For stock trading, check the Jinlin Analyst Research Report — authoritative, professional, timely, comprehensive, helping you uncover potential thematic opportunities! Source: Nancai Society. DeepSeek's second-round financing allocation is becoming increasingly difficult to secure.

Recently, rumors circulated in investment circles that DeepSeek, near the end of its second-round financing, suddenly began conducting qualification reviews of its LP list, eliminating certain capital providers, including LPs with state-owned, non-listed company, and natural person backgrounds. More subtly, information from various channels regarding DeepSeek's second-round financing has also been suspended.

There are also reports that DeepSeek recently held a highly confidential investor meeting, with Liang Wenfeng joining online, while investors were required to go to DeepSeek's Beijing or Hangzhou offices and hand in their phones, other electronic devices, and bags during the meeting.

Investors are anxious for one simple reason: DeepSeek is said to be launching its IPO process within the year, currently valued at 500 billion yuan, and if all goes smoothly, it will list on the capital market by 2027. The time and allocation left for investors are both running short.

DeepSeek allocation frantically contested as LPs eliminated

The reason is not hard to understand — DeepSeek is simply too hot, everyone wants to invest and grab a piece of the allocation, but Liang Wenfeng has always been cautious about DeepSeek's financing. As early as the first round of financing earlier this year, capital providers were already fighting tooth and nail.

Those who ultimately squeezed in were none other than top-tier capital from every sector. For example, internet giants and industrial capital such as Tencent, CATL, JD.com, and NetEase, leading VCs like IDG Capital, and the most top-tier state-owned fund, the National Big Fund.

According to media reports, DeepSeek's first-round investors were mainly personally selected by Liang Wenfeng, and non-invited parties found it very difficult to establish truly effective contact — even multiple attempts to meet could not lead to cooperation. In addition, the DeepSeek team required verification of all LP identities participating in this round of financing to prevent allocations from falling into the hands of unknown investors.

After fighting tooth and nail and paying so much money, ultimately they did not directly obtain shares in DeepSeek's main entity, but instead entered a "pocket" managed by Liang Wenfeng, with multiple layers of capital firewalls, and without voting rights. Only the National Big Fund was a direct investor in DeepSeek with voting rights. Furthermore, these external investors' shares are locked up for five years and cannot be sold. Based on the previously disclosed 2027 listing timeline, this means that even if DeepSeek successfully lists, these capital providers would need at least four more years before they could sell.

Even with such stringent requirements, investors are still frantically rushing toward DeepSeek's ongoing second-round financing. Because no one wants to miss out on the hottest domestic AI unicorn. According to The Information's latest September report, DeepSeek's annualized revenue has already reached $1 billion (6.7 billion yuan), more than doubling from the level of less than $500 million just a few months earlier.

Intermediaries openly selling, brokers collecting fees for introductions — "5 million yuan meeting fee and still can't see Liang Wenfeng"

In the first round of financing, top players fought tooth and nail just to squeeze in. As soon as second-round financing news emerged, the investment community was set ablaze. It even spawned "brokers" and a "shadow market" with layer upon layer of price markups.

This kind of chaos had already appeared during the first round of financing. According to media reports, before DeepSeek completed its first round of financing, investors from all walks of life were scrambling for meetings, and intermediaries were hawking allocations everywhere. One investor paid a 5 million yuan meeting fee, traveled to Hangzhou three times, and even staked out below DeepSeek's office building, yet still never met Liang Wenfeng in person. Another investor from a state-owned fund met eight FAs (financial advisors) claiming to have allocations, but subsequently heard nothing further.

Of course, some real allocations did exist, but the fees were frighteningly high, deterring some investors. According to media reports, some institutions that had already obtained investment allocations introduced other contributors through setting up SPVs (special purpose vehicles). But some intermediary vehicles charged front-end fees of 6% to 15% or more, and even demanded carried interest of up to 40%. This directly scared off many investors.

Some investors bluntly stated that DeepSeek's financing logic is "circle-based" — if you're not in that small circle, you can't get a handle on anything. A person from a top institution on the investment list also told media that with DeepSeek's financing, nothing is guaranteed until the very last moment.

Former Hillhouse partner appointed CFO, IPO accelerating

On another front, DeepSeek has also welcomed a new CFO — Yan Wentao, former partner at Hillhouse Ventures. Public records show that this key figure chosen by Liang Wenfeng was born in 1991 and graduated from Fudan University. From 2013 to 2020, he successively worked at Tencent Investment and H Capital, joined Hillhouse Ventures in 2020, and was later promoted to partner.

Representative projects Yan Wentao participated in investing in include ByteDance, Zhipu, MiniMax, Xiaohongshu, Webull, and J&T Express, among others.

DeepSeek recruiting a CFO was not sudden. As early as February 2025, DeepSeek had publicly posted a CFO recruitment notice on its official website, with job requirements including proficiency in accounting standards and tax policies, CPA certification preferred, and the ability to establish a full-chain compliance and risk control system. Now, at the juncture of sprinting toward an IPO, bringing in a former Hillhouse partner as CFO is seen by outsiders as an obvious preparation for an IPO.

In corporate financing, mergers and acquisitions, IPOs, and other capital operations, the CFO plays a very important role. Especially during the IPO stage, the CFO is the "chief operator" and "capital translator." Liang Wenfeng choosing Yan Wentao is clearly not about managing accounts, but about orchestrating capitalization.

The most expensive thing is not the valuation, but the ticket to get on board

DeepSeek's financing is like a closed-door card game. Outsiders are elbowing their way in with money, while insiders are still picking their card partners. A 500 billion yuan valuation and a 2027 listing are both temptation and countdown.

But what Liang Wenfeng wants has never been just money. For investors, the cruelest thing is not the high price, but that even the qualification to bid must be screened. Second-round allocations are getting harder and harder to grab — this is not the end, it may only be the beginning.

When the IPO bell rings, those who truly smile may not be the highest bidders, but those who were earliest allowed on board and who can sit tight for five years. Time is running short for investors. Time is also running short for DeepSeek to pick its people.