The controversy surrounding Nvidia CEO Jensen Huang has taken an intriguing turn, with new details revealing how Alice Huang built her business network in China long before entering the AI industry. A Financial Times report has traced her nearly decade-long partnership with Chinese financier Kang Wei, who was repeatedly penalised by Chinese regulators for stock market violations.
The two reportedly shared both a business and romantic relationship while building ventures across China's financial sector and Southeast Asia's AI computing market.Their association is now drawing attention because of the questions surrounding Alice Huang's reported relationship with the Nvidia chief and her involvement in Megaspeed, a Singapore-based company being investigated over suspected chip smuggling to China.Kang founded private equity firm Hexi Capital in 2010, and Alice Huang joined it in 2015. China's securities regulator fined him in 2018 and 2025, imposing penalties totalling 2.9 million yuan (around $434,600).
The violations involved using multiple investment vehicles to gain control of companies without making the required disclosures.Chinese financial publication Caixin also reported that Kang was detained earlier this year over alleged stock market manipulation. The FT said it could not independently verify the detention.
From a Chinese financier to an Nvidia-linked AI ventureAlice Huang's business career took several turns before she entered the AI industry. She started as a journalist at China's state-owned broadcaster CCTV, later worked at HSBC and Citic Securities, and joined Hexi Capital in 2015.
Her sister, Huang Yu, was also listed as a director and investor in companies connected to Alice and Kang.Even after moving into AI, Huang reportedly continued to have business dealings with Kang. In 2023, the two and their partners acquired Megaspeed, a Singapore-based subsidiary of a Chinese gaming company, and converted it into an AI data centre business.
Huang joined its management team as a senior executive. The timing was significant.
US export restrictions had blocked shipments of Nvidia's most advanced chips directly to China, creating demand for computing capacity in nearby markets. Huang and Kang used this opportunity to approach investors in Shanghai, pitching their ability to secure Nvidia GPUs and their connections with Chinese technology giant Alibaba.
Alibaba also had a financial connection with Megaspeed. In 2024, it extended a loan to the company through a Singapore-based entity.
The business connections have become more sensitive following Singapore's investigation into Megaspeed, announced in October 2025, over suspected chip smuggling to China. The case has also brought Alice Huang's reported relationship with Jensen Huang under greater scrutiny.
She met the Nvidia co-founder while working at Megaspeed, although the exact timeline of their personal relationship remains unknown.US intelligence agencies reportedly believe Alice Huang may have become an asset for China's Ministry of State Security (MSS). The FT also reported that the Chinese agency sought information about her business activities and connections earlier this year.
However, it remains unclear whether she is suspected of any wrongdoing.Beijing has rejected the spying allegations, calling them groundless and defamatory. Alice Huang has not appeared in public since Singapore announced its investigation.
People familiar with her believe she has returned to China. The FT said it could not reach her, as her WeChat and email accounts had been deleted.- Ends