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DeepSeek hires GL Ventures partner Yan Wentao as first CFO, prepares for potential STAR Market IPO
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Reuters reports that DeepSeek, the Chinese AI startup, plans to hire Yan Wentao, a partner at venture-capital firm GL Ventures, as its first chief financial officer, according to two sources with knowledge of the matter. The move prepares the company for a potential initial public offering on Shanghai's STAR Market, for which it has already hired CITIC Securities. Yan's appointment marks a significant step in DeepSeek's transformation from a research-focused lab funded by founder Liang's hedge fund into a conventional corporate structure. DeepSeek is currently in an ongoing fundraising round valuing it at about 500 billion yuan ($74 billion), following a $7.4 billion raise in June at a $50 billion valuation. The company has increased spending on computing infrastructure, chip development, and talent. It gained global attention in early 2025 for releasing low-cost AI models that challenged U.S. assumptions about massive AI spending requirements.
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Source: Reuters
Sept 14 (Reuters) – DeepSeek plans to appoint Yan Wentao, a partner at venture-capital firm GL Ventures, as its first chief financial officer, according to two people with knowledge of the matter. The move signals the Chinese AI startup's preparation for a potential initial public offering (IPO).
Reuters reported last week that Hangzhou-based DeepSeek had hired Chinese brokerage CITIC Securities to prepare for a possible listing on Shanghai's technology-focused STAR Market.
A CFO typically plays a central role in managing investor communications, financial controls, capital allocation, and disclosure processes required for a listing. The appointment of Yan, who has dealmaking experience, would be a significant step in DeepSeek's transformation from a research-focused lab bankrolled by its founder's hedge fund into a more conventional corporate structure.
The sources on his planned appointment could not be named because they were not authorized to speak publicly on the issue.
GL Ventures is the venture-capital arm of Hillhouse Investment, an investment firm founded by China-born investor Zhang Lei that focuses on sectors including technology, biotech, and consumer industries. Hillhouse is not an investor in DeepSeek.
DeepSeek and Hillhouse did not immediately respond to requests for comment. Yan could not immediately be reached for comment.
Yan was born in 1991, according to Chinese venture-capital publication Zero2IPO, which lists AI developer and DeepSeek rival MiniMax among his representative investments.
DeepSeek Raises Capital and Invests in Talent
As the global race to dominate AI accelerates, DeepSeek is in an ongoing fundraising round that values it at about 500 billion yuan ($74 billion), Reuters reported in July.
In June, it raised about $7.4 billion at a post-money valuation of more than $50 billion.
The company has also increased spending on computing infrastructure, chip development, and talent.
Early last year, DeepSeek made global headlines when it released low-cost AI models that led to investor scepticism about U.S. claims on the massive spending needed to build advanced AI systems.
The company is controlled by founder Liang, who financed the startup via his quantitative hedge fund High-Flyer from its inception in 2023 until earlier this year, when it began seeking external fundraising.
Reporting by Reuters staff; Editing by Eduardo Baptista and Barbara Lewis
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DeepSeek hires CITIC Securities for Shanghai STAR Market IPO, targets 2027 listing