"The Information" reported on November 10 that the relationship between Jen-Hsun Huang and Alice Huang can be traced back to at least 2023. The personal relationship established by the two parties is said to have helped Alice Huang and her family company obtain at least US$7.5 billion in Huida chips, which flowed to the Chinese market through corporate networks in China and Singapore.
The report quoted two people familiar with Alice Huang as saying that she, her husband and sister worked together to establish a corporate network spanning China and Singapore to obtain Huida GPUs. This also made the incident that originally focused on Huang Renxun's personal relationship further involve Huida's customer review, chip export control, and the United States' technology strategy towards China.
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Huang Le’s family business has opened up the Huida chip supply chain, and at least US$7.5 billion in GPUs have flowed to China
The personal relationship between NVIDIA CEO Jensen Huang and Chinese businesswoman Alice Huang is evolving into a major controversy involving U.S. national security, semiconductor export controls, and China’s AI computing power supply chain.
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According to a report by "The Information" on November 10, Huang Jenxun's relationship with Alice Huang can be traced back to at least 2023. Two people familiar with Alice Huang revealed that the personal relationship established between the two parties helped her and her family company obtain at least US$7.5 billion in Huida chips and supply the Chinese market through a corporate network spanning China and Singapore.
The report pointed out that Alice Huang, her husband Kang Wei, and her sister Huang Yu jointly established a cross-border corporate network, the core of which involves Shanghai Century Litong in China and Megaspeed International in Singapore. This network not only involves GPU procurement, but also covers data center operations and computing power leasing. Some of the obtained chips are ultimately used to serve Alibaba, Tencent and China AI laboratories.
What is even more sensitive is that U.S. intelligence agencies allegedly suspect that Alice Huang is an intelligence asset of China’s Ministry of State Security (MSS) and may use her personal relationship with Huang Renxun to collect Huida’s business information and even influence the company’s chip supply policy for the Chinese market.
Who is Alice Huang? Served at China CCTV, HSBC, CITIC Securities
Alice Huang's Chinese name is Huang Le. She once worked in China's financial and investment management fields, and then entered the Singapore AI computing industry and became an important business person in Huida's supply chain. Approximately 42 years old, he worked in the media in his early years, working for Hunan Satellite TV and China Central Television (CCTV), and then moved to the financial industry.
Her financial industry experience includes the private banking arm of HSBC in Hong Kong and CITIC Securities, a large Chinese brokerage. From 2016 to 2017, the official WeChat article of Shanghai Hexi Investment Management, a Shanghai private equity investment institution, listed her as the company's deputy general manager, executive director and member of the investment decision-making committee many times.
The background of Huang Le’s husband Kang Wei is exposed: he was in charge of China Overseas Asset Management at the age of 33 and was the general manager of Sichuan Trust
In addition to Huang Le's own financial background, her husband Kang Wei is also from China's financial circle and once held a very high status in the industry. Kang Wei is about 51 years old. In his early years, he served as the chief strategic analyst of Shenyin & Wanguo Securities Research Institute, and the executive deputy general manager and chief investment officer of China Overseas Trust. In 2007, he became the general manager of China Overseas Fund Management Co., Ltd., when he was only 33 years old. He was one of the relatively young general managers of public equity companies in China at that time.
After leaving China Overseas Asset Management, Kang Wei served as the general manager of Sichuan Trust, and then founded Shanghai Hexi Investment Management Co., Ltd. and turned to private equity funds, stock investment and corporate mergers and acquisitions. Hexi Investment was established in 2010 and has managed more than 47 fund products with a cumulative asset management scale of more than RMB 20 billion.
How did Huang Le enter Kangwei's capital network?
Huang Le and Kang Wei are husband and wife, and they jointly participate in the operation and fund management of Hexi Investment. In November 2015, Huang Le joined Hexi Investment as deputy general manager, executive director and member of the investment decision-making committee, and obtained 25% of the company's equity. The shares were reportedly originally held by Kang Wei and later transferred to Huang Le.
At that time, the ownership structure of Hexi Investment went through a round of adjustments, with Kang Wei holding about 48.75% of the shares, Huang Le holding 25%, and another partner Zhu Xiaoming holding 26.25%.
In 2016, Huang Le and Kang Wei jointly participated in the management of multiple private equity funds, including Hequ Shengcai Steady Growth Fund, Hexi Hybrid No. 1 Fund and Hexi No. 9 Growth Fund. This means that the relationship between the two is not just a family relationship, but also involves joint management of investment assets and business operations.
It is worth noting that Huang Le’s shareholding was once held through Shanghai Yunxi Investment Management Consulting Co., Ltd., and subsequently the company’s equity and legal representative changed. This has also become an important clue for the outside world to trace the capital network of the two people.
From private equity funds to game company mergers and acquisitions, Kangwei has already intersected with the Huida industry chain.
A source who has known Kang Wei and Huang Le for more than ten years told The Information that Kang Wei mentioned that he had known Huang in the 2010s. At that time, Kangwei was a private equity investor and had conducted many acquisitions of game companies.
This experience is noteworthy because the gaming industry has been an important market for Huida GPUs before the rise of generative AI. Kangwei may have already entered the business circles related to Huida through game company acquisitions and investment activities.
In addition, Huang Le and Kang Wei’s capital network has also been involved in Hong Kong-listed gaming company 7Road Holdings. In 2019, Seventh Avenue acquired Osmanthus, a game developer held by Huang Le through the offshore company Maple Vale Limited, for RMB 1 billion, involving game businesses such as "Legend of the Age".
Seventh Avenue's overseas subsidiary 7Road International, originally established in Singapore, was later transferred to Huang Le Limited controlled by Huang Le in 2023 and was renamed Megaspeed International.
Kang Wei was subjected to criminal coercive measures by Shanghai police for suspected stock manipulation
"Caixin" quoted people familiar with the matter as saying on November 10 that Kang Wei has been involved in capital operation controversies in recent years and is under criminal investigation for suspected manipulation of the stocks of listed companies.
According to reports, Kang Wei was subject to criminal coercive measures by the Shanghai Public Security Bureau before the 2026 Lunar New Year.
The so-called criminal coercive measures are legal measures taken by the public security organs in China's criminal proceedings to ensure the progress of investigations and proceedings. They may include bail pending trial, residential surveillance or criminal detention, etc., and cannot be directly equivalent to a conviction or sentence. Public reports have not yet provided the complete case number, specific charges and court verdict.
The news also brought more attention to the business network of Huang Le and Kang Wei. In the past, the two jointly operated private equity funds and participated in the mergers and acquisitions of game companies. Later, they entered the Singapore AI computing power and GPU procurement market, and their capital activities spanned China, Hong Kong and Southeast Asia.
The Financial Times also pointed out that in early 2025, Huang Le and his business partner Kang Wei promoted the Southeast Asia data center plan to Chinese investors, seeking hundreds of millions of dollars in investment. The two told investors that obtaining Huida GPU was not a problem and used Alibaba as a potential customer and basis for business cooperation.
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