She is not a "spy", but she represented and was connected to the companies in mainland China who were trying to build data centers in Singapore, Malaysia, etc which would then be used and leased by Alibaba and others. The scale of the money involved ($ billions) means that there was zero way anyone in the CPC didn't have knowledge, even if it was low level bureaucrats. This may not end up as "smuggling" in legal terms in the eventual court battle.

Now I know for anyone outside of China, that equates to "spy", but she was not MSS especially when they are currently holding 600k cards in HK and actively trying to prevent cards from entering.