FourWeekMBA reported on 7 November that New Matrix, approved by the US Commerce Department to assemble Nvidia H200 chips into AI servers, listed an empty office in an industrial park on the northwestern edge of Beijing. The listed office of another approved firm, Maginfra, appeared deserted when visited in September.
Chinese corporate records link New Matrix’s owners to Wise Road, a private equity fund added to the US entity list in 2024, the report said. Two analysts who examined the records believe New Matrix may be a front for firms associated with Wise Road. Analysts also believe Maginfra was an offshoot of Inspur, which is on the entity list for working with the Chinese military.
Roughly two dozen Chinese firms appear to have received approval to buy or handle H200 chips, including Baidu, BYD and Tesla Shanghai, according to people familiar with the approvals. A spokesman for the Bureau of Industry and Security, the Commerce Department’s export-licensing agency, said it carefully reviews applications for national security risks. The agency said it imposed $324 million in penalties for export violations in 2025.
