First Chief Financial Officer
Yan Wentao is set to take charge of the finance function, becoming the company’s first-ever chief financial officer (CFO). According to two anonymous sources cited by Reuters on September 14, Yan has been serving as a partner at venture capital firm GL Ventures. The firm is part of Hillhouse Investment, founded by Chinese investor Zhang Lei, although Hillhouse itself is not an investor in DeepSeek. Data from the Zero2IPO platform shows that Yan’s notable investments include rival AI developer MiniMax. Neither DeepSeek nor Hillhouse responded to requests for comment.
Preparing for a Shanghai Listing
The arrival of a new finance chief is no coincidence, following recent reports that the startup hired brokerage CITIC Securities to lay the groundwork for a potential listing on Shanghai’s STAR Market for technology companies. The CFO typically plays a central role in taking a company public, overseeing investor communications, financial controls, capital allocation and mandatory disclosures. Yan’s extensive dealmaking experience would therefore be a key asset in preparing for a potential initial public offering (IPO).
Rising Valuation and Investment
The ambitious listing plans are also supported by impressive figures from recent funding rounds. In June, DeepSeek raised approximately USD 7.4 billion at a post-money valuation exceeding USD 50 billion. Market appetite did not stop there: Reuters reported in July that another funding round was underway, pushing the company’s valuation towards CNY 500 billion, or approximately USD 74 billion. The capital raised is already being put to work, as the company sharply increases spending on computing infrastructure, chip development and the competition for top talent amid the accelerating global AI race.
From Self-Funding to External Investors
This substantial financial expansion marks a fundamental shift in the startup’s strategy. Led by its founder Liang, the company was financed exclusively by his quantitative hedge fund, High-Flyer, from its establishment in 2023 until the beginning of this year. Only then did it open its doors to external capital. The startup gained broader global attention early last year when it introduced low-cost AI models. This rattled investors and challenged US claims that developing advanced artificial intelligence systems necessarily requires enormous sums of money.
Transforming the Corporate Structure
The appointment of a first CFO thus symbolises the final phase of DeepSeek’s transformation from an academically oriented research laboratory backed by its founder’s fund into a conventionally managed corporation. The company’s next steps will depend on whether Yan’s planned appointment is finalised and whether its work with CITIC Securities ultimately leads to the ringing of the stock exchange bell. For now, a stock market listing remains one of several possible paths, rather than a confirmed decision.
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