Alice Huang Tied to Chinese Financier Kang Wei for a Decade, as Reports Say Nvidia Scandal Figure Is Married

SHANGHAI — Alice Huang, the businesswoman at the center of the scandal involving Nvidia Chief Executive Jensen Huang, worked closely for nearly a decade with a Chinese financier who has been penalized several times by China's securities regulator, according to the Financial Times. Chinese financial outlet Caixin reported that the two are married.

The reports add to the scrutiny of Alice Huang, also known by her Chinese name Huang Le. U.S. intelligence officials reportedly suspect her of passing information to Beijing. Jensen Huang admitted on Sunday that he had been unfaithful to his wife, and Nvidia's board has opened an independent investigation.

Alice Huang has not commented publicly on any of the reports.

A decade-long partnership

The FT reported on Tuesday that Alice Huang worked for nearly 10 years with Kang Wei, the founder of Shanghai Hexi Investment Management Co., known in English as Hexi Capital. According to the FT, the pair were widely regarded as an influential couple in Chinese financial circles, and some people who knew them personally understood them to be married.

Caixin, citing multiple sources, reported that the two are in fact husband and wife.

People who knew them described Alice Huang as outgoing, well connected and successful, and Kang as more reserved, the FT reported.

Kang was once one of the rising stars of Chinese asset management. He became general manager of Zhonghai Fund in 2007 at age 32 and was described at the time as the youngest head of a Chinese fund company. He left the public fund industry and founded Hexi in 2010.

Alice Huang joined Hexi in 2015, after earning a master's degree in media studies from Hong Kong Baptist University in the mid-2000s and moving into finance. According to Caixin, Kang held about 48.75% of the firm's shares, Alice Huang about 25% and another partner, Zhu Xiaoming, about 26.25%. Her stake was transferred to her by Kang, Caixin reported. After Zhu left in 2017, Kang and Alice Huang jointly ran the firm.

The FT also reported that Alice Huang's sister, Huang Wei, was listed as a director and investor in companies involving both Alice Huang and Kang.

It is unclear whether Alice Huang still has any role at Hexi. When the FT visited the firm's Shanghai office this week, a company representative said neither she nor Kang worked there anymore and that she had left in 2017.

Regulatory penalties and a reported detention

China's securities regulator fined Kang a total of 2.9 million yuan in decisions issued in 2018 and 2025, finding that he used several investment vehicles to gain control of companies without proper disclosure.

Caixin reported that Shanghai police detained Kang around the Lunar New Year holiday earlier this year in a suspected stock-manipulation case. The FT said it could not independently verify the detention.

From finance to AI data centers

The partnership continued after Alice Huang turned to artificial intelligence.

In 2019, according to Caixin, Chinese gaming company 7Road agreed to pay 1 billion yuan for 12 gaming businesses through an offshore structure in which Alice Huang was the registered shareholder and Hexi was the ultimate controlling party.

In 2023, Alice Huang and her partners bought Megaspeed, a Singapore unit of a Chinese gaming company, with plans to turn it into an AI data center business. The FT reported that she and Kang later worked together to raise money for new data center projects in Southeast Asia. In early 2025 they pitched Chinese investors on a project worth hundreds of millions of dollars, promoting their access to Nvidia graphics processors.

The pair used a members' club at the Radisson hotel in Shanghai to meet potential investors and partners, according to the FT. In Singapore, Alice Huang introduced herself using the surname "Wong," the Cantonese spelling common in the city-state, rather than the Mandarin "Huang."

Megaspeed under investigation

Megaspeed has been under scrutiny over possible diversion of Nvidia chips to China. Singapore police have confirmed an investigation into the company for suspected breaches of local law but have not given details. Megaspeed has said it operates from Singapore and complies with all applicable regulations, including U.S. export controls.

The FT reported that Alice Huang has not appeared in public since Singapore authorities disclosed the Megaspeed investigation late last year.

Singapore's government has drawn a distinction between the company and Alice Huang. In a statement responding to a Wall Street Journal report, the Ministry of Home Affairs said Singapore officials had not expressed concern about her ties to Jensen Huang or about her being an alleged Chinese intelligence source. "And there were no such investigations conducted in respect of Alice Huang," the ministry said.

Questions over age and background

Questions about Alice Huang's personal history are also spreading online. Hong Kong's Sing Tao Daily reported on Wednesday that photos said to be from her high school years, and others reportedly taken in Shanghai, were circulating on Chinese social media.

Class records posted online suggest she enrolled in the high school program at Jiangnan Middle School in Xiangtan, in China's Hunan province, in 1993. If accurate, that would put her birth year around 1977, making her 49, older than the 42 widely reported. The authenticity of the records and photos has not been verified.

A social media account that posted some of the images claimed that before moving to Singapore she was involved in shell company deals linked to stock listings in mainland China. Her reported past jobs at Hunan Satellite TV and China Central Television have also not been independently verified.

The Nvidia investigation

The New York Times reported that U.S. intelligence agencies believe Alice Huang was recruited by China's Ministry of State Security and passed information to Beijing.

In an email to employees on Sunday, Jensen Huang did not name her but admitted to an affair. "I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did," he wrote.

Nvidia's board said a committee of independent directors, working with outside counsel, will lead the review. "While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board's inquiry will examine all available information," the board said.

China has rejected the espionage allegations. Foreign Ministry spokesperson Guo Jiakun called them "entirely groundless, speculative and intended to smear and malign China."

The latest reports widen the questions about the woman at the center of the case, from her business ties in Shanghai to her role at a Singapore company under police investigation, as investigators in several countries look into her links to one of the world's most powerful technology executives.