In mid-May, DeepSeek conducted a pivotal four-hour online investor meeting via Tencent Meeting, marking the first direct interaction between founder Liang Wenfeng and many prospective backers. The session featured a rigorous Q&A where Liang, known for his measured speech, addressed inquiries with notable patience despite an awkward moment when a CVC investor monopolized the floor for ten minutes with lengthy self-introductions and questions. Liang's demeanor left a lasting impression on attendees who had previously never met him in person, cementing a reputation for stability and focus that permeated the subsequent fundraising narrative. Woofun AI notes that Liang's core philosophy during this session emphasized that team stability outweighs financial resources, framing the pursuit of AGI as a singular mission where ordinary people achieve extraordinary results.

The official fundraising process commenced around April with an initial demand for a minimum investment of 50 billion RMB in a pure RMB structure without share syndication. This high barrier prompted negotiations, eventually lowering the minimum threshold to 15 billion RMB and allowing for more flexible participation structures to accommodate market realities. While some institutions initially hesitated due to a rumored preference for investors who had not backed other large models, this criterion proved difficult to enforce given the competitive landscape. Data compiled by Woofun AI shows that despite these adjustments, the final round attracted a diverse array of capital, with Monolith Deliberation Capital increasing its commitment from an initial 15 billion to 30 billion RMB, reflecting a significant shift in betting strategy.

The composition of the investor list revealed surprising dynamics, particularly regarding the absence of two industry titans, Sequoia China and Hillhouse Capital. Rumors initially suggested Hillhouse would invest 5 billion, with Zhang Lei personally engaging with Liang, but regulatory concerns and fundraising pace issues ultimately led to their exclusion. Similarly, Sequoia China was widely believed to be absent due to constraints involving overseas LPs, a view confirmed by sources close to the firm. This outcome raised questions about whether these institutions missed a historic opportunity, especially as the final deal structure theoretically precludes hiding the RMB nature of the investment from public scrutiny.

Conversely, the deal attracted unexpected participants like Zhengxin Valley, whose involvement was initially misinterpreted as a first-time entry into the large model sector. In reality, Zhengxin Valley had previously invested between 6 billion and 10 billion RMB in Kimi, driven by the efforts of founders Lin Lijun and Ye Chunyan alongside new incoming investors. The final investor roster included traditional VCs like IDG, alongside corporate venture arms such as Puquan Capital, which aggregated capital from state-owned assets in Xiamen, Ordos, and Ningde Times-related entities. Woofun AI analysis suggests that the apparent simplicity of the 10 listed participants masks a much deeper network of capital sources.

A deeper penetration of the fund entities reveals that nearly 100 institutions or individuals ultimately participated in this financing round. Behind the visible GPs lie significant contributions from insurance funds, accounting for a high percentage of the 3 billion RMB tranche, as well as entities linked to Nongfu Spring, Seven Wolves, and Jiuan Medical. Monolith's LP base is heavily weighted toward state-owned assets in Zhejiang and Shanghai, alongside listed companies like Tongcheng-Elong and Yanghe Shares. This complex web of stakeholders underscores the broad institutional confidence in DeepSeek's trajectory despite the absence of top-tier global VCs.

Liang Wenfeng imposed a strict non-negotiable condition on all investors: no poaching of DeepSeek's talent or instigating employees to launch competing ventures. This clause reflects a strategic prioritization of human capital retention over mere capital accumulation, a stance that resonated with investors who viewed the company's mission as having profound spiritual and industrial significance for China's AGI sector. Some participants expressed that the investment felt less like a standard financial transaction and more like a moral imperative, with one investor noting the difficulty in finding any reason not to join given the company's potential to become the largest A-share listed entity in China.

The sensitivity of the transaction led many investors to maintain a low profile, with some refusing to discuss the deal publicly out of pride and a desire to preserve the company's low-key ethos. One participant remarked on the emotional weight of the documents involved, hoping to frame them in the future, while another reiterated the 16-character motto from the DeepSeek V4 preview: 'Not tempted by fame, not fearful of slander, guiding the way with integrity, upright and self-disciplined.' This collective sentiment suggests that the financing round was driven as much by ideological alignment as by financial projection, creating a unique ecosystem where consensus and restraint define the path forward.