Who is selling the sky-high shares of DeepSeek? Top institutions can't invest, but they are being publicly sold on social platforms, claiming "minimum investment of 700 million yuan" and "channel fee of 10%".

Recently, after news spread that DeepSeek, which adheres to "no external financing", plans to raise up to 50 billion yuan in its first - round fundraising and its post - investment valuation may exceed 350 billion yuan, with the National Integrated Circuit Industry Investment Fund in talks to lead the investment and tech giants like Tencent queuing up to get in, the market has shown extremely high attention.

However, amidst the influx of hot money, chaos and gray industries have quietly emerged.

"It's simply impossible to invest." A person from a leading US - dollar fund told a reporter from NBD (hereinafter referred to as the NBD reporter), expressing the helplessness of "hard to get a share". But while top - tier institutions are still being kept out, a large number of "channel agents" have emerged on social platforms like Xiaohongshu, openly selling shares in DeepSeek's financing. "There's a chance for investments of over 700 million yuan," said an agent who claimed to have shares, sounding confident.

The NBD reporter's undercover investigation found that, not only for DeepSeek, similar selling voices have also appeared on social platforms after the news of financing for other highly - sought - after AI projects like Jieyue Xingchen spread. Behind these "channel agents" selling shares are three different types of sellers. Many legal professionals said that the act of using social platforms to attract traffic and selling shares of unlisted companies to unspecified individuals in the name of investment funds is suspected of being illegal.

Social platforms turn into "fundraising sites", and shares in DeepSeek are openly sold

"Does anyone need shares in DeepSeek? LP (Limited Partner) shares, lock in funds tomorrow." "The project will close within 48 hours. Provide full - amount fund certificates to lock in shares."... The NBD reporter noticed that in the past month or so, posts selling "DeepSeek shares" have been increasing on social platforms like Xiaohongshu.

Messages selling DeepSeek shares on social platforms. Image source: Screenshot from Xiaohongshu

What made these posts even more popular was the recent news of DeepSeek's financing that set off a storm in the investment circle. According to multiple media reports, the National Integrated Circuit Industry Investment Fund is in talks to lead DeepSeek's first - round financing, and many tech giants are also queuing up to participate. It is reported that DeepSeek plans to raise up to 50 billion yuan this time, with founder Liang Wenfeng personally contributing up to 20 billion yuan. The post - investment valuation may exceed 350 billion yuan (about 51.5 billion US dollars), which is several times the initial expected valuation of 10 billion US dollars.

Catalyzed by the heat of this round of financing, the phenomenon of selling "DeepSeek shares" on social platforms has become even more active. The NBD reporter saw that many netizens were attracted to watch and inquire.

In the comment section of relevant posts, some people directly expressed, "I'm looking for it." "We also want to invest over 500 million yuan, but we don't have a channel. Can you ask?" "Is it a direct investment share or a fund share?" In response to netizens' comments, a person claiming to be from the venture - capital circle replied, "There are shares, but the requirements are high. You can give it a try."

Chen Xue (pseudonym) said that when communicating with an FA (financing intermediary) who claimed to have DeepSeek shares, the other party told her, "Investing 5 billion yuan can arrange a video conference with Liang Wenfeng himself." "Overseas funds can invest through the FDI (Foreign Direct Investment) structure, but UBO (Ultimate Beneficial Owner) only accepts identities from the Chinese mainland or Hong Kong, China." However, Chen Xue didn't believe it.

The enthusiastic interaction and discussion among netizens seem to make DeepSeek's financing feast no longer limited to the professional investment circle, but a "wealth express train" that ordinary people can also board. But some netizens were skeptical: "Whoever gets the shares will immediately use them up. I don't think they will be sold here (on social platforms)." "Claims about Claude (a large US model) are said to be the terms of gray - industry fraud agents. I can't stop my friend from wanting to invest." "I've received several such messages. It's so ridiculous." "Does DeepSeek still need an FA? I'm really surprised."

Relevant messages about DeepSeek shares on social platforms. Image source: Screenshot from Xiaohongshu

Has DeepSeek's official noticed the news of the sale of the company's financing shares on multiple social platforms? Is this situation true? Has legal action been taken against the chaos? Since May 14th, the NBD reporter has tried to verify this matter with DeepSeek through multiple channels, but as of press time, no reply has been received.

