Over a third of Lettall's revenue comes from AI computing rental, mostly through Century Litong, so any US or Nvidia action against that unit would hit its most profitable business.
The Chinese company at the center of a reported US$7.5 billion Nvidia chip network is a subsidiary of a Shanghai-listed maker of TV parts. Shanghai Century Litong, which The Information identified as the hub of a network linked to businesswoman Alice Huang, is controlled by Jiangsu Lettall Electronic, a company from Yixing in Jiangsu province. The Information reported that the network helped move about 240,000 Nvidia H100, H200 and some A100 chips to Chinese firms. Reuters, in a copy carried by The Edge Malaysia, said it could not verify the report.
Century Litong told The Information that "all business resources of our company are obtained in compliance with applicable laws and regulations" and that it has "no business dealings with Ms. Huang," according to Yahoo Finance. It said it obtained its Nvidia preferred cloud partner status through compliant channels. Benzinga, in a report carried by TradingView, noted that the allegations do not establish wrongdoing by Lettall or its executives.
What changes for Lettall is exposure. Its computing arm has grown into its most profitable business, and that business runs on Nvidia hardware bought through the same partner status now under scrutiny.
Lettall bought into Century Litong weeks after it was founded
Century Litong was founded in June 2023. That month Lettall agreed to inject RMB450 million for a 90% stake, with the founding shareholder, Century Longteng, keeping 10%, according to Cailian Press and Yicai Global. The unit buys server equipment and rents out AI computing capacity from data centers in Songjiang, Shanghai, including a Tencent supercomputing center, and in Shenzhen.
In October 2023 Lettall told investors on its interactive platform that Century Litong was an Nvidia cloud service provider and a preferred-level partner for DGX AI computer systems, and that the listing could be checked on Nvidia’s website, JRJ reported. The Information said that status, reached by October 2023, gave the unit priority access to Nvidia chips.
The money followed. Lettall’s AI computing business brought in RMB1.2 billion in 2025, about 36% of total revenue, at a gross margin of 49.69% against 9.98% for manufacturing. Group revenue was RMB3.31 billion and net profit rose 1,088.59% to RMB292.6 million, according to Benzinga. Century Litong alone reported about RMB1 billion in revenue and RMB230.1 million in net profit.
The reported chain ran through Singapore and Malaysia
The Information described a family network rather than a single company. Alice Huang, her husband and her sister built companies in China and Singapore to acquire Nvidia chips, Reuters reported, citing two people who know her. Century Litong was initially tied to the sister, Huang Yu, through a founding shareholder she ultimately controlled, which exited in 2024.
The second link is Megaspeed, a Singapore-registered company where Alice Huang held an executive role. US authorities have investigated it over Nvidia shipments from Southeast Asia to China. According to The Information, Megaspeed obtained chips by renting capacity in Southeast Asian data centers or by shipping hardware into China. Speedmatrix, a Malaysian subsidiary Megaspeed set up in 2024, acquired hardware that later reached Century Litong. Some of the chips reportedly served Alibaba, Tencent and smaller Chinese AI labs, and some were barred from sale to China. TechCrunch noted that Megaspeed reportedly bought US$4.8 billion of Nvidia chips over two years, and that Nvidia said in 2025 it had no reason to believe products were diverted. EastFrontier reported on the US view of the Megaspeed executive in October.
Alibaba, Tencent, Megaspeed and Century Litong were not available for comment outside business hours, Reuters said in the version carried by The Star.
Shanghai trading is the first test for Lettall
Lettall shares closed 1.98% higher at RMB63.79 on November 10, giving a market value of about RMB23.28 billion, according to Investing.com. English-language coverage of the report spread after that session closed.
The stock has been volatile before. In early June it fell by the daily limit three times amid online rumors and market concern over US chip export rules issued on May 31, and Lettall said its servers had been bought through legal, compliant channels, according to a June Cailian Press report. In an abnormal-trading notice the company warned that all its computing equipment was already rented out, that it depended on large customers, and that profit growth could slow in 2026. It had more than 38,000P of computing capacity in operation at the end of 2025.
The signals to watch are whether Lettall files a clarification with the Shanghai Stock Exchange, how its shares open on November 11, and whether Nvidia’s board inquiry or US investigators turn to Century Litong’s partner status.