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Shen Dong, the author of “Red Gambling”, pointed out that Huang Le may not be a spy, but is more likely a business broker or white glove; He called on the outside world not to jump to conclusions and find out the truth from capital flows and procurement networks.
CEO of Nvidia HuidaJen-Hsun Huang Actress Huang Le was accused of being Chinese for having extramarital affairsdetective But Shen Dong, the author of “Red Gambling”, who is familiar with the rules of China’s political and business games, believes that Huang Le is probably just a business broker or “white glove”. He pointed out that everyone should stop chasing sensational spy stories and start tracking the flow of money.
Shen Dong wrote an article on the personal e-newsletter platform Substack on the 11th Taipei Times, pointing out that in the past few days, there has been a flood of news about Huang Le on the Internet, and almost everyone has concluded that Huang Le is a Chinese spy. But Shen Dong asked: “Where is the proof?” Based on his more than 20 years of experience doing business in China, Huang Le is primarily a business broker, and may also have worked as a “white glove” for other business interests.
Shen Dong pointed out that some recent investigation reports showed that Huang Le had participated in a series of complex capital market transactions. A recurring pattern was the use of intermediaries and multilayered shareholding structures to separate the people named on transaction documents from those who actually enjoyed financial interests behind the scenes. Huang Le later became Megaspeed’s representative, but once again used business methods he was already familiar with.
He said the job of a business broker is to connect capital holders and resource controllers, arrange financing, and help transactions overcome commercial or political obstacles. Their most valuable asset is access to key people and resources.
The function of white gloves is more specific: working for others while hiding the identity or interests of the real owner behind the transaction. This is particularly useful in corporate mergers and acquisitions, where related party transactions may involve information disclosure, shareholder approval, and regulatory review requirements. Similar arrangements can also be used to avoid sanctions or export restrictions.
Shen Dong further pointed out that relevant reports also revealed another important information: the network that Huang Le relies on to develop his career has moved to the field of computing infrastructure in recent years.
In 2023, Huang Le acquired control of 7Road International, renamed the company MegaSpeed, and shifted its business to AI cloud computing. Within a few months, MegaSpeed became Huida’s partner. According to reports, the company purchased approximately US$4.8 billion in Huida equipment over the next two years.
Furthermore, it is reported that when MegaSpeed first began arranging the multi-billion dollar HUDA equipment purchase, it only had a few million dollars on hand. It had net assets of about US$33 million by the end of 2023, according to company filings reviewed by Reuters. But by the end of 2024, the assets had grown to nearly US$3 billion. Shen Dong asked: “Where does the money come from?”
At the same time, in late 2023, MegaSpeed’s equity was transferred to a newly established Singapore company, SwiftData. Although Huang Le no longer holds official positions, he remains publicly associated with the Megaspeed leadership. Shen Dong said this raises a question: Who is the real person behind this business?
Regarding the Huang Renxun scandal, Shen Dong pointed out that the current mainstream narrative believes it is part of China’s intelligence operation. But on November 10, a report by the American technology media The Information provided another important information: Huang Le and his associates helped facilitate the shipment of at least US$7.5 billion of Huida chips to Chinese companies through corporate networks in China and Singapore. If the news is true, it means that MegaSpeed is part of a larger procurement network.
Shen Dong emphasized that he was not saying that it was impossible for Huang Le to work for the Chinese intelligence agency. US authorities may have solid evidence that has not yet been made public. What troubled him was that many people online accepted Huang Le’s identity as a spy as true, but few paid the same level of attention to the business networks surrounding him.
Shen Dong speculated that Huang Le was a business broker or white glove, and his importance lay in connecting powerful interested parties, while keeping these interested parties superficially involved in the transactions. If this ruling is correct, the real story is how Chinese business interests may have used offshore companies, financing arrangements, and personal relationships to obtain billions of dollars worth of advanced American technology.
He believes that rather than clinging to unfounded spy stories, investigators should ask: Who ultimately controls the procurement network? Who provides the money? Who gets the computing power? How much does Huida know about its end customers?
Shen Dong points out that existing evidence points to a story that may better reveal the nature of the problem: billions of dollars are moved through intermediaries involving American technology and strategic sensitivities, but the real principles and economic interests behind them remain unclear. He stressed that people should stop chasing sensational spy stories and start keeping an eye on the flow of money.
Summary FAQ
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Shen Dong believes that there is currently not enough public evidence to prove that Huang Le is a Chinese spy; Based on his many years of experience doing business in China, Huang Le is more likely to be a business broker, or a white glove who conceals the identity and interests of others.
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He believes that it is actually important to trace the cash flow and transaction structure rather than preconceivedly define Huang Le as a spy; Because behind this there may be issues of a large business network, funding sources and technology acquisition.
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Shen Dong pointed out that MegaSpeed has purchased billions of dollars of equipment in a short period of time, but its assets and funding sources have changed dramatically. Therefore, the most important thing to ask is who invests the money, who controls the procurement network, and how much information Huida has about its end customers.