Undercover investigation of three types of "channel agents": a pie or a trap?

The NBD reporter found in the investigation that, in addition to DeepSeek, similar selling voices have also appeared on social platforms after the news of financing for other highly - sought - after AI projects like Jieyue Xingchen spread. When top - tier institutions are still struggling to get a share and being kept out, what's the background behind these "suddenly - appearing" investment opportunities on social platforms?

The NBD reporter's undercover investigation as an investor found that although the sellers are a mixed bunch, they can be classified into three types.

The first type is individual agents. They use exaggerated language and attractive gimmicks, but are vague when it comes to qualifications. For example, agent Wang Li (pseudonym) claimed to have investment shares in DeepSeek. He told the reporter, "It's a RMB - structured investment, not old shares, and there are enough quotas. The channel fee is 10%, plus an annual management fee of 2%. A 20 - billion - yuan investment is 'being put together'." Some others even seriously claimed to have a "direct relationship" with the fund manager.

In this regard, a senior industry insider told the NBD reporter that these individual agents have neither qualification endorsements nor project vouchers. They are likely to be "cheaters" and are false "financial advisors", belonging to black - and - gray - industry fraud agents.

The second type is small financial advisory institutions with a traceable background.

Compared with the vague individual agents, Li Han (pseudonym), who claimed to be a channel agent, seemed much more "professional". He provided the NBD reporter with details of DeepSeek's current round of financing: the valuation is 44 billion US dollars. Investing over 5 billion yuan can get you directly on the shareholder register, with a front - end fee of 12%. For investments less than 5 billion yuan, a "pooling" model is used, with a 10% front - end fee + 2% management fee + 10% performance fee.

Image source: Provided by Li Han

"There's a chance to cooperate for investments over 700 million yuan. After signing the contract, you can connect with DeepSeek's executives... A large investor planning to invest 5 billion yuan is in talks with us." To increase trust, Li Han also sent the NBD reporter a copy of the "DeepSeek Financial Advisory Service Agreement" issued by Beijing Qingyu Management Consulting Co., Ltd. (hereinafter referred to as Qingyu Consulting).

According to the above - mentioned agreement, the client needs to pay Qingyu Consulting a 2% advisory fee based on the actual investment amount and promise not to communicate with DeepSeek without going through Qingyu Consulting. Otherwise, the full - amount advisory fee still needs to be paid.

When the NBD reporter asked for due - diligence data, the other party prevaricated, saying that "star projects won't open their databases in advance" and that "due diligence will be carried out after signing the agreement and providing the PoF (Proof of Funds)."

Tianyancha shows that Qingyu Consulting was established in May 2024, with a registered capital of only 4 million yuan, fully funded by a natural person. Its main business includes social and economic consulting services and information consulting services. The NBD reporter inquired with several leading financial advisory institutions, and they all said that they didn't have investment shares or channels for DeepSeek and had never heard of Qingyu Consulting.

So, can this institution, which has been established for just over a year, has no records of well - known projects, and is not large in scale, really secure shares in a star project with a valuation of tens of billions of US dollars? "There are many small FAs in the circle. For example, people from top - tier FAs may go independent. It's hard to say whether they really have channels," an industry insider told the NBD reporter, adding that whether Qingyu Consulting is such a case remains to be verified.

The NBD reporter tried to contact Qingyu Consulting several times, but the public phone number shown on Tianyancha couldn't be reached. From the registered address, it can be seen that this institution shares the same address with several other companies.

This person also exposed the common tricks used by some companies - "wait, switch, and trap". First, they ask investors to transfer money, then delay by saying that "the share is being negotiated", or switch to other projects, and then charge high management fees through multi - layered nested SPVs (Special Purpose Vehicles).

The third type is private - equity institutions with formal qualifications.

Previously, Zhang Ya (pseudonym), who claimed to be a partner of Hangzhou Turing Asset Management Co., Ltd. (hereinafter referred to as Turing Asset Management), had sold financing shares of other popular large - model projects on social platforms. "Now you can invest in RMB. The minimum investment for individuals is 10 million yuan, and for companies it's 5 million yuan." In mid - to - late April, Zhang Ya said that an AI super - unicorn enterprise was conducting a Pre - IPO round of financing before going public, claiming that it would submit its prospectus this year and that investing was a sure - win deal. She even showed due - diligence materials with detailed financial data. When asked if she had shares in DeepSeek this time, Zhang Ya told the NBD reporter, "Yes, but the threshold is extremely high. The minimum investment is 100 million US dollars."

