China's DeepSeek taps CITIC Securities for domestic IPO: Report
DeepSeek is seeking capital to fund computing, model development and talent retention as rivals rush to public markets, Reuters reported.
- On September 9, Chinese AI startup DeepSeek tapped CITIC Securities to prepare for an initial public offering on Shanghai's STAR Market. The Hangzhou-based company aims to begin the IPO process this year, though timing and valuation remain undetermined.
- Seeking mainland China listings, companies typically appoint securities firms for pre-listing tutoring. This reflects mounting pressure on AI firms to secure public capital to finance costly computing power and specialized engineering talent.
- In June, the startup raised about $7.4 billion at a post-money valuation exceeding $50 billion. Founder Liang Wenfeng personally committed 20 billion yuan, while Tencent Holdings and CATL contributed 10 billion yuan and 5 billion yuan respectively.
- Recent talent losses to better-funded rivals like ByteDance and Xiaomi highlight operational strain facing DeepSeek. These departures underscore the urgent need for public market financing to remain competitive.
- Developers MiniMax and peers listed in Hong Kong earlier this year, while Beijing-based Moonshot filed confidentially for a similar offering. DeepSeek's push positions it among a wave of Chinese AI firms racing for public capital amid rising computational costs.
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23 Articles
China's artificial intelligence startup DeepSeek hired Cic Securities to prepare an initial public stock offer (IPO) at the Shanghai Star Market, a technology-focused market, said two people with knowledge of the subject. Subject matter exclusive to subscribers. To have full access, access the subject link and register.
DeepSeek IPO: China's DeepSeek taps CITIC Securities for domestic IPO
DeepSeek's engagement of CITIC, which has not been reported so far, is an indication that the startup is moving along in its IPO plan. Companies seeking a mainland China listing typically appoint securities firms to conduct pre-listing tutoring before submitting an application.
(Beijing=Yonhap News) Correspondent Kim Hyun-jung = Chinese artificial intelligence (AI) startup DeepSeek has selected lead underwriters for its Shanghai stock exchange initial public offering (IPO) and, in the related work...
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