DeepSeek, a company boasting a valuation of approximately RMB 500 billion, is gearing up for an initial public offering (IPO) on the STAR Market. Yan Wentao, a partner born in the 1990s at Hillhouse Venture Capital, is in line to assume the role of Chief Financial Officer (CFO). Prior to this, several young partners from other top-tier venture capital firms also vied for the CFO position at DeepSeek.

In the first seven months of this year, DeepSeek reported revenues of around RMB 475 million, marking a nearly tenfold increase compared to the entire year of 2025. Meanwhile, its net losses have seen a significant reduction. However, the company has also witnessed a nearly tenfold surge in expenditures related to AI infrastructure.

Currently, among Chinese large-scale model companies that have yet to go public, DeepSeek and Yuezhi'anmian Kimi command the highest valuations. Both companies are actively pushing forward with their IPO plans and are on track to become enterprises with market capitalizations exceeding RMB 1 trillion.