Chinese AI startup DeepSeek taps CITIC Securities for Shanghai IPO preparation

Sep 9, 2026

Chinese artificial intelligence startup DeepSeek has engaged CITIC Securities as an underwriter to prepare for an initial public offering on Shanghai's STAR Market by the end of 2026. The move comes as DeepSeek seeks fresh capital to fund computing infrastructure and retain talent amid intense competition. The startup is also pursuing a pre-IPO funding round targeting a $75 billion valuation, though its valuation remains below those of U.S. rivals like Anthropic and OpenAI.

DeepSeek Shanghai IPO preparation

▪Chinese artificial intelligence startup DeepSeek has engaged CITIC Securities to prepare for an initial public offering on Shanghai's tech-focused STAR Market.
▪The exact timing, fundraising target, and valuation for DeepSeek's potential Shanghai initial public offering have not yet been determined.
▪DeepSeek aims to begin its initial public offering process in Shanghai by the end of 2026.

CITIC Securities underwriter appointment

▪CITIC Securities is one of four underwriters tapped by DeepSeek to prepare for its domestic stock market listing.
▪DeepSeek's engagement of CITIC Securities serves as pre-listing tutoring, a standard requirement for companies seeking a mainland China listing before submitting an application.

AI infrastructure funding needs

▪DeepSeek has recently lost talent to better-funded technology rivals, including ByteDance and Xiaomi.
▪DeepSeek founder Liang Wenfeng hopes the initial public offering proceeds will help the startup offer stronger incentives to retain key staff and researchers.
▪DeepSeek is seeking fresh capital to fund computing infrastructure, artificial intelligence model development, and talent retention and recruitment.

DeepSeek $75 billion valuation

▪During DeepSeek's June 2026 funding round, founder Liang Wenfeng personally committed 20 billion yuan, while Tencent Holdings and CATL invested 10 billion yuan and 5 billion yuan, respectively.
▪DeepSeek raised approximately $7.4 billion in June 2026 at a post-money valuation of over $50 billion.
▪DeepSeek is in the midst of a pre-IPO funding round that would value the startup at 500 billion yuan, or approximately $75 billion.

Chinese AI firms listings

▪Moonshot was valued at $50 billion in a funding round, which is below the valuations of DeepSeek and Z.AI.
▪Beijing-based artificial intelligence startup Moonshot has filed confidentially for a Hong Kong initial public offering.
▪Chinese large language model developers Z.AI and MiniMax both went public in Hong Kong earlier in 2026.

US AI firms listings

▪The valuation gap between Chinese and United States artificial intelligence developers reflects a sharp revenue disparity and challenges in converting technology into profit.
▪Claude and Mythos developer Anthropic could be valued at up to $2 trillion in an initial public offering planned for mid-October 2026.
▪OpenAI could be valued at up to $1 trillion in a planned public offering.