Nvidia H200 China Licenses Went to Firms With Empty Offices
Commerce cleared about two dozen Chinese firms for Nvidia H200 chips, and at least two had empty offices and ties to blacklisted groups, the New York Times says.
Hakkı ALKANPublished 4 min read
The U.S. Commerce Department cleared at least two Chinese companies to handle Nvidia H200 chips even though reporters found no sign of them at their listed offices, The New York Times reported on November 7. The approvals are part of roughly two dozen Nvidia H200 China licenses, and several licensees have ownership ties to firms on the U.S. trade blacklist.
What Did the New York Times Find About Nvidia H200 China Licenses?
The main case is New Matrix, a 17-month-old Beijing company approved to assemble H200 chips into AI servers. In its investigation, the Times said the address New Matrix lists in an industrial park on the northwest edge of Beijing is an empty building. The firm is not in the building directory, and staff at the park's property management office said they had no record of it.
Chinese corporate records show two of New Matrix's main owners are linked to companies connected with Wise Road, a private equity firm the U.S. added to its Entity List in 2024 for helping China acquire sensitive chip companies. Two analysts told the Times they believe New Matrix may be a front for firms tied to that fund. New Matrix did not respond to requests for comment.
Is New Matrix the Only Empty Office?
No. In September, the Times visited the listed office of Maginfra, another newly created firm licensed to assemble H200s into servers for other customers. It found a small locked room with a few chairs and empty desks. Analysts believe Maginfra is an offshoot of Inspur, a server maker on the Entity List for working with the Chinese military; the two share staff and patents.
The report also names Zhejiang Yindun Cloud Technology, which is partly run from a data center owned by Range Intelligent Computing Technology Group, a cloud provider that has served a provincial defense satellite program.
How Does the H200 Approval Process Work?
President Trump allowed H200 sales to China in December 2025, on the condition that the U.S. government gets a cut. The chips, made in Taiwan, are routed through the United States so Washington can collect a 25% tariff, and the Commerce Department must vet every Chinese company involved for security risks.
According to people familiar with the approvals, the approved list includes major names such as Baidu, BYD and Tesla Shanghai, each cleared to buy tens of thousands of chips. Actual sales remain small: H200 shipments to China made up less than 1% of Nvidia's data center revenue in the quarter that ended in July.
The report also comes weeks after the Times said U.S. agencies concluded that a woman close to Jensen Huang was recruited by Chinese intelligence, a story we covered in our report on the Jensen Huang spy link.
What Do Commerce and Nvidia Say?
A spokesman for the Bureau of Industry and Security, the Commerce office that issues licenses, said it carefully reviews every application for national security risks. The bureau added that it imposed $324 million in export penalties in 2025 and hired more than 90 enforcement officers this year.
Nvidia spokesman John Rizzo said "it makes no sense for the Chinese military to depend on American technology," adding that Beijing has strictly limited H200 imports.
The story lands as Nvidia already faces pressure on where its chips end up, from location tracking for Southeast Asian buyers to a request for Jensen Huang to brief Congress on an alleged spy link.
| Company | Role in license | Reported concern |
|---|---|---|
| New Matrix | Assemble H200 servers | Empty office, owner ties to blacklisted Wise Road |
| Maginfra | Assemble H200 servers | Deserted office, seen as Inspur offshoot |
| Zhejiang Yindun Cloud | Buy H200 chips | Run from a data center of a defense-linked cloud firm |
Our Take
The H200 deal was sold as controlled access: China gets an older chip, Washington gets a fee and a vetting process. If licensed assemblers cannot be found at their own addresses, the weak point is not the chip but the paperwork. With Democrats set to take control of Congress and already eyeing Nvidia's China exports, expect these licenses, not just the chips, to face scrutiny next.