A Chinese leasing company backed by the state and the country's national chip fund financed the purchase of servers fitted with Nvidia's B300 processors, chips the U.S. does not allow to be sold to China without a license, according to corporate filings reviewed by Bloomberg, Runtime Wire reported Thursday. Nvidia said it is investigating with its manufacturing partners.

What Happened

The lessor, Semi-Tech Leasing Group, arranged more than 3 billion yuan in financing for server purchases by Hongjing Technology, a Guangzhou-listed company that uses the English name Glory View Technology and trades under the ticker 301396. The deals, structured as sale-and-leasebacks, began in mid-2025 and covered more than 700 servers over the past year.

One of the contracts listed 32 Asus servers equipped with Nvidia's B300, part of its Blackwell generation of data center accelerators. In a July 31 filing, Hongjing disclosed a guarantee of 58.09 million yuan for lease obligations owed to a Semi-Tech subsidiary.

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Semi-Tech was founded in Shanghai in 2015 with backing from China's national semiconductor investment fund, and its shareholders include local state-owned entities. Hongjing earned 904 million yuan of its 1.18 billion yuan in 2025 revenue from computing services, making server capacity central to its business.

Nvidia told Bloomberg it was investigating the matter with its equipment-manufacturing partners. Asus said it complies with international export-control rules.

Why It Matters

U.S. export controls are designed to keep Nvidia's most capable chips out of Chinese data centers unless Washington grants a license. The filings suggest that state-linked financial structures, not just smugglers and shell companies, may be part of how Chinese firms seek access to restricted hardware. Previous diversion cases have largely centered on intermediaries and resellers; a lessor with national chip fund backing appearing in the paperwork is a different kind of participant.

The case also puts pressure on server makers. Nvidia sells chips to manufacturers such as Asus, which build and sell complete systems, and enforcement depends on those partners knowing where their machines end up. Nvidia's statement that it is investigating with partners indicates it is looking at that layer of the supply chain.

The Limits of the Evidence

Runtime Wire stressed what the documents do not show. The filings describe financing arrangements and planned equipment, but they do not establish that every server was delivered, where the B300 systems are now, who operates them or whether any export-control law was broken. Bloomberg's account rests on corporate filings rather than on any inspection of the hardware itself.

What to Watch

The results of Nvidia's and Asus's internal reviews are the first open question, along with whether the U.S. Commerce Department's Bureau of Industry and Security, which administers chip export controls, opens its own inquiry. The report landed on a day of heightened attention to chip diversion: DIGITIMES separately reported the arrest of a California technology executive in a $300 million Nvidia AI server smuggling case. Further disclosures by Hongjing or Semi-Tech in their own filings would also show whether the leasing program continues.