DeepSeek was born in Zhejiang, a province known for its vibrant private economy and deep-rooted business tradition. When the company opened external financing for the first time in 2026, a group of Zhejiang investors jumped at the opportunity, with identifiable related capital totaling approximately 3.55 billion yuan. Cao Xi's Lisi Capital served as a key channel, successively establishing multiple funds to bring in Zhejiang state-owned capital for indirect participation in investment, with contributions scaling up progressively. Led by Hengdian Group, alongside a number of local Zhejiang listed companies such as Transfar Zhilian and Youngor, they jointly established the Hengdian Baihui Fund and secured a substantial investment share in DeepSeek's second round of financing. Zhong Shanshan, Zhejiang's richest man, and the time-honored enterprise Zhejiang Longsheng indirectly participated in the first round of financing through multiple layers of affiliated entities. Industrial capital such as the Geely Automobile Industry Fund joined the second round, seeking technological synergy grounded in its own business scenarios. Behind the scarce investment shares in cutting-edge large-model projects lies a long-cultivated local business relationship network. Capital from different backgrounds each seeks what it needs: some pursue financial returns, while others seek new growth opportunities for their existing industries and strive to secure a ticket to compete in the future technological landscape.