Alice Huang, Megaspeed and Nvidia’s China Export-Control Scandal

By Amara Osei

Alice Huang became Megaspeed International’s controlling shareholder in March 2023, according to C4ADS, a Washington-based nonprofit focused on global security. The Singapore company transferred all its shares that month to Huang Le Limited, a British Virgin Islands entity.

Corporate filings show Megaspeed was incorporated in Singapore in 2015 as 7Road International, the overseas arm spun off from Shenzhen-based developer 7Road Holdings Ltd. It renamed itself Megaspeed International in March 2023.

The Associated Press describes Huang as a Chinese businesswoman whose publicly available information is scant and who is also known as Huang Le. She moved from Chinese finance into artificial intelligence, data centers and computer chips before becoming a Megaspeed director in 2023, according to the AP.

Nvidia lists Megaspeed as a partner, while Megaspeed describes itself as a cloud partner for Nvidia and a core business partner of Nvidia’s computing power cloud business in the Asia-Pacific region. The Associated Press describes the Singapore-based company as an AI computing company and Nvidia customer.

Megaspeed came under U.S. scrutiny last year over allegations that it skirted American export restrictions and routed a large amount of advanced Nvidia chips for Chinese users, according to The Associated Press. The Associated Press also described Nvidia as the California-based maker of chips relied on by advanced artificial intelligence systems.

What did the spy allegation say?

The Associated Press identified Jensen Huang as Nvidia’s high-profile CEO and described the reported affair between them as having rocked the tech and political worlds. The New York Times reported over the past month that the pair had a close relationship.

Top policymakers received a memo saying intelligence indicated Huang was a spy for China’s Ministry of State Security, recruited to influence Nvidia and make its most advanced chips more available in China, The New York Times reported. The Associated Press described Nvidia as the California-based maker of chips relied on by advanced artificial intelligence systems.

A widely shared photograph posted on LinkedIn in 2024 by software company NetThunder shows Jensen Huang and surrounding people holding drinks in Taipei, while Huang sits behind him, apparently watching him talk. It remains unclear how long the relationship lasted or when it ended, and The Associated Press could not reach Huang for comment.

Who controlled Megaspeed?

By November 2023, Huang was no longer listed as a Megaspeed director, and all her shares had transferred to Singaporean businessman Tan Yong Pong, also known as James Tan. The Associated Press said public records suggested Huang had left the company.

A short seller report then challenged that record, according to Culper Research. In May, the short seller cited a Megaspeed employee who said Huang remained the boss and still participated in daily operations.

What did Huang do before Megaspeed?

Before Megaspeed, Huang held senior positions at Chinese firm Shanghai Hexi Investment Co. from around 2015 to 2017, according to social-media posts and records from Simuwang, a Chinese private-equity database. Hexi’s social-media posts identified her roles as deputy general manager, executive director and member of the investment committee, among possible other positions.

Hexi founder Kang Wei appeared alongside Huang on some records, The Associated Press reported. China’s securities regulator fined him in 2018 for 400,000 yuan ($60,000) over financial misconduct, and fined Hexi 17.7 million yuan ($2.7 million).

According to public records and The Associated Press’s review, Huang worked at HSBC’s Hong Kong private-banking arm and CITIC Securities, a Chinese investment bank, before Hexi. Neither HSBC nor CITIC immediately responded to The Associated Press’s request for comment on her employment history.

Beijing has refuted the spy allegation. This week, China’s Foreign Ministry said: “Chinese spy allegation is unsubstantiated. It is nothing but smears against China.”

What is Megaspeed’s exposure?

Megaspeed denied the accusations in a website