved question is whether the leased capacity can be supplied and operated within export-control rules, not whether the transaction was an equity bet on a founder.

For Ouyang, the reported activity sits inside a broader shift in the company he has led since its founding: from smart-city systems toward a business in which computing services now account for most reported revenue. That expansion brings new financing options and new exposure. The filings document the lease structure; Bloomberg's reporting identifies the B300 systems. Neither, on its own, settles the export-control question.