Stephane,
Welcome to ROG.
The first thing I would do is try another PSU.
If I understand your post, When you power on the 'board' the red led is on for the cpu ?
That could be bad news if you try a different PSU with the same result.
(actually if I remember back to the IV, if there is no cpu fan you will see the error in boot with
the warning, shutting down) ... but I don't think your 'board' is powering up as @Nate152 suggests.
Nate, No code led on the CH IV .. sigh. That didn't come along until CH V F-Z, not even the V had it.
Best of Luck Stephanie, Please keep us posted. .c.