According to Chinese corporate records and media reports, it worked like this: Alice Huang, whose Chinese name is Huang Le, sold a company she owned to a Chinese gaming company called 7Road.

A subsidiary of 7Road, which was based in Singapore, was spun off as “Megaspeed” in 2023.

Megaspeed would go on to become a key NVIDIA customer, purchasing billions of dollars worth of advanced chips.

But as early as 2016, Alice Huang had become a co-owner of a financial firm known as Shanghai Hexi, which heavily invests in tech and data centers.

Hexi in turn acquired 27 percent of a company called Century Longteng, a data center developer, which Hexi held until 2024.

That firm owned a controlling 50.1 percent stake in a data center facility called Shenzhen Yifeng Technology Co., Ltd. in mainland China.

The sole customer of that data center was Huawei Cloud, the Shenzhen based subsidiary of Huawei Technologies.

In addition, Alice Huang’s firm Hexi guaranteed the loans required to finance the Shenzhen data center, which did business with Huawei.

It’s not clear if the Shenzhen data center was able to acquire NVIDIA GPU’s, but its majority owner began purchasing the chips in 2023. That company is known as Century Huatong, and is a business partner of Alice Huang’s Hexi.

Here is the full network, as described in Chinese corporate records and media reports.