China's DeepSeek taps CITIC Securities for domestic IPO
DeepSeek's engagement of CITIC, which has not been reported so far, is an indication that the startup is moving along in its IPO plan. Companies seeking a mainland China listing typically appoint securities firms to conduct pre-listing tutoring before submitting an application.
Chinese AI startup DeepSeek has enlisted CITIC Securities to help prepare for an initial public offering on Shanghai's tech-focused STAR Market, according to two sources familiar with the matter. The Hangzhou-based company plans to begin the IPO process this year, though the exact timing, amount to be raised, and target valuation have not yet been disclosed.
This move suggests DeepSeek is advancing its IPO plan, a step required for companies seeking a mainland China listing. The details of these discussions were not publicly reported until now.
Deeper details about the IPO plan remain under wraps, including the amount DeepSeek aims to raise and its target valuation. The engagement of CITIC Securities, a prestigious securities firm, signals DeepSeek's commitment to moving forward with its IPO plans. As the AI sector becomes increasingly competitive globally, Chinese firms like DeepSeek are striving to secure substantial funding to fuel their operations.
DeepSeek is currently in the midst of a funding round aimed at bolstering its computing infrastructure, model development, and talent retention efforts.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
