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On July 23, a leaked summary from what is believed to be an investor exchange meeting of DeepSeek stirred discontent among its leadership, particularly from Liang Wenfeng. In response, he put a halt to the previously fast-tracked RMB 10 billion financing round and preparations for an initial public offering (IPO). Liang decided to suspend progress on the new round of transactions and instructed his team to re-evaluate the process of information disclosure and the mechanisms for investor communication. Liang Wenfeng has consistently emphasized the importance of strict information control. Following this incident, he is now tasked with reassessing and rebalancing key relationships, such as those between openness and control, financing and independence, in order to clearly define the company’s operational boundaries.
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