So there's no evidence and we're presenting theories.

She was the director of singaporean companies that smuggled NVIDIA AI chips to private Chinese tech companies and AI proxy datatcenters in SE Asia, bragging to investors about securing access to NVIDIA.

Chinese state policy is to focus on R&D into advanved semi conductors, not to fund corrupt black market smugglers fuelling the AI bubble and not even national security & intelligence, this doesn't even definitely benefit them, her actions don't sound like what a spy would do but what a corrupt private businessman and smuggler could.

Not to mention regardless of whether she is a spy or not, there is no actual evidence and the theory of her being a spy proportional to likelihood has instead suspiciously large amount of support from anonymous US intelligence officials, neocons and right wing outlets because it is a far too convenient of an excuse to justify warmongering and espionage.

That's another theory and opinion.