Companies Linked to Wong Wai Man Purchased Smuggled Nvidia Export-Banned Chips in Shanghai
nashnova research
Documents reviewed by Bloomberg show a Shanghai company founded by Alice Huang obtained restricted H800/H100/H200 chips through Nvidia's cloud-partner channel — 193 servers were pledged as 485 million yuan in loan collateral, exposing a systemic gap in Nvidia's NCP vetting process.
How did these chips reach China?
Singapore-based Aperia Cloud Services, an official Nvidia Cloud Partner (NCP), purchased 22 servers containing H800 chips from Dell — chips the U.S. banned from export to China in 2023.
The servers ended up inside an entity under Shanghai Longteng Intelligent Computing, a company Alice Huang founded roughly a decade ago, installed at a Shanghai data center.
This means → the smuggling route bypassed direct export, running through a grey channel: "authorized Nvidia partner buys hardware → hardware is redirected to a Chinese end-user."
What else did the collateral list reveal?
In January 2025, Shanghai Longteng filed collateral documents with China's central-bank credit system, pledging 193 servers worth a total of 485 million yuan (≈$73 million).
Beyond the Dell servers, the list included 52 servers made by Super Micro Computer containing H100 or H200 chips — both also requiring a U.S. license for export to China.
In plain terms = a single loan-collateral filing accidentally exposed a stockpile of restricted chips far larger than one smuggling batch.
What is Alice Huang's connection to the deal?
Huang transferred her Shanghai Longteng stake in 2017. The new majority shareholder, Huang Yu — reported by The Information to be her sister — held control through January 2026, covering the period when the servers were pledged.
The data center has multiple links to Megaspeed International, which Alice Huang founded in 2023.
The documents do not disclose how the chips were acquired, nor do they show Alice Huang's direct involvement in the transaction.
How did Dell and Super Micro respond?
Dell confirmed Aperia as a customer but halted all sales and support to Aperia in February 2025, citing "concerns about unauthorized transfers."
Super Micro did not directly address Bloomberg's query on the server serial numbers. It said the sales "complied with all applicable U.S. export and re-export control laws" and denied selling Nvidia chips to the Chinese companies involved or having any ties to the facility.
This reflects a visible gap between U.S. hardware makers' compliance statements and their actual tracking of where products end up.
What does this mean for Nvidia's NCP system?
The NCP in this smuggling chain is not the previously investigated Megaspeed — it is a separate partner, Aperia. This signals the vulnerability is systemic, not a one-off case.
Singapore prosecutors added a fifth defendant to the Aperia case this Friday. Nvidia said Aperia was no longer an active customer when its CEO was arrested and has been removed from the NCP roster.
This means → the documents are the most direct evidence yet that Nvidia's authorized channel was systematically exploited to circumvent U.S. export controls — and they hand fresh ammunition to the export-control legislation currently before the U.S. Congress.
市场有风险，内容仅供研究参考，不构成投资建议。