DeepSeek selects four underwriters, including Citic Securities, for planned 2025 Shanghai listing
The Hangzhou AI company aims to list on the Shanghai Stock Exchange this year after appointing underwriters. Pre-IPO financing could value the firm at approximately US$74 billion.
DeepSeek, a Chinese artificial intelligence company based in Hangzhou, has tapped four underwriters to proceed with its initial public offering (IPO). Among them is Citic Securities, a major Chinese financial institution. The firm intends to list on the Shanghai Stock Exchange's Star Market, an exchange comparable to Nasdaq, by the end of this year. Sources indicate the announcement was made without citing specific individuals or media outlets.
The listing process coincides with DeepSeek's completion of a pre-IPO financing round. Investors could value the company at roughly 500 billion yuan before the public sale converts to approximately US$74 billion. The company has not commented on the specific valuation or the underwriter selection outside normal business hours.
DeepSeek is moving forward with its IPO strategy alongside Moonshot AI, a Beijing-based competitor. Moonshot confidentially filed for a Hong Kong listing early in the current year. Bloomberg reported that Moonshot also raised capital in a recent private round valued at around US$50 billion prior to an anticipated IPO seeking between US$3 billion and US$5 billion in new funding.
