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AI Startup DeepSeek Initiates Shanghai IPO Process with Lead Underwriter

Technology Services · Internet Software/Services · yonhap_finance · 2026-09-09

Chinese AI unicorn DeepSeek has selected CITIC Securities to lead its Shanghai STAR Market IPO, aiming to secure capital for infrastructure and talent.

What Happened

IPO Progress: Chinese AI startup DeepSeek has officially selected CITIC Securities as the lead underwriter for its upcoming IPO on the Shanghai Stock Exchange's STAR Market. This move marks a significant step forward in the company's efforts to transition into a publicly traded entity.

Strategic Capital Needs: The company is seeking to raise substantial capital to remain competitive against US-based AI giants. The funds are earmarked for expanding computing infrastructure and implementing robust compensation packages to retain top-tier research talent.

Valuation Landscape: While DeepSeek was recently valued at over $50 billion, it still faces a significant valuation gap compared to US peers like OpenAI and Anthropic. Analysts suggest this disparity reflects the broader challenges Chinese AI firms face in converting advanced technology into sustainable revenue streams.

Industry Context: The move follows a trend of Chinese AI developers, such as Z.AI and MiniMax, seeking public listings to fuel their growth. As the global AI race intensifies, these companies are under pressure to demonstrate commercial viability to investors while navigating a complex regulatory and competitive environment.

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