Nvidia chips pile up in Hong Kong as China withholds import approval

About 600,000 Nvidia H200 artificial intelligence chips are being stored in Hong Kong while they await shipment to China, according to people familiar with the matter. Beijing has allowed some limited deliveries but has not approved large-scale imports, reflecting its efforts to limit reliance on US technology even as Chinese firms seek computing power for AI development.

Several major Chinese internet companies have reportedly obtained about 10,000 H200 chips each in recent months, while small quantities have also reached China through intermediaries. US export controls have restricted access to advanced Nvidia products, contributing to high unofficial prices: an eight-card H200 server was offered in mainland China for more than 6 million yuan, around three times its price a year earlier. The H200 remains useful for training AI models, while Beijing is encouraging firms to prioritise Chinese processors for running them.