TECH

DeepSeek Reaches $52 Billion Valuation in Round Backed by Tencent, CATL

Published: Jul. 17, 2026 5:59 p.m. GMT+8

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DeepSeek's post-money valuation exceeds 350 billion yuan ($52 billion). Photo: VCG

DeepSeek raised about 50 billion yuan ($7.4 billion) in its first external funding round, giving the Chinese artificial-intelligence startup a post-money valuation of more than 350 billion yuan, according to a regulatory filing that offered a rare glimpse into the company’s finances.

The details emerged in a disclosure Thursday by Anhui Korrun Co. Ltd. (300577.SZ), a Chinese luggage and travel-products maker whose wholly owned subsidiary invested indirectly in DeepSeek through a private-equity fund.

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DeepSeek raised ~50 billion yuan ($7.4B) in its first external funding, achieving a post-money valuation of over 350 billion yuan.
Investors include Tencent (10B yuan), CATL (5B yuan), NetEase, and JD.com; founder Liang Wenfeng contributed 20B yuan.
Funds will partly establish employee equity incentives, retain staff, and support technical breakthroughs and expansion.

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Who’s Who

DeepSeek: DeepSeek (深度求索) raised about 50 billion yuan ($7.4B) in its first external funding round, achieving a post-money valuation of over 350 billion yuan. Investors included Tencent, NetEase, JD.com, and CATL. The Chinese AI startup, focused on open-source foundation models, remains tightly controlled by founder Liang Wenfeng.

Anhui Korrun Co., Ltd.: Anhui Korrun Co., Ltd. is a Chinese luggage and travel-products maker. Through its wholly owned subsidiary, it invested 40 million yuan in a private-equity fund, Tianjin Lisi Xingling, which indirectly invested in DeepSeek, giving Korrun a 0.0114% stake. DeepSeek was valued at 350.88 billion yuan after its first external funding round.

NetEase Inc.: Based on the article, NetEase Inc. was one of 12 institutional investors in DeepSeek's first external funding round. The AI startup raised about 50 billion yuan, achieving a post-money valuation of roughly 350.88 billion yuan.

JD.com Inc.: According to the article, JD.com Inc. was among 12 institutional investors in DeepSeek's first external funding round. The round raised approximately 50 billion yuan ($7.4 billion), with investors including NetEase, Tencent, and CATL.

Tencent Holdings Limited: Tencent Holdings Ltd. was one of 12 institutional investors in DeepSeek's $7.4 billion funding round, contributing 10 billion yuan ($1.48 billion) to become the largest external investor in the Chinese AI startup.

Contemporary Amperex Technology Co., Ltd.: Contemporary Amperex Technology Co., Ltd. (CATL), a Chinese electric-vehicle battery giant, invested 5 billion yuan in DeepSeek during its first external funding round, as one of 12 institutional investors.

Ningbo Purun Investment Management Co., Ltd.: Ningbo Purun Investment Management Co., Ltd. is a wholly owned subsidiary of Anhui Korrun Co., Ltd. It invested 40 million yuan as a limited partner in the Tianjin Lisi Xingling fund, holding a 1.38% stake, serving as the vehicle for Korrun's indirect investment in DeepSeek.

Hangzhou Chengli: Hangzhou Chengli is a holding vehicle created specifically for DeepSeek’s financing. On July 15, it received a 2.9 billion yuan investment from fund Lisi Xingling. After the round, Hangzhou Chengli held an 8.52% stake in DeepSeek.

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What Happened When

May 2026：: DeepSeek began an invitation-only fundraising process after releasing its V4 model, initially seeking investment at a pre-money valuation of 300 billion yuan.

Late May 2026：: Anhui Korrun Co. Ltd. invested 40 million yuan through its wholly owned subsidiary, Ningbo Purun Investment Management Co. Ltd., becoming a limited partner in the venture-capital fund Tianjin Lisi Xingling.

June 17, 2026：: Tianjin Lisi Xingling completed its establishment, fundraising, and regulatory registration with investors contributing a combined 2.9 billion yuan; Ningbo Purun accounted for about 1.38% of total commitments.

June 25, 2026：: DeepSeek issued a recruitment notice signaling expansion to at least double the size of every department, hiring for roles in full-stack development, algorithms, core AI systems, and operations.

July 15, 2026：: Lisi Xingling invested the entire 2.9 billion yuan through Hangzhou Chengli, a holding vehicle created for DeepSeek's financing, gaining an indirect 0.8265% interest in DeepSeek's main corporate entity.

July 17, 2026：: The details of DeepSeek's first external funding round, raising about 50 billion yuan at a post-money valuation of over 350 billion yuan, emerged in a disclosure by Anhui Korrun Co. Ltd.

As of July 2026：: Anhui Korrun Co. Ltd. held an indirect 0.0114% interest in DeepSeek through the fund and holding vehicle; DeepSeek's registered capital increased to 16.45 million yuan; founder Liang Wenfeng held 60.19% via Ningbo Cheng'en and 31.01% directly, with Hangzhou Chengli holding 8.52% and China's National Artificial Intelligence Industry Investment Fund owning about 0.28%.

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