DeepSeek Raises 105.5 Billion CNY in Second Funding Round

DeepSeek has secured 105,500,000,000 CNY in its second round of financing.

ITHome reported that the company's valuation has exceeded 615.5 billion CNY. This funding round attracted nearly 30 investors from various sectors, including internet services, consumer electronics, and chip manufacturing.

Tencent and CATL continued as primary investors. Tencent contributed 10 billion CNY in this round, matching its first-round investment for a total of 20 billion CNY. CATL and its chairman contributed a combined 10 billion CNY, which is higher than their initial 5 billion CNY investment.

Other participants included SMIC, CXMT, Meituan, vivo, and Xiaohongshu, with the latter group contributing between 1 billion CNY and 3 billion CNY each. Institutional investors such as China Mobile, China Telecom, CICC, CITIC Securities, and China Life Insurance also participated, with individual contributions ranging from 2 billion CNY to 8 billion CNY.

Among investment firms, Lisi Capital's contribution was among the highest. IDG Capital reached a cumulative investment of 6.5 billion CNY across two rounds, while Boyu Capital invested 3.5 billion CNY in this round. Other participants included existing shareholders such as Shishang Capital, as well as new investors like Stone Creek Capital and Legend Capital.

State-backed investors contributed approximately 27% of the total amount in this round, an increase from 2% during the first round. The company had previously completed a first round of financing totaling approximately 51 billion CNY in June. The target for the second round was adjusted several times, starting at 50 billion CNY before being raised to approximately 100 billion CNY.

DeepSeek is also pursuing potential public listing plans. The company has hired CITIC Securities to prepare for a possible listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange, though the specific timing, valuation, and fundraising scale remain undetermined.