Industry
The Terms on Which Liang Wenfeng Took the Money
DeepSeek's first outside round, about 51 billion yuan in June 2026, reportedly put commercial backers in a partnership with a five-year lock-up and no votes, with China's national AI industry investment fund the one reported exception. A reported Shanghai listing would put those terms in public documents.

DeepSeek's first outside round reportedly asked commercial investors to accept a five-year lock-up and no voting rights, and China's national AI industry investment fund was the one reported exception. People close to Liang Wenfeng reportedly described the lock-up as a way to keep out capital seeking a quick exit. A reported STAR Market listing would force the structure into public documents.






