1. Alice Huang (Huang Le), in her 40s, was a major shareholder and senior executive at Shanghai Hexi Investment, founded by veteran fund manager Kang Wei [para. 1][para. 2]. She and Kang were married and worked on gaming and data-center deals involving Zhejiang Century Huatong and 7Road before she moved to Singapore’s data-center firm Megaspeed [para. 3][para. 4].
2. Scrutiny came after Nvidia CEO Jensen Huang’s Nov. 8 email admitting infidelity; the board began an independent investigation [para. 6]. The New York Times identified Alice Huang as a Megaspeed executive and said U.S. intelligence believed she was a Chinese intelligence asset; China rejected the allegation as a smear [para. 5][para. 7].
3. Huang entered finance in 2008 at HSBC and later Citic Securities [para. 10]. In November 2015 she joined Hexi as deputy general manager and investment-committee member; Hexi had ties to Citic, whose Hexi No. 6 fund raised over 1 billion yuan ($150 million) [para. 11][para. 12][para. 13]. She took a 25% stake from Kang, who kept 48.75%, with Zhu Xiaoming holding 26.25% [para. 14].
4. Kang, now 51, led Zhonghai Fund at 32 in 2007 and founded Hexi in 2010 [para. 15][para. 16]. Huang became a close partner from late 2016; after Kang and Zhu split in 2017, Zhu left and lawsuits followed [para. 17][para. 18].
5. In 2014, Hexi invested 20 million yuan in Century Huatong, buying about 2.79 million shares at 7.17 yuan each; holdings doubled to 5.58 million [para. 20][para. 21][para. 23]. By September 2017 the stock reached 34.20 yuan, making the stake worth over 190 million yuan — an unrealized gain of about 171 million, more than eight times the investment; bonus distribution fueled the Kang-Zhu conflict [para. 24][para. 25].
6. Century Huatong sold Hangzhou Shengfeng to a Hexi-linked, Kang-controlled partnership for 500 million yuan, generating an after-tax gain of 413 million yuan [para. 26][para. 27][para. 28]. Hexi entities later joined Century Huatong’s data-center push: in 2020, Century Huatong raised over 9 billion yuan for Shanghai Longrui, a Tencent-linked project planned at up to 45 billion yuan; in March 2021, a 50.1% Longrui stake was sold to GLP for 4 billion yuan [para. 29][para. 30][para. 31][para. 32]. Hexi also joined data-center projects in Shenzhen and a proposed 8.2 billion yuan Wuhu park [para. 33].
7. Hexi-linked investors were part of 7Road’s ownership after its 2015 acquisition from Changyou, before its 2018 listing [para. 35][para. 36]. In 2019, 7Road agreed to pay 1 billion yuan for 12 gaming companies via an offshore structure involving Huang and Maple Vale; Huang was registered shareholder, while Hexi was the ultimate controlling party [para. 37][para. 38]. The assets included Hangzhou Shengfeng [para. 39]. In March 2023, Megaspeed’s shares were transferred to Huang Le Ltd., and she became managing director; about eight months later shares moved to Swiftdata and she left the board, though The Wall Street Journal reported continued control [para. 42][para. 43][para. 44].
8. Regulators found Hexi failed to aggregate Huiqiu shareholdings that exceeded 5% and reached 8.3% in March 2015, after a fund helped Gu Guoping finance a stake with 150 million yuan of Citic financing against a 50 million yuan deposit; combined funding exceeded 1.8 billion yuan [para. 48][para. 49][para. 50][para. 51]. In 2018, the CSRC fined Hexi 17.7 million yuan and Kang 400,000 yuan [para. 52]. Hexi also acquired economic rights to a 24.31% Phicomm stake for 450 million yuan with a 35% repurchase premium, unfulfilled after Gu’s illegal-fundraising scandal [para. 53][para. 54].
9. In 2020, Kang-controlled vehicles agreed to buy 29.91% of Hollyland for about 927 million yuan; Tang Qiqing’s stake was financed largely by Kang [para. 55][para. 56][para. 57]. The regulator found Kang had significant influence, but the company named Tang sole controller [para. 58][para. 59]. The CSRC fined Kang 2.5 million yuan and Tang 1.5 million in August 2025; Kang was warned in June 2026 [para. 60][para. 61]. Shanghai police detained Kang around Lunar New Year on suspected stock manipulation [para. 62][para. 63]. Hexi now manages 1–2 billion yuan with 11 staff and funds stuck in liquidation [para. 64].
AI generated, for reference only
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