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Sichuan Chuanrun Co., Ltd. (002272.SZ), a Chinese listed company, disclosed in its 2025 interim report that its cumulative delivery of liquid cooling systems to the North American market exceeded 200MW. This quantity is exactly the same as the number of liquid-cooled containers that a Chinese company named Hash House announced it supplied to Riot Platforms (Nasdaq: RIOT).
A comparison of the liquid-cooled containers in Hash House’s promotional materials and the products displayed on Chuanrun’s official website reveals a striking similarity in their appearance, structural design, and technical parameters.
Furthermore, the production workshop background shown in Hash House’s social media video is also identical to the background of Chuanrun Co., Ltd.’s production workshop.
As a leading liquid cooling technology supplier in China, Chuanrun Co., Ltd. possesses a complete production base and mature technology, and provides services to Huawei and Chinese military enterprises. Chuanrun is a strategic partner of Huawei, serving as a core liquid cooling supplier for their Ascend servers, covering 40% of their market share. Orders from Huawei are expected to exceed 2 billion RMB in 2025. The latest news indicates that Chuanrun has become the exclusive supplier for the CM384 ultra-node. As early as September 2019, a wholly-owned subsidiary of Chuanrun Co., Ltd. began undertaking projects for Chinese military enterprises. In contrast, Hash House is an external facing startup that claims to focus on liquid cooling technology. Based on publicly available corporate registration information, there is no equity relationship between Hash House and Chuanrun.
According to speculation from Chinese media outlets, against the backdrop of the China-US trade war, this Chinese listed company, which carries the sensitive background partner and supplier of Huawei and Chinese military enterprises, is using a seemingly unconnected third-party company to penetrate the US market. This is a typical strategy to evade compliance review, potentially exposing uninformed US buyers to significant political risks.
