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DeepSeek hires underwriters including Citic Securities for IPO

The Hangzhou-based AI lab plans to start the IPO process this year and has a pre-IPO valuation target of about 500 billion yuan.

Reported · Written up by our desk · China

Chinese frontier artificial intelligence lab DeepSeek has hired underwriters including Citic Securities as it prepares for a domestic initial public offering, according to two people familiar with the matter cited by SCMP Economy.

The sources said Citic Securities is one of four underwriters tapped by the Hangzhou-based company, which aims to begin the IPO process this year to list on the Shanghai Stock Exchange's Nasdaq-like Star market.

DeepSeek's progress toward an IPO comes as it works to complete a pre-IPO financing round that could value the company at about 500 billion yuan, or about US$74 billion, before investment.

SCMP Economy also noted that another Chinese AI developer, Moonshot, is raising a final round of financing that could value it at around US$50 billion and that it aims to raise US$3 billion to US$5 billion in its planned IPO, citing a Bloomberg report.

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