Perfect World, Century Huatong Invest RMB 895 Million in DeepSeek Financing Vehicles
Perfect World (002624.SZ) disclosed on Oct. 22 that two external special-purpose funds it participated in had completed fundraising, collectively raising RMB 11.17 billion from outside investors. Tianjin Lisi Xingshen raised RMB 7.52 billion, while Shixiang Shangshi raised RMB 3.65 billion. Perfect World contributed RMB 150 million in total, Century Huatong invested RMB 650 million through a wholly-owned subsidiary, and computing services provider Litong Electronics subscribed RMB 95 million to the Lisi Xingshen fund.
According to the Asset Management Association of China, Lisi Xingshen completed its private fund filing on Sept. 15, 2026. People familiar with the matter said both Lisi Xingshen and Shixiang Shangshi serve as external investment vehicles for DeepSeek's current financing round. The round has reportedly been set at around RMB 100 billion, with a pre-investment valuation of about RMB 500 billion. Existing shareholders Tencent and CATL each added roughly RMB 10 billion. Combined with DeepSeek's first-round financing of RMB 51 billion in late June, the company has attracted over RMB 150 billion in capital within about four months.
Lisi Capital, founded in 2021 by former Sequoia China partner Cao Xi and former Boyu Capital partner Tim Wang, focuses on AI large models, domestic GPUs, robotics and AI infrastructure. It previously held an indirect stake of about 0.8265% in DeepSeek through another vehicle.
