DeepSeek has engaged CITIC Securities (SHA:600030, HKG:6030) to prepare for its initial public offering on the Shanghai Stock Exchange's STAR Market, Reuters reported Wednesday, citing insiders.

The Chinese AI startup plans to begin the IPO process this year, though timing, fundraising target and valuation remain undecided, sources told Reuters.

Filings from investors and sources showed that DeepSeek raised approximately $7.4 billion in June at a post-money valuation of more than $50 billion, the report said.

DeepSeek and CITIC did not immediately respond to MT Newswires' request for comment.

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