Semi-Tech Leasing Group Co., a Chinese financing company majority-controlled by municipal governments in Shenzhen and Beijing, helped fund Glory View Technology Co.'s acquisition of more than 700 servers equipped with Nvidia's export-restricted Blackwell-series B300 chips, according to a Bloomberg report. The financing used sale-and-leaseback arrangements, through which Glory View raised more than 3 billion yuan, or about $450 million, to expand its artificial-intelligence infrastructure. Semi-Tech is also linked to China's national semiconductor fund and has invested more than 11 billion yuan, or about $1.6 billion, in computing infrastructure, most of it directed to a major China Mobile data-center hub in Ningxia. Later regulatory filings in Beijing removed some hardware specifications and supplier information. The case illustrates how leasing and financing structures can complicate U.S. export controls, which traditionally focus on chip shipments and exporters rather than the financing behind the infrastructure. It may increase pressure on U.S. regulators to examine balance sheets and funding channels alongside shipping records, while fitting Beijing's broader effort to expand domestic computing capacity.