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November 13, 2026<\/p>\n
SINGAPORE <\/strong>\u2013 A Singapore company owned by Chinese tech giant Alibaba had a financial arrangement with the Malaysian subsidiary of Megaspeed International, a major Nvidia chip buyer under scrutiny over the possible diversion of advanced artificial intelligence chips to China.<\/p>\n Corporate records obtained by The Straits Times show that Speedmatrix, Megaspeed\u2019s Malaysian subsidiary, pledged specified IT and network equipment, intellectual property and related rights to Apex Enterprise Solutions (Singapore) under an agreement dated June 18, 2024. The arrangement gave Apex security over the assets should Speedmatrix fail to meet certain contractual obligations.<\/p>\n Malaysian corporate records show that the arrangement remained active as at Nov 11, 2026.<\/p>\n The financial connection was highlighted in a May report by US short-seller Culper Research, which alleged that Alibaba may have channelled billions of dollars through Apex to finance Megaspeed\u2019s purchases of Nvidia chips.<\/p>\n The research firm, which had taken a position that would benefit from the fall of Nvidia\u2019s share price, suggested that Alibaba had provided the funds to Apex, which may have passed a substantial portion to Megaspeed for distribution to its overseas subsidiaries.<\/p>\n Apex was incorporated in Singapore in July 2023 and it is registered at Lazada One in Bras Basah Road, which is leased by Alibaba and its South-east Asian online shopping unit, Lazada Group.<\/p>\n Accounting and Corporate Regulatory Authority records show that Apex\u2019s immediate holding company is Cloud Intelligence (Cayman) Holding.<\/p>\n Its ultimate holding company is Alibaba Group Holding, which is incorporated in the Cayman Islands and has contractual rights to Alibaba China\u2019s profits.<\/p>\n Apex, in its audited financial statement for the financial year ended March 31, 2025, described its business activity as \u201cproviding procurement activities\u201d.<\/p>\n Its corporate records also showed that Yuan Qian served as a director from August 2023 to August 2025.<\/p>\n The name matches the Chinese name of Selina Yuan, a former Alibaba executive who has headed Alibaba Cloud\u2019s international business in Singapore, but ST has not independently confirmed that she is the director named in Apex\u2019s records.<\/p>\n Apex\u2019s current directors are Gong Zhengyuan, Zhu Bofu and Madelyn Kwang Yeit Lam, a Singaporean who also serves as the company secretary.<\/p>\n Kwang has also been listed as a director and secretary of Alibaba Cloud (Singapore) since 2016. She did not respond to ST\u2019s queries.<\/p>\n Apex\u2019s auditor is PwC. When contacted, a spokesperson said: \u201cThis relates to a client matter, we are therefore unable to comment.\u201d<\/p>\n The Financial Times reported in November that Alibaba was one of Megaspeed\u2019s major customers for its South-east Asian cloud service operation.<\/p>\n Alibaba and Megaspeed did not respond to ST\u2019s queries on the nature of their commercial relationships and whether the relationships have remained intact with investigations into Megaspeed.<\/p>\n Megaspeed\u2019s overseas network<\/strong><\/p>\n Megaspeed owns seven subsidiaries across five overseas markets, according to its financial statements for 2024, which are its latest publicly available records.<\/p>\n Three are in Malaysia: Speedmatrix, Megaspeed International Sdn Bhd and MSFusion. All three are private limited companies.<\/p>\n Speedmatrix and Megaspeed International Sdn Bhd were described as cloud-hosting service providers. MSFusion was classified as dormant at end-2024, but it entered a RM263.2 million (S$82.8 million) agreement to buy a site in Johor for a proposed data centre, according to the seller\u2019s bourse filing in August 2025.<\/p>\n Megaspeed also owned 99.99% of Megaspeed (Thailand) and 99% of PT Megaspeed International Indonesia, both cloud-hosting businesses.<\/p>\n The other two Megaspeed\u2019s wholly owned subsidiaries are in Australia and the US.<\/p>\n Megaspeed\u2019s latest shipment recorded on corporate intelligence platform Sayari was to Speedmatrix \u2013 an Nvidia baseboard for high-performance graphics processing units, which arrived on Nov 18, 2025.<\/p>\n The top receivers of Megaspeed\u2019s shipments were Speedmatrix and PT Megaspeed International Indonesia, according to Sayari.<\/p>\n Official scrutiny<\/strong><\/p>\n Megaspeed has attracted international attention because of its massive purchases of Nvidia\u2019s advanced AI chips, some of which are subject to US export restrictions intended to limit China\u2019s access to powerful computing technology.<\/p>\n The US authorities began investigating Megaspeed over suspicions that it breached US chip export restrictions in late 2024.<\/p>\n The Singapore police confirmed in October 2025 that they were investigating Megaspeed over \u201csuspected breaches of our domestic laws\u201d.<\/p>\n The firm drew more scrutiny in late October 2026, when news broke that the US was concerned about Nvidia chief executive Jensen Huang\u2019s close ties to Alice Huang, also known as Huang Le, Megaspeed\u2019s former director and managing director.<\/p>\n On Nov 8, Jensen Huang admitted to having an affair. He resigned on Nov 12.<\/p>\n Access to Megaspeed\u2019s office at Ocean Financial Centre is restricted. It showed no signs of activity when ST visited the office in October 2025. A tenant then told ST the office was empty \u201cfor as long as it has been\u201d there.<\/p>\n On Nov 11, ST visited the registered address of Swiftdata, the little-known Singapore company that owns Megaspeed, and found it seemingly occupied by an interior design firm, whose co-founder denied knowing Swiftdata, Megaspeed or any of their affiliates.<\/p>\n ST was unable to contact Swiftdata or its sole director Tan Yong Pong, who was appointed Megaspeed\u2019s director in 2023 on the day Alice Huang left the board.<\/p>\n A statement on Megaspeed\u2019s website posted on Nov 12 said it has engaged a US law firm to \u201clead a comprehensive census of its graphics processing units and independently verify its export control compliance practices\u201d.<\/p>\n The statement was attributed to Tan, who signed off as the company\u2019s chairman and chief executive.<\/p>\n<\/div>\n November 13, 2026 SINGAPORE \u2013 A Singapore company owned by Chinese tech giant Alibaba had a financial arrangement with the Malaysian subsidiary of Megaspeed International,…<\/p>\n","protected":false},"author":1,"featured_media":99170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-99169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/99169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=99169"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/99169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/99170"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=99169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=99169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=99169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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