“Alice Hwang, long-time partner/lover with a financier who violated Chinese stock market regulations”

It was revealed that Alice Huang (Chinese name Huang Le <黃樂>), who was accused of being a Chinese spy and the affair partner of NVIDIA CEO Jensen Huang, had a long-standing partnership and romantic relationship with a financial businessman who had been caught violating stock market regulations several times in China.

According to the British daily Financial Times (FT) on the 10th (local time), Alice Huang worked with Kang Wei, founder of Hexi Capital, for almost 10 years.

Their collaboration continued even while Kang Wei was investigated several times in China for violating stock market regulations.

The official name of Hexi Capital is Shanghai Hexi Investment Management Co., Ltd.

This company was founded in 2010. Alice Huang joined in 2015.

According to a report by Chinese business media Caixin, when Huang joined, about 48.75% of the company's shares were held by Kang Wei, about 25% by Alice Huang, and about 26.25% by another partner, Zhu Xiaoming.

Among these, it is known that the shares held by Alice Huang were taken over from Kang Wei.

According to the FT, Kang Wei and Alice Huang were considered an influential couple in the Chinese financial world. Among those who had a personal relationship with them, there were cases where they thought they were a married couple.

Huang was evaluated as a person who was sociable, well-connected, and on the path to success, while Kang was considered a relatively introverted person.

The FT reported that Alice Huang's sister, Huang Yu, is also listed as a director and investor in the companies in which Alice Huang and Kang Wei are involved.

According to the FT, Alice Huang worked as a reporter for China's state-run CCTV and then moved to Hong Kong in the mid-2000s to pursue a master's degree in media studies at the Hong Kong Baptist University. After that, he entered the financial world and joined Hush Capital.

Chinese securities regulators fined Kang Wei a total of 2.9 million yuan (580 million won) in 2018 and 2025 for failing to make appropriate disclosures while using various investment vehicles to secure corporate control.

Among these, his activities related to Hush Capital were mentioned in the 2018 fine.

Caixin reported that Kang was detained on suspicion of stock price manipulation earlier this year, but the FT said it could not directly confirm this.

The FT reported that it is unclear whether Hwang is still employed at Hershey Capital.

When the FT visited Hershey Capital's offices in Shanghai this week, company officials said both Huang and Kang no longer worked for the company, with Huang leaving in 2017.

However, according to an investor who received an investment proposal from Hwang, Hwang handed out Hush Capital business cards to investors until last year.

Even after Huang changed his focus to AI, he continued to work with Kang.

Huang and his partners acquired Megaspeed, a Singapore subsidiary of a Chinese gaming company, in 2023 and attempted to transform it into an AI data center company.

Huang and Kang also worked together to attract investment funds for new data center projects in Southeast Asia.

While working in Singapore, Huang began to use the English name 'Wong', a Cantonese name commonly used in Singapore, rather than the standard Chinese form 'Huang', which he had been using when introducing himself.

According to the FT, Huang and Kang met potential investors and business partners and launched an AI business based at the membership club of the Radisson Hotel in Shanghai.

Huang has not been seen in public since Singapore authorities revealed they were investigating Megaspeed in October 2025, the FT reported.

At the time, Singapore authorities did not disclose the specific details of the charges, but speculation was raised that it was related to suspicions that chips were being smuggled to China.

Meanwhile, China's Ministry of Foreign Affairs refuted on the 9th that the suspicions of espionage surrounding Alice Huang were groundless and a slander against China.