Chinese AI startup DeepSeek is preparing to list on the Shanghai Stock Exchange's STAR Market and has hired CITIC Securities as an adviser, Reuters reported on Tuesday, citing two sources.
DeepSeek plans to start an initial public offering process this year, the report said. Companies seeking a mainland China listing typically receive pre-submission guidance from securities firms, and this is the first time it has been reported that DeepSeek selected CITIC Securities as an adviser. Reuters said this is a sign the IPO plan is advancing.
The timing of the listing, the fundraising target and the valuation have not been decided, the sources said. DeepSeek and CITIC Securities did not respond to requests for comment, Reuters said.
DeepSeek is trying to secure funds to build computing infrastructure, develop models and recruit and retain talent as competition intensifies between U.S. and Chinese AI companies. Reuters reported in July that DeepSeek was raising investment at a valuation of 500 billion yuan ($75 billion).
Chi-gyu Hwang
delight@d-today.co.kr