The Japan Times - Alice Huang Alleged Spy Case Ties Megaspeed to Nvidia Chips and Beijing

Alice Huang, the former director of Singapore-based technology group Megaspeed, has been identified as an alleged Chinese spy accused of facilitating the export of advanced artificial intelligence chips to Beijing. Her case exposes a tangled network of shell companies and high-profile connections, including a public relationship with Nvidia co-founder Jensen Huang, amid intensifying geopolitical tensions over semiconductor trade restrictions.

Megaspeed, which touts itself as a central player in the AI revolution, utilized Nvidia’s advanced silicon chips to power high-performance computing within vast data centers. However, authorities allege the company served a murkier purpose: under the guise of purchasing hardware for its Southeast Asian data hubs, Megaspeed allegedly helped Beijing circumvent trade restrictions by sending these sensitive chips into China.

The investigation has revealed that Huang’s influence extends from her nondescript Singapore office to the boardrooms of Silicon Valley and data centers across Southeast Asia. Corporate records show her direct involvement in the formation of Megaspeed. A company linked to her acquired the Singapore arm of Chinese video game developer 7Road International in early 2023. Almost immediately, the entity was rebranded as Megaspeed International.

Huang served as a Megaspeed director for less than a year, holding the role between March and November 2023. Her tenure coincided with a drastic transformation of the company’s fortunes. According to financial accounts filed in 2024, Megaspeed’s revenue jumped from zero to nearly US$300 million within 12 months. The value of its assets skyrocketed from $32 million to almost $3 billion over the same period.

Megaspeed reportedly traded in upwards of US$4 billion worth of Nvidia chips over two years. A single advanced AI computer chip can cost tens of thousands of dollars. A financial trail weaving through Singapore, Malaysia, and the Cayman Islands suggests the company’s business may have been boosted by connections to Chinese tech giant Alibaba.

Megaspeed has a Malaysian subsidiary that struck a deal in 2024 pledging assets to Apex Enterprise Solutions in Singapore as security for potential contractual breaches. Corporate data shows Apex is linked through a parent company to Alibaba Group Holding Ltd, a firm registered in the Cayman Islands. By that time, Huang was no longer registered as a director at Megaspeed.

Despite her removal from the director list, Singapore authorities stated she remained one of Megaspeed’s "key controllers." The ultimate holding company for Megaspeed is a Singapore firm called Swiftdata. Singapore businessman Tan Yong Pong, who has previously run printing and graphic design companies, is a director of both Megaspeed and Swiftdata.

When AFP visited Megaspeed’s office in the heart of the Singapore business district, no staff could be seen behind its locked glass doors. Neighbors told AFP they had not seen anyone come or go for months. Similarly, at a mall in a newly developed neighborhood in Johor, Malaysia, which is connected to Singapore by a bridge, no employees were present at the subsidiary Speedmatrix’s office.

Singapore police opened an investigation in February 2025 into Megaspeed and several other companies suspected of circumventing or violating export controls. Huang was interviewed as part of this probe. Although no charges were laid against her initially, she was barred from the city-state in February 2026 for providing inaccurate information to "downplay her role in Megaspeed," according to Singapore’s home ministry.

The scandal intensified when it was revealed that Huang and Nvidia boss Jensen Huang had been spotted together in public. In one of their early outings, they were seen mingling at an afterparty following the Computex trade show in Taiwan at the beginning of 2024. US investigators turned up at Megaspeed in June 2025 to carry out a "post-shipment verification," with Huang present, according to Singapore’s home ministry. That same day, Huang was interviewed by Singapore police who impounded her passport.

Donald Trump was briefed on the intelligence findings about their relationship well before it exploded into a public scandal. When asked if he regretted not acting on the information earlier, Trump stated, "No, I don’t think so. I think — you know, he’s an honorable guy."

The case has sparked national security fears as China and the United States compete for supremacy in artificial intelligence. Nvidia controls an estimated 90 percent of the market for chips used to train and run AI models. The US imposed rules in 2022 to restrict their sales to China. In recent years, Jensen Huang has emerged as a leading tech executive urging the lifting of those curbs.

Despite these restrictions, circumvention appears widespread. Procurement notices from September and October indicated that a Chinese university tied to the nation’s defense establishment was able to buy advanced Nvidia chips.

Alice Huang sits at the center of a complex corporate web connected to myriad shell companies, investment houses, and major Chinese technology firms. Corporate records filed in Hong Kong list her as a director of Nanjing Lingxing Technology, which operates the popular T3 ride-hailing platform in China. Other notable investors in Nanjing Lingxing Technology include Alibaba and Tencent, as well as state-backed carmakers like China FAW and Dongfeng Motor Group.

A corporate curriculum vitae published by a Chinese investment firm details Huang’s rapid ascent through Asian investment banking. It claims she served in a senior role at HSBC around 2012 before moving to stints at CITIC Securities and Shanghai Hexi Investment. Singapore business filings describe her as a Chinese citizen with a Hong Kong passport. Media reports indicate she was born in China’s landlocked Hunan province and left to study media in Hong Kong.

Singapore’s probe into Megaspeed remains ongoing. Separately, Malaysia announced it is investigating the company’s subsidiary Speedmatrix to determine if chips imported into the country had been exported to other jurisdictions. Megaspeed stated it has retained a US law firm to examine its compliance with export controls.

"Megaspeed takes its compliance obligations under US export control laws extremely seriously," the company said in a statement. Beijing has denied allegations of spying, and Megaspeed said it was investigating whether it had complied with export controls on the sensitive chips.

The investigation highlights the fragility of global supply chains for critical technology. As nations tighten controls on semiconductor exports, companies operating in neutral jurisdictions face increasing scrutiny over their ultimate beneficiaries and the end-use of their products. The case underscores the high stakes involved in the global race for AI dominance.

S.Fujimoto--JT