Company
One of China's largest investment banks and brokerages, frequently mandated as sponsor or underwriter on domestic listings.
DeepSeek is reportedly doubling its second round to 100 billion yuan at a valuation near 500 billion yuan, four months after the first. Government-backed and corporate funds are setting that price, on revenue figures attributed to The Information.
Reality
DeepSeek is close to raising at least 80 billion yuan at a pre-money valuation of about 500 billion yuan, roughly $75 billion, Bloomberg reported. At about 75 times its $1 billion run rate, the round sets the floor a 2027 Shanghai STAR Market listing has to clear.
Perspective Coverage
17 publishersReality
Three down sessions took the stock back toward what a Chinese listing normally does on day one. The valuation it is falling from has barely moved.
Perspective Coverage
3 publishersReality
DeepSeek's first CFO arrives with CITIC Securities engaged and a 2027 listing as the goal. The near-term cash is a 50 billion yuan private round, and the two published accounts of June's valuation differ by nearly seven times.
Reality
The rate undercuts the cached-input prices OpenAI and Anthropic publish by more than 130 times, and DeepSeek's own release says the sparse-attention design behind it has untested limits at cache boundaries.
Reality