Key Takeaways
- • Nvidia co-founder and CEO Jensen Huang resigned on Thursday, November 13, following allegations of two intimate relationships, including one with Alice Huang, a former executive at Singapore-based cloud computing firm Megaspeed, whom US intelligence officials suspect of ties to Chinese intelligence.
- • Megaspeed is under investigation in the US, Singapore and Malaysia over suspected breaches of chip export controls, according to DealStreetAsia's financial analysis.
- • Megaspeed's balance sheet reportedly grew from $33 million to nearly $3 billion, and revenue rose from zero to $294 million between 2023 and 2024, following an ownership change involving the transfer of a single ordinary share.
- • The IFC is considering up to $90 million for Navis Capital Partners' ninth buyout fund ($1 billion target) and up to $75 million for Creador VII, a $1 billion growth equity fund.
- • Norwest raised $4 billion for its latest venture and growth fund, the largest in its 65-year history.
- • Sea Ltd's Q3 net profit rose 34% to $502.5 million on 43.4% revenue growth to $8.6 billion, with Shopee posting its most profitable quarter on record.
Summary
The week was dominated by the fallout from the Nvidia leadership scandal, which DealStreetAsia reports will ripple through Asia's technology supply chain, with Nvidia partners and suppliers from South Korea to Taiwan reportedly redrawing their plans. Jensen Huang resigned as co-founder and CEO on Thursday after allegations of two intimate relationships, one involving Alice Huang, a former executive at Megaspeed. US intelligence officials reportedly suspect Alice Huang of ties to Chinese intelligence. Megaspeed is under investigation in the US, Singapore and Malaysia over suspected breaches of chip export controls. DealStreetAsia's analysis of the company's financials found that its balance sheet expanded from $33 million to nearly $3 billion and revenue rose from zero to $294 million between 2023 and 2024, a period preceded by an ownership change involving the transfer of a single ordinary share.
In LP-GP activity, the International Finance Corporation is considering a commitment of up to $90 million to Navis Capital Partners' ninth buyout fund, which targets $1 billion and will pursue control investments across Southeast Asia in healthcare, education, technology-enabled business services and consumer businesses. Separate filings show the IFC is also weighing up to $75 million for Creador VII, a $1 billion growth equity fund, capped at 20% of commitments with a $50 million co-investment envelope. Norwest closed a $4 billion fund for venture and growth equity across technology, healthcare and consumer sectors, its largest fund to date.
On the earnings front, Sea Ltd reported a 34% rise in net profit to $502.5 million and 43.4% revenue growth to $8.6 billion in Q3, with Shopee delivering its most profitable quarter on record. Sea's financial services arm, Monee, is reportedly positioning for a standalone listing. Mynt, parent of GCash, reported higher revenue and net income for the first nine months of the year, while Sociolla posted a $15.9 million net loss for 2025, widened by a one-time accounting charge on convertible note conversion.
Data from DealStreetAsia's trackers shows Greater China startup funding sustained record deal volume through Q3 2026, with total value above $26 billion, though October funding fell 9.4% month-on-month and deal volume fell 19.9%. India's startup funding dropped 40.6% month-on-month in October to $1.11 billion, with two megadeals compared with seven in September. Infrastructure investment, including a planned $1.85 billion AI infrastructure commitment in Malaysia by SoftBank Group, Grab Holdings and PETROS, was also highlighted.
In LP-GP activity, the International Finance Corporation is considering a commitment of up to $90 million to Navis Capital Partners' ninth buyout fund, which targets $1 billion and will pursue control investments across Southeast Asia in healthcare, education, technology-enabled business services and consumer businesses. Separate filings show the IFC is also weighing up to $75 million for Creador VII, a $1 billion growth equity fund, capped at 20% of commitments with a $50 million co-investment envelope. Norwest closed a $4 billion fund for venture and growth equity across technology, healthcare and consumer sectors, its largest fund to date.
On the earnings front, Sea Ltd reported a 34% rise in net profit to $502.5 million and 43.4% revenue growth to $8.6 billion in Q3, with Shopee delivering its most profitable quarter on record. Sea's financial services arm, Monee, is reportedly positioning for a standalone listing. Mynt, parent of GCash, reported higher revenue and net income for the first nine months of the year, while Sociolla posted a $15.9 million net loss for 2025, widened by a one-time accounting charge on convertible note conversion.
Data from DealStreetAsia's trackers shows Greater China startup funding sustained record deal volume through Q3 2026, with total value above $26 billion, though October funding fell 9.4% month-on-month and deal volume fell 19.9%. India's startup funding dropped 40.6% month-on-month in October to $1.11 billion, with two megadeals compared with seven in September. Infrastructure investment, including a planned $1.85 billion AI infrastructure commitment in Malaysia by SoftBank Group, Grab Holdings and PETROS, was also highlighted.
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