Screenshot of the NBD reporter's communication with an institutional person

According to the institutional profile sent by Zhang Ya to the NBD reporter, Turing Asset Management focuses on fields such as semiconductors and AI and has invested in companies like Muxi Co., Ltd. and Biren Technology, which are among the "Four Little Dragons of GPU". The NBD reporter checked the registration information on the Asset Management Association of China and found that the company was registered in 2019, with a registered capital of 10 million yuan, 18 full - time employees, 56 registered fund products, and a management scale of 5 - 10 billion yuan. Its investors include China Construction Bank Trust and Haitian Soy Sauce.

The NBD reporter contacted Turing Asset Management's official to verify the authenticity of the above - mentioned information and personnel. The company's relevant person - in - charge didn't deny it but only said that they needed to "consult the company's lawyer".

Selling investment shares publicly on social platforms has crossed the red line. To participate legally, you can't bypass this threshold

On one hand, there are sky - high valuations and top - tier capital competing for shares. On the other hand, there are private sales and FAs reselling shares privately. The chaos surrounding the financing of star large - model projects has exposed the gray area caused by information asymmetry in the primary market.

Yin Siliang, a Shanghai - based private - equity fund lawyer, told the NBD reporter bluntly that the "transfer of large - model shares" on social platforms is by no means inclusive finance but a high - risk illegal operation in the guise of technology. Ordinary investors should always remember: Any investment opportunity that doesn't require strict risk assessment and certification as a qualified investor is very likely to involve huge risks.

"In the primary market, information is extremely asymmetric and requires a high level of professionalism. It's difficult for ordinary investors to have enough information and professional ability to judge the authenticity and accuracy of relevant information. They are easily induced by the 'high - return' packaging and ignore the potential long - term and high - risk characteristics," Wang Shu, the legal affairs director of Zijing Capital, told the NBD reporter.

It's worth noting that even if the public transfer of shares is true, the act of using social platforms to attract traffic and selling shares of unlisted companies to unspecified individuals in the name of investment funds is suspected of being illegal.

"Claiming on social platforms like Xiaohongshu that 'there are shares in a large - model company's financing, you can private - message me' has violated Article 20 of the 'Regulations on the Supervision and Administration of Private Investment Funds' - 'It is not allowed to promote and recommend to unspecified individuals through mass media such as the Internet'," said Wang Guangying, a senior lawyer and part - time professor at Renmin University of China, in an interview with the NBD reporter. Such platforms are open - style mass media, and users can browse without being certified as qualified investors. "You can private - message me" is essentially a disguised signal of public fundraising. Whether or not product details are disclosed, it may constitute a violation.

Image source: "Regulations on the Supervision and Administration of Private Investment Funds"

"The transfer of private - equity fund shares on social media is suspected of being illegal because the core of private - equity investment is 'non - public' and 'specific individuals (qualified investors)'," Yin Siliang also said. Although Xiaohongshu and WeChat Moments seem private, their dissemination mechanisms are public or semi - public, which is a typical case of "promoting to unspecified individuals". Unless the platform sets up a strict closed - loop of qualified investor certification and risk assessment (currently, no social platform has such a function), any 'buying', 'transferring', or 'traffic - attracting' behavior on social platforms is suspected of illegal public promotion.

As for the question that the market generally cares about - "How can one participate in star projects in the primary market in a regular way?" - Wang Shu gave a professional answer to the NBD reporter.

"Ordinary investors who want to participate in the primary market through private - equity investment funds should carefully select fund managers," Wang Shu suggested. They can only participate through asset management companies under licensed financial institutions such as securities firms' private - equity subsidiaries and trust companies, or buy private - equity investment funds from private - equity fund managers registered with the Asset Management Association of China. The law prohibits unqualified entities from selling or reselling shares.

Secondly, ordinary investors who want to participate in private - equity investment funds need to meet the conditions of a "qualified investor", that is, an individual's financial assets should be no less than 3