Chinese artificial intelligence (AI) startup DeepSeek has picked an underwriter for an initial public offering (IPO) on the Shanghai stock exchange, speeding up its listing plan.
On the 9th, Reuters, citing multiple sources familiar with the matter, reported that DeepSeek selected CITIC Securities as the underwriter to prepare for a listing on the STAR Market, the technology corporations-focused board of the Shanghai Stock Exchange.
DeepSeek is said to be aiming to start IPO procedures within this year. The specific listing timing, offering size, and target valuation have not yet been decided.
DeepSeek's IPO is seen as a move to raise funds needed for computing infrastructure, AI model development, and talent acquisition in response to intensifying AI competition.
Previously, in June, DeepSeek raised about $7.4 billion (about 9.9 trillion won) through investment, and at that time its post-investment valuation was assessed at more than $50 billion (about 66.9 trillion won).
At the time, founder Liang Wenfeng personally agreed to invest 20 billion yuan (about 4 trillion won), while Chinese information technology (IT) corporations Tencent and China's largest battery maker CATL invested 10 billion yuan (about 2 trillion won) and 5 billion yuan (about 1 trillion won), respectively, becoming major external shareholders.