Servers worth 485 million yuan ($73 million) — including units fitted with Nvidia chips Washington bars from sale to China — appear as loan collateral in filings tied to a Shanghai data center linked to Alice Huang, according to Bloomberg.

The filings, recorded by a unit of Shanghai Longteng Intelligent Computing, list 193 servers located in Shanghai that the company pledged to secure financing in January 2025. The batch includes 22 Dell Technologies servers fitted with Nvidia H800 chips, a model the U.S. government placed off-limits for China sales in 2023. It also includes 52 Super Micro Computer servers carrying Nvidia H100 or H200 processors, neither of which can be sold to China without a U.S. export license.

The connection runs through Alice Huang, who founded the logistics firm Megaspeed in 2023. U.S. authorities are investigating Megaspeed over suspicions it illegally shipped Nvidia chips into China. Megaspeed has denied the allegations. Huang showed investors an image of the facility in question — the Yangtze River Delta Project — in 2024 presentation materials, Bloomberg reported.

What do the filings actually establish?

Not as much as the headlines suggest. The documents name the hardware but give no detail on how the chips were acquired, or on whether Alice Huang had any direct hand in acquiring them. She stepped away from her ownership stake in Shanghai Longteng in 2017 — well before the servers were pledged as collateral.

Registry data cited by Bloomberg shows Huang Yu took over as shareholder that year and remained the majority owner through January 2026, a period covering the January 2025 collateral arrangement. The filings, in other words, document where the servers sit and what secured the loans; they do not document a supply chain.

The hardware trail leads to Singapore. Aperia Cloud Services, a Singapore-based Nvidia Cloud Partner (a vendor certified to resell Nvidia computing capacity), acquired the 22 Dell servers with H800 chips, according to Bloomberg.

Dell addressed its part directly: "stopped all sales and support to Aperia International in February 2025 due to unauthorized diversion concerns." The statement leaves unanswered whether any units reached Aperia before the cutoff, and Dell offered no figure.

Who else is caught in the case?

Singapore detained Aperia's chief executive in February 2025, accusing him of cheating server suppliers. He has pleaded not guilty and awaits trial. Aperia denies wrongdoing. Singapore prosecutors charged a fifth person in the case on Friday, widening an investigation that now spans at least five individuals.

Super Micro, for its part, said the servers in question were sold lawfully under U.S. export control rules and that it has no affiliation with the facility. That claim covers legality at the point of sale; it does not address what happened to the hardware afterward — precisely the gap U.S. export enforcement exists to police.

The filings also name 119 Gigabyte Technology servers backing the same loans, but they do not identify the chips inside. That omission matters: roughly 60 percent of the pledged units by count carry no processor specification in the public record.

The governance layer behind the data center

Kang Wei, a longtime business associate of Alice Huang, serves as president of the data center, Bloomberg reported. Kang also holds a senior executive role at Shanghai Hexi, the private equity firm that funded the Yangtze River Delta Project — a firm that previously had Alice Huang on its payroll.

The overlap concentrates control: the same small network of individuals appears across the funding firm, the operating company and the pledging entity. Whether that structure facilitated the movement of restricted chips, or merely reflects how private compute projects in China are typically capitalized, the filings do not say.

What does this change for the chip export regime?

The Nvidia dimension is the most sensitive. Former Nvidia CEO Jensen Huang — no relation to Alice Huang's surname coincidence aside, the two shared a personal relationship — admitted to an extramarital affair with Alice Huang, a disclosure that pushed him out of the company, according to Bloomberg. In May 2025, Jensen Huang said there was "no evidence" of chip diversion. Nvidia declined to comment.

For U.S. regulators, the filings supply something investigations have often lacked: a physical, documented location for restricted hardware inside China, complete with serial-adjacent detail and a financing trail. For suppliers — Dell, Super Micro, Gigabyte — the case sharpens the reputational cost of channel partners whose onward sales they cannot see.

For investors in the facility, the collateral itself is now the question mark. If the pledged servers embed chips that entered China outside export rules, the collateral's legal standing — and the loans behind it — inherits that uncertainty.