Chinese securities authorities have penalised financier Kang Wei 2.9 million yuan (₹4.07 crore) across two enforcement actions and detained him on suspicion of stock market manipulation, illuminating a decade-long financial partnership with Alice Huang.
Huang, who recently drew global attention over reported connections to Chinese intelligence and her relationship with Nvidia chief executive Jensen Huang, ran private equity operations alongside Kang long before steering Southeast Asian artificial intelligence infrastructure.
The sanctions trace a pattern of covert corporate takeovers. Regulators in Beijing penalised Kang in 2018 and again in 2025 after investigators established that he deployed multiple front entities to seize corporate control without filing statutory ownership disclosures. The initial regulatory decree explicitly cited his executive tenure at Hexi Capital, an investment vehicle he launched in 2010. Authorities took Kang into custody earlier this year.
Huang operated at the centre of Kang's financial network. For nearly ten years, the pair managed capital together, maintained an undisclosed romantic relationship, and moved through Shanghai and Beijing finance circles where peers widely assumed they were husband and wife.
Huang started far from high-stakes private equity. Born in rural Hunan province, she secured her first media post as a reporter with state television broadcaster CCTV.
She pivoted south in the mid-2000s. She enrolled in Hong Kong Baptist University to complete postgraduate media studies, earning a reputation among classmates as driven, affable, and intensely ambitious. From academia, she broke directly into institutional finance, logging tenures on HSBC's payroll and Citic Securities' credit trading desk.
She joined Kang at Hexi Capital in 2015. The firm funnelled capital into domestic gaming ventures and consumer tech before pivoting toward commercial data facilities.
Yet the precise timeline of her departure remains disputed. A Hexi Capital representative claimed she severed ties with the partnership in 2017. Corporate investors tell a different story. One institutional backer confirmed Huang handed out official Hexi Capital executive business cards during commercial negotiations as recently as last year.
American trade restrictions changed their business model overnight. When Washington barred Nvidia from shipping its high-performance graphics processors directly to mainland buyers, Chinese tech conglomerates scrambled to secure remote computing capacity hosted in third-party hubs.
Huang spotted the arbitrage. In 2023, she and an investor syndicate acquired Megaspeed, an established Singapore-based operating unit of a Chinese gaming company. They gutted its gaming operations, installed Huang in senior executive management, and retooled the venture to buy and rent high-density AI servers across Singapore and Malaysia.
She altered her identity during the expansion. Corporate filings showed her using the name Alice Wong, swapping the Mandarin pinyin spelling of her surname for Cantonese phonetics to downplay her mainland background. Her sister, Huang Yu, stepped in alongside her, taking board seats and equity stakes across holding entities tied to Huang and Kang.
The partnership continued pitching investors even as Kang's regulatory record deteriorated. In early 2025, the pair hosted prospective mainland backers inside a private Shanghai club to raise equity for Southeast Asian data centres. They brandished two commercial assets: guaranteed allocations of Nvidia processors and enterprise backing from Alibaba.
They never disclosed their domestic romantic ties to the room.
Huang had laid the groundwork months earlier. She sat in on Megaspeed’s initial vendor meeting with Nvidia in 2023, maintaining an unassuming, quiet posture while colleagues pitched their enterprise contract with Alibaba. Jensen Huang did not attend the session. In 2024, Alibaba reinforced the alliance, issuing a formal loan to Megaspeed through an offshore Singapore subsidiary.
| Business Entity / Individual | Role & Regulatory Status | Capital / Legal Detail |
|---|---|---|
| Kang Wei | Founder, Hexi Capital | Fined 2.9 million yuan (₹4.07 crore); detained for market manipulation |
| Alice Huang (Alice Wong) | Senior Executive, Megaspeed | Under scrutiny; unobserved publicly since October 2025 |
| Huang Yu | Director & Investor | Named across corporate entities tied to Huang and Kang |
| Megaspeed (Singapore) | AI Data Centre Operator | Subject of active Singapore chip diversion inquiry |
Geopolitical scrutiny caught up with the enterprise in late 2025. Singapore authorities opened an active cross-border investigation into Megaspeed in October 2025, probing whether the company served as an illicit conduit to divert restricted Nvidia processors into mainland China.
Security agencies entered the frame shortly after. Operatives from China's Ministry of State Security approached Megaspeed leadership earlier this year, questioning personnel regarding Huang's commercial operations, foreign connections, and corporate structure.
Beijing forcefully rejected accusations that Huang acted as a state intelligence asset. The Ministry of Foreign Affairs dismissed the claims as groundless fabrications designed to smear Chinese enterprise abroad.
Huang has not appeared in public since Singapore launched its enforcement probe in October 2025. Business associates believe she crossed back into mainland territory as international investigations closed in.
| Alibaba Group | Commercial Lender | Issued 2024 enterprise loan via Singapore entity |