DeepSeek, the Chinese AI startup behind the open-source DeepSeek models, is close to appointing a chief financial officer, according to a report from IThome citing multiple independent sources. The leading candidate is Yan Wentao, a partner at Hillhouse Capital's venture arm, who is already going through the resignation process at his current firm.
Yan, born in 1991 and a Fudan University graduate, joined Hillhouse as a new partner and has backed notable companies including ByteDance, Zhipu AI, MiniMax, Xiaohongshu, MicroNova and J&T Express. The report says DeepSeek founder Liang Wenfeng has also spoken with heads of several top domestic investment firms, including Wuyuan Capital, Sequoia Capital China and Longzhu Capital, about the CFO role.
Some industry insiders believe the conversations are less about hiring and more about networking, given DeepSeek's rising status and its upcoming capital market moves. According to people close to the company, Liang wants a CFO born in the 1990s, which Yan fits.
IPO preparation underway
The CFO appointment comes as DeepSeek accelerates its financial and corporate structuring. In June, the company completed its first external funding round, raising approximately 51 billion yuan (about $7.2 billion) from investors including founder Liang Wenfeng, Tencent, CATL, NetEase, JD.com, Monolith, IDG Capital, Zhengxingu, Shixiang Technology and the National AI Industry Investment Fund.
Reuters reported on September 9 that DeepSeek has hired China Securities to prepare for a listing on the Shanghai Stock Exchange's STAR Market, with plans to launch the IPO process within the year. The specific fundraising size and target valuation have not been disclosed.
For the tech industry, the move signals that DeepSeek is transitioning from a research-driven lab into a more commercially structured enterprise. A CFO with venture capital experience could help the company navigate the IPO process, manage investor relations, and potentially expand its business beyond model development into broader AI applications.
DeepSeek has also been expanding its product offerings. It recently began gray-scale testing AI voice conversations with four voice options, and will continue to provide API access to its V4 Pro model, reversing an earlier plan to discontinue it on September 14. The company also launched its V4.1 Flash model on the National Supercomputing Internet platform.
