The Terms on Which Liang Wenfeng Took the Money
Oct 5, 2026AI Industry·Noah Ogbi·26 minOct 5
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.