Alibaba-Megaspeed financing link traced via Singapore, Malaysia units amid Nvidia chip scrutiny
Megaspeed owns seven subsidiaries across five overseas markets, according to its financial statements for 2024
Corporate records obtained by The Straits Times reveal an unusual financial arrangement between Alibaba-owned Singapore company Speedmatrix and Malaysia's Megaspeed International. In June 2024, Speedmatrix pledged IT and network equipment, intellectual property and related rights to Apex Enterprise Solutions (Singapore) as collateral under the agreement.
This arrangement has remained active as of November 2026. A US short-seller report suggested that Alibaba may have funneled billions of dollars through Apex to finance Megaspeed's Nvidia chip purchases. Apex, founded in Singapore in 2023 and registered at Alibaba's leasing office, is controlled by Alibaba Group Holding. The ultimate holder of this entity is Alibaba China's profits.
The audit for Apex's 2025 financial year listed Selina Yuan, a former Alibaba executive, as a director. However, it remains unclear if she holds this position. Apex's directors include Gong Zhengyuan, Zhu Bofu and Madelyn Kwang Yeit Lam, who is also a director and secretary for Alibaba Cloud (Singapore). Alibaba and Megaspeed have not commented on their business relationship.
Megaspeed owns subsidiaries across Malaysia, Thailand, Indonesia and Australia/US, all engaged in cloud hosting. The company is under scrutiny for alleged breaches of US chip export restrictions and the possible diversion of Nvidia chips to China.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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