China’s DeepSeek is taking a major step toward becoming a more conventional corporate powerhouse, with the artificial intelligence company preparing to appoint its first chief financial officer as it moves closer to a potential initial public offering.
The Hangzhou-based AI startup plans to hire Yan Wentao, a partner at venture capital firm GL Ventures, as its first CFO. Yan is already completing the process of leaving the investment firm, according to people familiar with the matter.
His appointment is significant because DeepSeek was initially built more like a research laboratory than a conventional technology company. Founder Liang Wenfeng financed the startup through his quantitative hedge fund High-Flyer, allowing the company to focus heavily on AI research without relying on outside investors.
That model is now changing rapidly.
A dedicated CFO would give DeepSeek greater financial oversight as it raises billions of dollars, expands computing infrastructure and prepares for the possibility of becoming a publicly traded company.
Yan brings extensive deal-making experience from the venture capital industry. Born in 1991, he has invested in a number of technology companies, including AI developer MiniMax, giving him experience in one of the fastest-growing segments of China’s technology sector.
DeepSeek has also hired CITIC Securities and other underwriters to prepare for a possible listing on the Shanghai Stock Exchange’s STAR Market, China’s technology-focused board.
The company is aiming to begin the IPO process this year, although the timing, size of the offering and eventual valuation have not been finalised.
A listing could ultimately take place in 2027.
DeepSeek is currently pursuing another major fundraising round that could value the company at around 500 billion yuan, or approximately US$74 billion.
The company previously raised about US$7.4 billion in June at a post-money valuation of more than US$50 billion, highlighting the extraordinary increase in investor interest surrounding the AI startup.
The fundraising frenzy comes as DeepSeek’s ambitions expand beyond developing competitive AI models.
The company is spending heavily on computing capacity, chip development and recruitment as it attempts to compete with both Chinese and American AI giants.
DeepSeek’s rise has been particularly striking because its breakthrough models challenged the assumption that cutting-edge AI development would require spending on the scale of the biggest US technology companies.
Its emergence in early 2025 triggered a global debate over AI costs, chip demand and China’s ability to compete with Silicon Valley despite US restrictions on advanced semiconductors.
Now, the company faces a different challenge: turning technological momentum into a sustainable corporate structure.
Bringing in a professional dealmaker as CFO suggests DeepSeek is preparing for a world where fundraising, investor relations, financial controls and capital allocation will become just as important as AI research.
It also comes as a growing number of Chinese AI companies seek access to public markets.
AI developer Z.AI has already pursued major capital-market transactions, while other Chinese AI startups including Moonshot AI are preparing their own listings.
The rush reflects the enormous cost of competing in advanced AI. Training and operating increasingly powerful models requires vast amounts of computing power, specialised chips, data-centre capacity and highly paid technical talent.
For DeepSeek, a public listing could provide another source of capital while helping the company compete for researchers and engineers in an increasingly aggressive Chinese AI market.
But the appointment of a CFO does not mean an IPO is guaranteed.
DeepSeek has yet to publicly announce a final listing timetable, valuation or fundraising target, and the company remains controlled by Liang Wenfeng.
Still, the move marks a clear shift in direction.
DeepSeek began as a relatively secretive research-driven project backed by its founder’s investment business. It is now assembling the financial machinery, outside capital relationships and corporate leadership needed for a much larger role in China’s technology industry.
If the IPO goes ahead, it could become one of the most closely watched Chinese technology listings in years — giving investors a rare opportunity to buy into the company that helped reshape the global AI race.
Leave a Reply