Analysing Huang Le's Chip Transactions: Where Does the Money Come From? Who Receives the Goods?

Chinese internet writer Cui Chenghao shared a group photo from his high school graduation on social media platform X, noting that Huang Le attended the Jiangnan Machinery Factory Children’s School, Class 9305 in Hunan. (Excerpted from Cui Chenghao's X account)

[People News] Chinese businesswoman Huang Le has utilised her connection with NVIDIA CEO Huang Renxun to assist affiliated companies in acquiring high-end chips. Since 2023, Huang Le's business network has facilitated transactions involving NVIDIA chips worth at least $7.5 billion, encompassing around 240,000 H100, H200, and A100 chips. Investigators are particularly focused on the sources of funding for these transactions, the ultimate customers, and the influence of Huang Le's personal relationship with Huang Renxun on the procurement process.

Radio Free Asia reported that The Information, an American outlet specialising in technology and business news, cited two individuals who know Huang Le, stating that she, along with her husband and sisters, has been procuring NVIDIA chips through several companies based in China and Singapore. A follow-up report by Reuters noted that it could not independently verify these claims; as of the time of their report, NVIDIA had not responded to requests for comment.

Mr Liu, who is knowledgeable about the chip industry in Zhejiang, told RFA in an interview this Wednesday that the recent media focus on Huang Le's background has missed a crucial question: is she conducting business for herself or acting on behalf of the Chinese Communist Party? He emphasised that this is the primary concern for the U.S. government, with the key issue being who provides the funding for procurement and who ultimately receives the chips.

Where Does the Procurement Funding Come From?

Mr Liu identified Alibaba and its affiliated companies as the source of funding. He stated, "Huang Le obtained high-end chips from Nvidia through Huang Renxun, which were then provided to Alibaba. This multi-billion-dollar funding originated from Alibaba or companies under its control. Alibaba is no longer just a private enterprise; it holds significant strategic importance in the eyes of the Chinese Communist Party."

Mr Liu expressed scepticism about Huang Le, who is known for her flamboyant and boastful nature, being a professional spy. However, he noted that her business activities could play a crucial role in assisting the Chinese Communist Party in acquiring advanced chips. He recommended that investigations continue to ascertain whether Huang Le leveraged her relationship with Huang Renxun to gain policy insights from the Trump administration and to advocate for the relaxation of restrictions on China.

In early January of this year, Beijing instructed certain technology companies to halt orders for the H200. On January 14, Reuters reported that Chinese customs had received directives prohibiting the entry of H200 chips, and domestic tech firms were also instructed to refrain from procurement unless absolutely necessary.

Nevertheless, on January 28, Reuters reported that Beijing had conditionally approved Alibaba, Tencent, and ByteDance to procure a total of over 400,000 H200 chips. Prior to this, some Chinese companies had already sourced American high-end chips through overseas channels.

Mr Liu indicated that the Chinese Communist Party's restrictions on importing the H200 may be linked to overseas procurement channels. He remarked, "The Ministry of Commerce's import restrictions are likely connected to procurement routes that can smuggle high-end chips from Nvidia. The total value of 400,000 H200 chips is estimated to exceed 10 billion US dollars. If all were sourced from Huang Le, it would easily attract the attention of the United States. Therefore, some chips are imported through public channels or from Hong Kong companies, while others come from various regions in Southeast Asia." 

Can personal connections facilitate supply? 

Shanghai Century Litong Data Service Co., Ltd., which is linked to Huang Le's business network, was established in June 2023 and became a preferred cloud service partner of Nvidia in October of the same year, thereby qualifying for priority chip procurement. According to a report by The Information, when certain orders faced export restrictions, Huang Le managed to secure supplies through his connections with Nvidia and its distributors. 

Huang Le was also the controlling shareholder of the Singapore cloud computing firm Megaspeed and held an executive position in its Indonesian subsidiary. A review of trade records by Reuters revealed that the Indonesian subsidiary imported H100 processors and related hardware between 2024 and 2026, but it was emphasised that the shipments to Indonesia do not, in themselves, indicate a violation of US export controls.

Mr Zhang, a senior media figure in China, informed Radio Free Asia that, according to his understanding of the country's situation, the contacts between Huang Le and Huang Renxun have long been monitored by national security. He stated, 'She definitely has connections with national security, but strictly speaking, she is not an official staff member. National security recruits individuals they deem valuable to act as informants, which is certain. She may have become an informant through some channel, allowing her to get close to Huang Renxun and undertake tasks for national security.'

The private equity background reveals the connection between Kang Wei and Hexi Investment.

Prior to her entry into the semiconductor industry, Huang Le worked in China's private equity investment sector. Kang Wei was the general manager of China Ocean Fund, a public fund management company, in his early career and founded Shanghai Hexi Investment Management Co., Ltd. in 2010. In April 2014, Hexi Investment obtained its registration as one of the first private fund managers. In November 2015, Huang Le joined the management team as deputy general manager, executive director, and member of the investment decision-making committee. From 2016 onwards, she took on the role of investment manager for several private equity funds.

According to Caixin, informed sources have indicated that Huang Le and Kang Wei are married, but their relationship status in recent years remains unclear. Reports suggest that Kang Wei was subjected to criminal coercive measures by the Shanghai police around the Spring Festival of 2026 due to allegations of stock manipulation.

Ms Wu, who is knowledgeable about the operations of private equity funds in China, told reporters that she has been involved in private fund management since 2000 and has interacted with operators from influential family backgrounds. She remarked, 'I know several individuals whose fathers are members of the central committee, some at the vice-national level. After 2012, they began to operate behind the scenes to avoid accountability.'

Ms Wu considers Kang Wei a potential manager for the private funds of children of high-ranking Chinese officials. She remarked, "If the funding chain breaks, investors may call the police for help or be exposed for stock market manipulation, which constitutes criminal behaviour. After Kang Wei was arrested, Huang Le quickly distanced himself from Kang and left China."

Huang Le's Middle School and Educational Background Revealed

Recently, Chinese internet writer Cui Chenghao shared a graduation group photo on social media platform X, claiming that Huang Le attended the Jiangnan Machinery Factory Secondary School in Xiangtan, Hunan, now known as Nanzhushan Town Jiangnan Middle School, where he was a student in Class 9305. In the photo, a girl sitting in the front row is highlighted with a red circle, and there is a corresponding mark on the graduation list.

Cui Chenghao further stated that Huang Le later enrolled at Hong Kong Baptist University, where he earned a master's degree in media management. The details regarding his middle school experience, educational background, and the identities of the individuals in the photo have not yet been independently verified.

The board of NVIDIA has initiated an independent investigation to determine whether Jensen Huang has become a target of foreign intelligence operations, asserting that there is currently no reason to believe that U.S. national security information or company trade secrets have been compromised. This week, the Chinese Ministry of Foreign Affairs denied the espionage allegations against Huang Le.
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