The connection remained active as of November 11, 2026, according to Malaysian corporate records.
According to the research firm, Apex may have passed a substantial portion of the funds to Megaspeed for distribution to its overseas subsidiaries. Culper had taken a position that would benefit from a fall in Nvidia’s share price.
Alibaba and Megaspeed did not answer questions about their business ties or if the partnerships are still under investigation.
Alibaba’s Singapore Operations
Apex was incorporated in Singapore in July 2023 and is registered at Lazada One in Bras Basah Road, a location leased by Alibaba and its Southeast Asian online shopping unit, Lazada Group. Its ultimate holding company is Alibaba Group Holding, incorporated in the Cayman Islands.
In its audited financial statement for the year ending March 31, 2025, Apex described its business activity as “providing procurement activities.” Corporate records show that Yuan Qian served as a director from August 2023 to August 2025. The name matches that of Selina Yuan, a former Alibaba executive, though The Straits Times has not independently confirmed the connection.
Kwang has also been listed as a director and secretary of Alibaba Cloud (Singapore) since 2016. She did not respond to queries.
Apex’s auditor, PwC, declined to comment. The Financial Times reported that Alibaba was one of Megaspeed’s major customers for its Southeast Asian cloud service operation.
Megaspeed’s Overseas Network
Megaspeed owns seven subsidiaries across five overseas markets, according to its 2024 financial statements. Three are in Malaysia: Speedmatrix, Megaspeed International Sdn Bhd and MSFusion. Speedmatrix and Megaspeed International Sdn Bhd are cloud-hosting providers. MSFusion, classified as dormant at the end of 2024, entered a RM263.2 million (S$82.8 million) agreement in August 2025 to buy a site in Johor for a proposed data centre.
Megaspeed also owns 99.99% of Megaspeed (Thailand) and 99% of PT Megaspeed International Indonesia, both cloud-hosting businesses. Its other two wholly-owned subsidiaries are in Australia and the US.
Corporate intelligence platform Sayari shows Megaspeed’s latest recorded shipment was to Speedmatrix—an Nvidia baseboard for high-performance graphics processing units, which arrived on November 18, 2025. The top receivers of Megaspeed’s shipments were Speedmatrix and PT Megaspeed International Indonesia.
Authorities Investigate Megaspeed for Suspected Export Restriction Breaches
US authorities began investigating Megaspeed in late 2024 over suspected breaches of these restrictions.
On November 11, a visit to the registered address of Swiftdata, Megaspeed’s owner, found it seemingly occupied by an interior design firm whose co-founder denied knowing Swiftdata or its affiliates.
Nvidia Shares Fall Amid Probe into Alibaba and Chip Transfers
The expanding scandal has hurt the market. Nvidia shares fell 5.5% on Tuesday as the probe extended to Alibaba, Bloomberg reported.
Nvidia’s general counsel, Tim Teter, reportedly called Commerce Under Secretary Jeffrey Kessler in late summer 2025 after which Megaspeed investigators had to route Nvidia requests through Kessler. The Justice Department later had Commerce pause the review, The New York Times reported.
Culper Research found that Apex reported over $4.1 billion in prepayments as of March 31, 2025, against $4.2 billion in loans payable to Alibaba. If Alibaba is Megaspeed’s largest client, as the Financial Times reports, its cloud capacity is at risk. Alibaba’s next results, on Nov. 19, are the next check.
“This relates to a client matter, we are therefore unable to comment.”
A PwC spokesperson said this when contacted about Apex.
Questions About Alibaba, Megaspeed and Nvidia
What is the connection between Alibaba and Megaspeed?
A Singapore company owned by Alibaba, Apex Enterprise Solutions, had a financial arrangement with Megaspeed’s Malaysian subsidiary. The connection was active as of November 2026, according to Malaysian corporate records.
Why is Megaspeed under investigation?
Megaspeed is under investigation by US and Singaporean authorities for suspected breaches of US export restrictions on advanced AI chips, which are intended to limit China’s access to powerful computing technology.
How has the scandal affected Nvidia?
Nvidia’s stock has fallen following the probe that extended to Alibaba and details about CEO Jensen Huang’s personal life became public.
Megaspeed Engages Law Firm as Alibaba Results Approach
Megaspeed has engaged a US law firm to review its export control practices. Alibaba’s next results, scheduled for November 19, are being watched closely.
Worth a look