Alibaba-linked Singapore firm tied to Megaspeed financing amid US Nvidia chip probe
Corporate records show Apex Enterprise Solutions, owned by Alibaba, provided security over assets pledged by Megaspeed's Malaysian subsidiary, a link highlighted in a US short-seller report as part of investigations into Nvidia AI chip exports.
A Singapore company owned by Alibaba Group Holding, Apex Enterprise Solutions, entered into an agreement on June 18, 2024, with Speedmatrix – the Malaysian subsidiary of Megaspeed International – that pledged specific IT and network equipment, intellectual property and related rights as collateral. The arrangement gave Apex security over the assets if Speedmatrix failed to meet contractual obligations and remained active at least until November 11, 2026.
The connection was cited in a May report by US short-seller Culper Research, which alleged that Alibaba may have routed billions of dollars through Apex to finance Megaspeed’s purchases of Nvidia chips. The report noted that Apex, incorporated in July 2023 and located at Lazada One in Singapore, is ultimately held by Alibaba Group Holding, incorporated in the Cayman Islands.
Apex’s audited financial statement for the year ended March 31, 2025, described its activity as “providing procurement activities.” Corporate records list Yuan Qian as a director from August 2023 to August 2025, a name matching a former Alibaba executive, though the newspaper could not independently confirm the identity. Current directors include Gong Zhengyuan, Zhu Bofu and Madelyn Kwang Yeit Lam, who also serves as company secretary and has been a director of Alibaba Cloud (Singapore) since 2016. Apex’s auditor, PwC, declined to comment, citing client confidentiality.
Megaspeed operates seven subsidiaries across five markets, with three entities in Malaysia – Speedmatrix, Megaspeed International Sdn Bhd and MSFusion – the latter entering a RM263.2 million agreement for a data-centre site in Johor in August 2025. The firm’s latest recorded shipment was an Nvidia baseboard to Speedmatrix on November 18, 2025.
Megaspeed’s large purchases of Nvidia’s advanced AI chips have drawn scrutiny from US authorities over possible violations of export restrictions aimed at limiting China’s access to the technology. US investigations began in late 2024, and Singapore police confirmed a domestic investigation in October 2025. Further attention arose in late October 2026 after reports linking Nvidia CEO Jensen Huang to former Megaspeed director Alice Huang.
When the newspaper visited Megaspeed’s office at Ocean Financial Centre in October 2025, it found the space empty. A visit to the registered address of Swiftdata, the Singapore entity that owns Megaspeed, revealed an interior-design firm occupying the premises, whose co-founder denied any knowledge of Swiftdata or Megaspeed. A statement on Megaspeed’s website on November 12 said the company had engaged a US law firm to conduct a comprehensive inventory of its graphics processing units and independently verify export-control compliance.