Based on current information, Alice Huang (黄乐) may not be a spy, but rather a shrewd operator in the capital markets, moving between Shanghai and Singapore. The earliest publicly available record of her is from 2014 at Shanghai-based private equity firm Hexi Investment, where she helped someone acquire a listed company. At the time, she was the vice president of Hexi Investment, whose boss was former star analyst Kang Wei. During that period, Phicomm's owner, Gu Guoping, wanted to achieve a backdoor listing and targeted the A-share company Huiqiu Technology. Hexi Investment used a combination of funds and brokerage financing to help him buy Huiqiu's shares. Within two months, Gu Guoping became Huiqiu's chairman. Afterwards, Hexi Investment raised over 1.8 billion yuan and used multiple accounts to speculate on Huiqiu's stock. Following the 2015 stock market crash, leverage collapsed, and Gu Guoping, short of funds, had to sell Huiqiu. Hexi Investment, which had initially helped him, then acquired Phicomm's shares. In March 2016, Huang Le established a new company, Yunxi, which became a shareholder of Hexi a month later. From May to July of the same year, companies affiliated with Kang Wei and Huang Le took over the Phicomm shareholding platform controlled by Gu Guoping. By 2018, Hexi controlled approximately 60% of Phicomm's shares. In 2018, the China Securities Regulatory Commission (CSRC) fined Hexi 17.7 million yuan for transactions related to Huiqiu. That same year, Phicomm collapsed, and its wealth management platform was later identified as a case of fundraising fraud. In 2021, Gu Guoping was sentenced to life imprisonment, and the platform was accused of illegally raising over 83 billion yuan. Huang Le himself was neither on the list of those punished nor implicated in the Phicomm case. In 2019, Huang Le sold one of his online gaming businesses to 7th Avenue for 1.2 billion yuan. Four years later, in 2023, Huang Le officially shifted his focus to the Singaporean capital market. She took over 7th Avenue's old company in Singapore, renaming it Megaspeed to focus on AI computing power. In November of the same year, she withdrew from the business registration, and four days later, the company became an official NVIDIA cloud partner. She continued her activities as chairman or CEO thereafter. In 2024, she was reported to have had her first public contact with Jensen Huang, leading to a series of subsequent events. All of this is documented in Hong Kong Stock Exchange and SFC penalty notices, court judgments, and overseas media reports. However, the most difficult aspect to verify is that Huang Le, who was a Chinese citizen at the time, and Huang Le, who smuggled chips from Megaspeed, were identified by the media based on name and shareholding relationships, making it legally impossible to determine that they are the same person. Because the publicly available timeline doesn't allow for tracking what she did during the four years from 2019 to 2023, or why she suddenly made a high-profile return in 2023.