DeepSeek plans to appoint GL Ventures partner Yan Wentao as its first Chief Financial Officer as the Chinese AI startup prepares for a potential initial public offering (IPO), Reuters reported on Monday.
The move comes as DeepSeek considers a possible listing on Shanghai’s technology-focused STAR Market. The company reportedly hired Chinese brokerage CITIC Securities last week to prepare for a potential listing.
Yan’s appointment would bring dealmaking experience into DeepSeek’s leadership as the company moves towards a more conventional corporate structure.
A CFO would play a key role in managing investor communications, financial controls, capital allocation and disclosure processes associated with a potential listing.
The appointment would also mark a shift for DeepSeek, which began as a research-focused laboratory financed by founder Liang’s quantitative hedge fund, High-Flyer.
DeepSeek is currently raising funds at a reported valuation of about 500 billion yuan ($74 billion). 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.
Yan, who was born in 1991, is a partner at GL Ventures, the venture-capital arm of Hillhouse Investment. Chinese venture-capital publication Zero2IPO lists AI developer MiniMax, a DeepSeek rival, among his investments.
Hillhouse, founded by China-born investor Zhang Lei, invests in sectors including technology, biotechnology and consumer industries. It is not an investor in DeepSeek.
Liang has controlled DeepSeek since its establishment in 2023 and financed the startup through High-Flyer until earlier this year, when the company began seeking external funding.
