Caijing: DeepSeek’s second funding round reportedly doubles to about RMB 100B at ~RMB 500B pre-money; company has not confirmed

Why it matters

【Key points】

Caijing (Oct 13; Zou Lu; deal participants): DeepSeek’s second round is set to rise from ~RMB 50B planned to ~RMB 100B, new/existing investors ~half each; pre-money stays ~RMB 500B. New investors reportedly include Stony Creek, SMIC Capital, CPE Yuanfeng, Legend Capital, Geely; existing include CATL (+~RMB 10B after ~RMB 5B in round one), Tencent, IDG and others. If closed, with first round (>RMB 50B, closed late June) ~RMB 150B in six months—called China’s largest primary deal this year. Piece also says STAR Market IPO prep and a new CFO (Yan Wentao). Caijing: no DeepSeek comment. 10jqka Oct 14 “completed” rehash; company still unconfirmed.

【Verifiable】

Caijing: http://yuanchuang.caijing.com.cn/2026/1013/5187424.shtml

Sina: https://finance.sina.cn/tech/2026-10-13/detail-inivamwi8052256.d.html

10jqka: https://news.10jqka.com.cn/20261014/c680656443.shtml

Yicai X: https://x.com/yicaichina/status/2110184450617397557

X ~175 posts / 24h; peaks ~9–15/h.

【Our read】

1. Media cites of deal people, not filings—treat as lead until closing disclosure or official statement.

2. Flat pre-money + larger raise = more industry capital without lifting headline valuation; year-end filing still hinges on close and sponsors.

3. Secondary pullbacks cool primary multiples; do not write unconfirmed figures as faits accomplis.