The inside story of Huang Renxun’s cheating can’t be hidden! The 40-page report of the short-selling agency has long been revealed

Huida CEO Huang Renxun recently admitted to having an extramarital affair and being unfaithful to his wife and publicly apologized, drawing attention to his relationship with Chinese woman Huang Le. In fact, as early as May this year, the US short-selling agency Culper Research released a 40-page report. In addition to questioning the actual scale of Huida's business in China, it also named Huang Renxun and Huang Le for their close contacts. It even quoted former Huida employees as saying that some people within the company had doubted whether the two had a "special relationship."

According to the Australian Financial Review (AFR), Huida’s share price had just hit a record high at that time, and the AI ​​investment boom continued to push up the US stock market. However, Culper Research released a report on May 13, pointing out that Huida faces "significant China issues" and questioning the relationship between Huang Renxun and Megaspeed senior executive Huang Le.

Culper Research wrote in a report dated May 13 this year: "Huang Renxun not only endorsed Megaspeed, he seemed to have really been with Megaspeed all the way, and at the same time maintained an disturbingly close relationship with Megaspeed's Chinese Alice Huang (aka Huang Le)."

Jen-Hsun Huang endorses Megaspeed

Culper wrote in the report that Huang not only endorsed Megaspeed, but seemed to have walked side by side with the company at every stage of its development, while also maintaining an "uncomfortably close relationship" with Huang Le. The report pointed out that Huang Renxun had been seen attending parties and social activities with Huang Le on many occasions, and some Huida employees even privately doubted whether the two had a "special relationship."

Culper pointed out in the report that although Huida claims that its business in China has been significantly reduced due to the impact of U.S. export controls, the demand for chips that originally went to China may change hands through Southeast Asian companies and middlemen.

The report named Megaspeed, saying that this company headquartered in Singapore is one of Huida's important customers in Asia, with a purchase amount of US$4.8 billion in just two years. Megaspeed was established in 2023 and was renamed after the Chinese gaming and cloud computing company 7Road spun off its overseas business.

The report also quoted a current Megaspeed employee saying that Huang visited data centers related to Megaspeed "every few months" and was accompanied by Alibaba representatives "every time." The employee described the relationship between Megaspeed and Huang as "very close."

Report alleges Megaspeed funding comes from Alibaba

Culper further alleged that Megaspeed is ostensibly a Singaporean company, but may have received funding from the Chinese technology giant Alibaba through a series of shell companies. The report cited financial information and pointed out that Megaspeed's total liabilities and shareholders' equity surged from US$33 million at the end of 2023 to approximately US$3 billion at the end of 2024, a large part of which was refundable deposits from unknown sources.

The Financial Times also reported on Monday (9th) that documents showed that Alibaba had provided loans to Megaspeed through its subsidiaries, bringing renewed attention to questions about capital transactions raised by Culper.

At that time, Culper questioned that the Chinese market business that Huida had originally lost due to U.S. export controls might flow back to China through Southeast Asian pipelines. In April last year, U.S. President Trump’s administration tightened export restrictions on China’s high-tech products. One of its purposes was to prevent Beijing from obtaining Huida’s most advanced AI chips, so as to avoid further improving China’s artificial intelligence capabilities in civilian and military fields.

Recently, foreign media reported that U.S. intelligence agencies discovered through surveillance that Alice Huang may not only help China obtain controlled chips, but is also believed to directly pass intelligence to Beijing.

U.S. officials are worried that through her relationship with Huang, she may have access to Huida's operational information and even information about the U.S. government's chip export policy to China. Earlier this year, U.S. officials wrote a memorandum based on information obtained by intelligence agencies. The content was that Huang Renxun was suspected of having had a relationship with Huang Le.

Culper also mentioned the intersection between Huang Renxun and Huang Le many times in his report. The report pointed out that the past exchanges between the two people included Huang Renxun and Huang Le attending a social gathering in June 2024, which happened to be the same time as the submission of pledge documents related to Apex and Alibaba; in May 2025, the two had dinner together in Taiwan, only a few weeks before the United States announced new trade restrictions.

The mysterious woman in gray was photographed with Huang Renxun many times in 2022

During Huang Renxun's visit to Taiwan in May 2025, he was photographed dining with Huang Le and others. Culper pointed out that local media had extensively reported on Huang Renxun's visit to Taiwan, and relevant footage showed that Huang Le, Hong Kong Vobile CEO Yangbin Wang, and another woman wearing gray clothes who appeared to be an assistant were also present when Huang Renxun was dining.

It is worth noting that Culper added in a footnote at the end of the article that this unidentified woman had been photographed with Huang Renxun many times as early as November 2022, but the report did not further clarify her identity.

Culper quoted anonymous sources as saying that Huang Renxun and Huang Le have a very close relationship, and some former Huida employees have speculated whether the two have a special relationship.

However, when Culper released the report in May, it did not confirm that the two had an extramarital affair. The relevant content mainly quoted anonymous sources and former Huida employees, raising questions about the close relationship between the two.

Nearly half a year later, after Huang Renxun's extramarital affair broke out, Huida's board of directors issued a statement on November 8. On the same day, Huida's board of directors announced the establishment of a committee composed of independent directors, with external lawyers assisting in the investigation to clarify whether Huang Renxun has become the target of foreign intelligence operations.

In addition, U.S. President Trump also pointed out that he had a phone call with Huang Jen-Hsun and stated that the other party had "no idea" that the person he was having an affair with was a Chinese spy, and said that the FBI was investigating.