DeepSeek’s Valuation Surpasses 350 Billion RMB

Media, citing Kaichun’s disclosed investment progress, reports DeepSeek’s latest valuation at approximately 3,508.77 billion RMB, a key signal of its capital dynamics.

According to the investment‑progress announcement from listed company Kaichun (300577‑CN), DeepSeek’s post‑financing valuation rose to about 3,510 billion RMB.

The valuation stems from Kaichun’s wholly‑owned subsidiary Ningbo Purun investing 40 million RMB in the “Tianjin Lisi Xingling” fund, which in turn allocated the full 2.9 billion RMB of paid‑in capital to DeepSeek. Holding 0.8265 % of DeepSeek’s equity, Kaichun’s stake implies an overall company valuation of roughly 3,508.77 billion RMB.

Although Kaichun’s indirect ownership after the transaction is only about 0.0114 %, the disclosed figure allows the market to glimpse the AI giant’s staggering worth.

Insiders close to DeepSeek confirm that the disclosed data pertains only to the company’s first financing round of 2024. With the capital now in place, DeepSeek has officially launched its second financing round for the year.

From the equity structure, Hangzhou Chengli – a dedicated holding platform for DeepSeek’s first‑round financing – has attracted investors such as CATL, NetEase, JD.com, Tencent, and several professional investment firms, reflecting strong industry and market endorsement.

The capital moves underscore the “heavy‑asset” pressure facing the large‑model industry, as DeepSeek transitions from a pure model‑research lab to a system‑level company encompassing models, compute, and chips. Initiatives include building an intelligent compute center in Inner Mongolia and developing a proprietary AI inference chip, both requiring sustained, massive funding. Peer companies like Zhipu AI and MiniMax have similarly begun large financing rounds to expand compute infrastructure and commercialize their models.

Rumors suggest DeepSeek may target a Science and Technology Innovation Board (KeChuang Board) listing by the end of 2026, though the company has not confirmed any definitive plan.

DeepSeek’s high valuation also triggers financial‑market reactions. The Hong Kong‑listed Hang Seng Tech ETF (520840‑CN) shares a 73.75 % overlap with the DeepSeek index, making the ETF a primary vehicle for investors to capture DeepSeek’s growth upside in the absence of a dedicated DeepSeek index fund.

Kaichun’s announcement also warns that DeepSeek remains in an early development stage, facing commercial‑return risks such as slower‑than‑expected technology progress and intense industry competition, urging investors and institutions to evaluate carefully.