DeepSeek Hires GL Ventures Partner Yan Wentao as First CFO

Chinese artificial intelligence startup DeepSeek appointed GL Ventures partner Yan Wentao as its first chief financial officer as the company prepares for a potential public offering on Shanghai's technology-focused STAR Market, according to an Investing.com report. The executive addition formalizes the firm's transition from an internally funded research lab into a structured corporate entity eyeing public markets.

DeepSeek also enlisted Chinese brokerage CITIC Securities to guide its preparations for the planned domestic listing. The selection of both a dedicated finance chief and an established underwriting partner marks a significant shift in corporate governance for the developer.

"DeepSeek plans to hire Yan Wentao, a partner at venture-capital firm GL Ventures, as its first chief financial officer," according to the Investing.com report.

Valuation and Funding Trajectory

The leadership appointments coincide with an ongoing fundraising round that values DeepSeek at approximately 500 billion yuan, equivalent to about $74 billion. This valuation follows a June financing round that raised roughly $7.4 billion and placed the company's post-money valuation above $50 billion.

For most of its operating history, the startup relied on different capital sources. From its founding in 2023 until earlier this year, DeepSeek was financed exclusively by quantitative hedge fund High-Flyer, which was established by founder Liang. The recent shift toward external venture backing and institutional equity financing precedes the current push toward an initial public offering.

What Is the Shanghai STAR Market?

Formally known as the Shanghai Stock Exchange Science and Technology Innovation Board, the STAR Market is a Nasdaq-style board launched in 2019 to support domestic technology and science enterprises. The exchange features relaxed initial listing requirements compared to China's main boards, specifically designed to accommodate pre-profit and high-growth companies in sectors like semiconductors, biotechnology, and artificial intelligence.

For domestic AI developers, a STAR Market listing provides access to renminbi-denominated capital pools while aligning with regulatory frameworks governing critical technologies within China. DeepSeek's engagement with CITIC Securities positions the startup to navigate these domestic regulatory review processes as its valuation climbs toward the $74 billion threshold.