Three-Point Briefing
- According to Yonhap News Agency, as reported on September 9, 2026, DeepSeek selected CITIC Securities as the lead underwriter for its planned IPO on the Shanghai Stock Exchange's STAR Market.
- According to Reuters, DeepSeek aims to begin the IPO process by the end of this year, but has yet to determine the specific listing date, offering size, or target valuation.
- Based on Yonhap's report, the key issue for investors is not whether the listing is confirmed, but how the actual process unfolds and what offering terms emerge following the appointment of the underwriter.
What Changes as DeepSeek Prepares for a STAR Market Listing?
DeepSeek's IPO has moved from the stage of being assessed on expectations alone to one where investors can track concrete procedural progress. According to Yonhap, Reuters reported on September 9 local time that DeepSeek had selected CITIC Securities as its lead underwriter and was aiming to begin the IPO process by year-end. The STAR Market refers to the Shanghai Stock Exchange market where DeepSeek is preparing to list.
However, appointing an underwriter is not the same as completing a listing. According to Yonhap, the only details currently known are the underwriter and the target timeframe. The offering size, target valuation, and specific listing date—all critical to an investment decision—remain undecided.
The implications of Yonhap's report are clear. If the IPO process gets underway this year, investors will have further evidence of progress. If that timeline slips, however, the argument that appointing an underwriter alone indicates a rapid listing will lose strength. The reason to act quickly is that the process has begun moving; the reason to wait is that the pricing and timetable remain unknown.
500 Billion Yuan Fundraising Valuation and June Financing
Reuters reported in July that DeepSeek was valued at 500 billion yuan, or about 100 trillion won, in its ongoing funding round. According to Reuters, DeepSeek raised $7.4 billion, or about 9.9 trillion won, in June, giving it a post-money valuation of at least $50 billion, or about 66.9 trillion won.
Viewed in light of Yonhap's report, these figures are valuations from separate funding rounds, not DeepSeek's target IPO valuation. There is therefore no basis for directly treating the current round's 500 billion yuan valuation as its future IPO valuation. Valuation may be the figure the market focuses on first, but investors will need the offering terms disclosed later to assess the IPO.
According to Reuters, founder Liang Wenfeng invested 20 billion yuan, or about 4 trillion won, in the June funding round, while Tencent invested 10 billion yuan, or about 2 trillion won, and CATL invested 5 billion yuan, or about 1 trillion won. The investments made Tencent and CATL major external shareholders of DeepSeek.
Chinese AI Listings and the Valuation Gap
According to Yonhap, Zhipu AI and MiniMax listed in Hong Kong this year. Reuters reported earlier this month that Moonshot AI had filed confidentially for a Hong Kong IPO. Moonshot AI was valued at $50 billion, or about 67 trillion won, in a recent funding round. According to Yonhap's financial news service, Zhipu's current market capitalization is approximately $54 billion, or about 72 trillion won.
The figures being discussed for U.S. AI companies are even larger. According to Reuters, Anthropic, the developer of Claude, could receive a $2 trillion valuation, or about 2,678 trillion won, in an IPO, while OpenAI could target a $1 trillion valuation, or about 1,339 trillion won, in its planned listing. In light of Yonhap's report, these figures should be understood as potential valuations or targets associated with prospective IPOs, not confirmed listing valuations.
Directly Related Listed Stocks
- Tencent: According to Reuters, Tencent became a major external shareholder after investing 10 billion yuan, or about 2 trillion won, in DeepSeek in June. Based on Yonhap's report, it is a directly related listed company whose investment relationship should be considered when DeepSeek's IPO terms are disclosed.
- CATL: According to Reuters, CATL invested 5 billion yuan, or about 1 trillion won, in the same funding round and became a major external shareholder. However, Yonhap's report alone does not provide enough information to quantify how DeepSeek's listing may affect CATL's valuation or earnings.
DeepSeek IPO Risk Checklist
- Timeline: According to Yonhap, beginning the process by year-end is only a target, and no specific listing date has been set.
- Pricing: Because the offering size and target valuation remain undecided, the valuation from the current funding round cannot be treated as the IPO price.
- Comparisons: The figures for Anthropic and OpenAI reported by Reuters represent a potential IPO valuation and a listing target, respectively, rather than confirmed outcomes.
- Verification Sequence: Based on Yonhap's report, the next points to monitor are whether the IPO process begins this year, followed by disclosure of the listing date, offering size, and target valuation.
Bottom Line
According to Yonhap, DeepSeek's selection of CITIC Securities is a positive sign that preparations for a STAR Market IPO are advancing, but the strength of the investment case will depend on whether the process begins this year and whether the offering terms are disclosed.
Frequently Asked Questions
Who Founded DeepSeek?
Liang Wenfeng is the founder of DeepSeek. According to Reuters, he personally invested 20 billion yuan, or about 4 trillion won, during the June funding round.
Who Are DeepSeek's Major External Shareholders?
According to Reuters, Tencent and CATL became major external shareholders of DeepSeek. In June, Tencent invested 10 billion yuan, or about 2 trillion won, while CATL invested 5 billion yuan, or about 1 trillion won.
How Large Will DeepSeek's IPO Be?
According to Yonhap, the offering size has not yet been determined. The specific listing date and target valuation also remain undecided, so they should not be confused with the amount involved in the current funding round.
This article was automatically summarized and analyzed based on the original news report. View the original article (Yonhap Financial News)
