DeepSeek is hiring its first CFO before a possible public offering, and the person taking the job has come directly from venture capital. According to Reuters, the Chinese AI company is bringing in Yan Wentao, a partner at GL Ventures, as its first chief financial officer, with two people with knowledge of the matter confirming the appointment.
DeepSeek is now positioned for a possible listing on Shanghai’s technology-focused STAR Market. The Hangzhou-based company has been collaborating with Chinese brokerage CITIC Securities to get ready for that potential debut, as Reuters reported last week.
Yan’s Dealmaking Background
GL Ventures serves as the venture-capital arm of Hillhouse Investment, and Yan has built her dealmaking record there. The firm was founded by China-born investor Zhang Lei, who directs investments toward technology, biotech, and consumer sectors. Hillhouse does not hold any stake in DeepSeek.
Because they were not authorised to speak publicly about it, the sources involved in Yan’s appointment could not be identified by name. Requests for comment sent to DeepSeek and Hillhouse went unanswered at once. Yan himself could not be reached for comment right away either.
The Founder’s Hedge Fund
DeepSeek was founded in 2023 by its founder, Liang, who financed the startup via his quantitative hedge fund High-Flyer from the beginning until earlier this year. That is when the company started seeking outside funding.
Early last year, the firm drew attention by releasing inexpensive AI models, which raised doubt among investors about whether U.S. companies actually spend heavily to develop sophisticated AI systems.
Valuation and Fundraising
Reuters reporting from July indicates DeepSeek is raising money through an ongoing round that values the company at roughly $74 billion, or about 500 billion yuan. The company pulled in about $7.4 billion in June, with a post-money valuation exceeding $50 billion.
The company has increased its spending across several areas: computing infrastructure, chip development, and talent.
Who’s Who
| Role | Person | Affiliation |
|---|---|---|
| First CFO, planned | Yan Wentao | Partner at GL Ventures |
| Venture-capital firm | GL Ventures | Arm of Hillhouse Investment |
| Founder | Liang | Backed by his hedge fund High-Flyer |
| Investment firm | Hillhouse | Founded by Zhang Lei |
The Road to Listing
The role of a CFO usually covers investor communications, financial controls, capital allocation, and the disclosure requirements needed for a listing. DeepSeek’s appointment of Yan, with his dealmaking background, marks a significant step in the company’ has moved away from its earlier days as a research-focused lab backed by a founder’s hedge fund toward a more standard corporate setup.
The IPO Process So Far
DeepSeek has taken several steps already:
- Raised $7.4 billion in June at a valuation of more than $50 billion.
- Raised billions more in an ongoing round valuing the company at about 500 billion yuan.
- Hired CITIC Securities to prepare for a possible listing on the STAR Market.
- Confirmed Yan Wentao as its first CFO.
What Comes Next
DeepSeek has not confirmed an IPO, only made it possible. The company has not said when it might list, and neither it nor Hillhouse answered requests for comment.
The signals point to a public appearance soon. DeepSeek has gathered billions, pushed its worth past $74 billion, and put a CFO into position.
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