Looks like you probably forgot to connect the 4 (or 8) pin connector that goes from the PSU to motherboard. Please double check and report back.
I have the exact same issue : lights on the board, nothing else - no beep with an attached speaker, no fans on and two red lights next to the 16x PCI slots on.
Power supply 24 and 8 pin are connected, which is needed normally on my processor.
I tried:
- change power supply - tested original too, both good - no change
- changed processor - no change
- pulled out memory / tried other memory slot - tested memory : ok - changed with other - no change
- reset CMOS according to Asus procedure - no change
- reset CMOS by REMOVING BATTERY and holding for like 30s - BAM! - worked again
This motherboard is terrible, it happened many times that it went dead and a normal CMOS reset would do it - which is annoying by itself.
This time I thought it was dead, but someone on another forum described to do the above.
Note that I just unplugged the power supply, then shorted the power pins to drain energy that was left, I did not remove it from the board.
Then remove CMOS battery, reseated RAM too, then hold short on reset pins on board for about 30s.
Then replug power and it went on by itself.
I hope this helps anyone, I would not buy this board, never had these kind of issues with any other board.