In mid-May, DeepSeek convened a pivotal online investor meeting via Tencent Meeting, marking a critical juncture in its capital formation strategy. By this stage, the investor roster was largely pre-determined, with each institution allocated two attendance slots. Liang Wenfeng led the session, fielding inquiries from the assembled capital providers. The atmosphere briefly grew tense when a corporate venture capital representative monopolized the floor for ten minutes, delivering an extended self-introduction followed by three protracted questions. Despite the awkwardness, Liang maintained composure, answering each query with diligence, even requesting a repetition of the third question after momentarily losing track. This interaction served as the first direct engagement for many investors who had previously only known Liang through reputation, fostering a profound resonance that circulated widely post-meeting.

Liang Wenfeng's rhetoric during the four-hour session underscored a philosophy of radical restraint and singular focus on Artificial General Intelligence (AGI). He characterized the team as 'ordinary people' aiming to achieve extraordinary feats, asserting that team stability outweighs financial resources as the primary risk factor. A key strategic insight shared was that in an AGI landscape potentially comprising 20% of GDP, entities targeting a 5% share would lose to those targeting 1%, who in turn would lose to those targeting 0.1%. This logic reinforced the company's refusal to diversify into non-core activities, framing AGI as the sole objective where all other endeavors are merely procedural. Woofun AI notes that this disciplined narrative of 'less is more' became a defining characteristic of the fundraising pitch.

The financing structure underwent significant evolution from its initial conception in April. DeepSeek originally mandated a minimum investment of 5 billion RMB with a pure RMB structure and no syndication, a threshold that proved prohibitive for most market-oriented funds in China. Consequently, the minimum requirement was reduced to 1.5 billion RMB, allowing for more flexible participation through multiple fund entities. While rumors suggested a preference for investors without exposure to competing large models, this constraint was deemed impractical for top-tier funds. Liang Wenfeng clarified that DeepSeek remains open to collaborating with other large model companies, provided they adhere to a strict non-poaching clause regarding personnel.

Monolith Lisi Capital emerged as a standout participant, increasing its commitment from an initial 1.5 billion RMB to 3 billion RMB. This adjustment appears linked to quota shifts involving Guozhi Investment, which reportedly capped its stake at 980 million RMB to remain below the 1 billion integer mark. Cao Xi's willingness to escalate the bet mirrors his previous success with Kimi, positioning Monolith as the youngest venture capital firm in this round.

Concurrently, Zhengxin Valley's inclusion surprised many observers, given the perception that they had missed the initial wave of large model investments. In reality, they had invested in Kimi with a sum estimated between 6 billion and 10 billion USD, though this represented a smaller fraction of their total fund size compared to other allocations.

The most notable aspect of the deal is the absence of two industry titans: Sequoia China and Hillhouse Capital. Initial rumors suggested Hillhouse might lead with a 5 billion RMB investment, and Zhang Lei had reportedly maintained personal contact with Liang Wenfeng.

However, regulatory concerns and fundraising timing issues led to Hillhouse's withdrawal, with neither the firm nor Zhang Lei personally appearing on the final list. Similarly, Sequoia China was largely expected to participate but ultimately abstained, likely due to complications regarding overseas limited partners. Woofun AI analysis suggests that the strict RMB structure of the deal theoretically precludes hiding such exclusions, making the absence of these firms a definitive market signal.

Despite only 10 institutional names appearing on the surface, the capital base is far more extensive. A deeper audit reveals approximately 100 distinct institutions and individuals participating through various fund vehicles. For instance, Puqian Capital's backing includes state-owned assets from Xiamen and Ordos alongside Ningde Times entities. IDG Capital's involvement is heavily weighted toward insurance-linked funds, while Monolith's limited partners include Zhejiang and Shanghai state assets plus listed companies like Tongrentang. Jiuan Medical also participated, acting as both an investor and a limited partner for other general partners. This complex web of capital underscores the broad consensus surrounding DeepSeek's potential.

The investment terms included a paramount condition: no poaching of DeepSeek's talent or incitement to spin out new ventures. This clause reflects Liang Wenfeng's prioritization of human capital retention over financial gain. Investors expressed mixed feelings about the consensus-driven nature of the deal, with some fearing that such alignment often precedes poor outcomes.

However, the prevailing sentiment among participants was one of conviction, viewing the investment as a moral imperative rather than a purely financial calculation. Some speculate that if an IPO occurs, DeepSeek could become the largest listed company in China's A-shares.

The financing process was marked by an unexpected level of secrecy and humility. Many prominent investors were unaware of the fundraising until the news broke, and even then, few attempted to secure a spot. Those who succeeded did so through demonstrated synergy, deep understanding of the mission, or sheer persistence. Woofun AI assesses that the sensitivity of the deal and a collective sense of pride led most participants to avoid public discussion. One investor recounted treasuring every transaction document, anticipating a future need to frame them, while another cited the 16-character mantra from DeepSeek V4: 'Do not be tempted by praise, do not fear slander, act according to the way, and be upright and self-disciplined.'