Fanshi intelligent invests 1 billion to acquire Huawei ascend 950 chips for AI model deployment

On September 1, 2026, Sinewave Technology reported that Fanshi Intelligent, a Hong Kong-listed company, has entered into a major deal with Huawei to purchase over 1 billion yuan worth of Huawei Ascend 950 chips. These chips will support the deployment of AI large models in key sectors like finance and manufacturing. The collaboration was discussed during a high-level meeting attended by Fanshi CEO Dai Wenyuan and Huawei’s Executive Director Yang Chaobin. Fanshi has been heavily investing in computing power, with capital expenditures reaching 22.37 billion yuan in the first half of 2026. Its available computing power has reached 2.8 million PFLOPS. The company also announced a 400 million yuan investment in GPU servers in April 2026. According to an insider, Fanshi’s investment in the Ascend 950 ecosystem will help it secure a leading position in the domestic computing power replacement trend. Fanshi’s API revenue rose 860.8% to 464 million yuan in the first half of 2026, with token usage increasing by 620%. The company’s order backlog is around 7 billion yuan. The new computing power will be used for project delivery and AI product development, according to the insider.