DeepSeek, the artificial intelligence company preparing for a public listing, has reportedly recruited Yan Wentao as its new Chief Financial Officer. Yan, born in 1991, joins from Hillhouse Capital where he was involved in investments across several high-profile technology companies including ByteDance, Xiaohongshu, MiniMax, Z.AI, and J&T Express.

This strategic hiring follows DeepSeek's recent completion of a funding round exceeding RMB 50 billion, which valued the company at approximately RMB 350.9 billion. The financing was led by founder Liang Wenfeng, with participation from major industry players including Tencent, CATL, NetEase, JD.com, and IDG Capital, alongside a strategic investment from the National Artificial Intelligence Industry Investment Fund.

Prior to this transaction, Ningbo Chengen Enterprise Management Consulting Partnership held a 66% stake in DeepSeek, while Liang Wenfeng personally owned 34%. Following the investment, these figures adjusted to 60.19% for the partnership and 31.01% for Liang. Reports indicate the company has also entered preliminary discussions with new investors for another funding round, targeting a pre-transaction valuation of approximately USD 71 billion.

DeepSeek has been executing a rapid expansion strategy recently. The company launched its V4.1 Flash model, initiated beta testing of voice conversation features, announced plans to construct a 1GW-scale intelligent computing center in Ulanqab, and acquired a stake in robotics company Unitree to advance embodied intelligence capabilities.

Additionally, DeepSeek has reportedly engaged CITIC Securities to prepare for an initial public offering on the STAR Market, with aspirations for a listing by 2027. This move aligns with a growing trend in China's venture capital community where investors transition into operational leadership roles at portfolio companies.

A prominent example is Zhang Yutong, former managing partner at GSR Ventures, who became president of Kimi despite controversy surrounding her departure. Similarly, Hillhouse has a tradition of placing investment professionals into executive positions at portfolio companies. Xue Zizhao, who previously invested in MiniMax, joined that company in 2023 as vice president of investment and financing, overseeing its listing preparations. Another Hillhouse alum, Zhang Yuan, joined Mixue Group in 2023, managed its Hong Kong IPO, and was subsequently promoted to executive vice president in June 2025, with plans to assume the CEO role in March 2026.

The appointment of Yan Wentao underscores DeepSeek's commitment to strengthening its financial leadership as it navigates the complex path toward public markets, positioning itself for significant growth in the competitive AI landscape.