# Chinese AI firm DeepSeek taps underwriters for Shanghai IPO

> Hangzhou-based artificial intelligence firm DeepSeek has hired underwriters, including Citic Securities, to prepare for a domestic IPO on the Shanghai Stock Exchange's Star market.

- Published: 2026-09-09T12:34:42.000Z
- Category: business
- Source: [SCMP Business](https://www.scmp.com/tech/tech-trends/article/3366948/chinese-ai-firm-deepseek-taps-underwriters-including-citic-securities-ipo-sources?utm_source=rss_feed)
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Chinese artificial intelligence lab DeepSeek has selected four underwriters, including Citic Securities, to facilitate a domestic initial public offering. The Hangzhou-based company intends to initiate the listing process this year on the Shanghai Stock Exchange’s Star market, which is modeled after the Nasdaq.

### Key numbers

- **500 billion yuan** — potential pre-IPO valuation
- **US$74 billion** — potential pre-IPO valuation in US dollars

**Why it matters:** The move signals a significant push by Chinese AI firms to secure public capital. With DeepSeek targeting a US$74 billion pre-investment valuation, the listing represents a major development for the Shanghai Star market and the domestic AI sector's ability to attract large-scale funding.

## Pre-IPO Financing and Market Context

The company is currently working to finalize a pre-IPO financing round that could value the firm at approximately 500 billion yuan, or US$74 billion, prior to investment. This move follows a broader trend among Chinese AI developers seeking public listings. DeepSeek is pursuing its IPO alongside Beijing-based competitor Moonshot AI. Moonshot AI, the developer of the Kimi K3 model series, recently filed confidentially for a Hong Kong IPO scheduled for early next year.

**Key points**

- DeepSeek has hired four underwriters, including Citic Securities, for its planned IPO.
- The company aims to list on the Shanghai Stock Exchange’s Star market this year.
- DeepSeek is currently completing a pre-IPO financing round valued at approximately 500 billion yuan (US$74 billion).
- Competitor Moonshot AI has also filed for a Hong Kong IPO to take place in early 2025.