Lisi Star Deep Fund's scale expanded to 7.52 billion yuan, continuing to acquire shares from DeepSeek

The Science and Technology Innovation Board Daily reporter learned from multiple sources that the venture capital firm Lisi Capital, which participated in the previous round of financing for DeepSeek, continues to secure an investment share in DeepSeek's new round of financing, with the participating entity being its subsidiary Tianjin Lisi Xing Shen Equity Investment Partnership (Limited Partnership) (Xing Shen Fund). As multiple listed companies disclose their funding progress and business information updates, the fund size has increased from the previously disclosed 2.64 billion yuan to 6.02 billion yuan, and was ultimately confirmed at 7.52 billion yuan, with the funds already paid in.

Public announcements show that Zhihu announced on September 6 that it plans to invest 1.5 billion yuan through its wholly-owned subsidiary to participate in the Xing Shen Fund, which completed registration with the Asset Management Association of China on September 15; Tongchen Beijian disclosed in late September that it participated with its own funds of 50 million yuan when the fund size was 2.64 billion yuan. On October 9, Zhongwang Fabric announced its intention to invest 50 million yuan, at which time the subscribed amount had increased to 6.02 billion yuan. On October 21, Tongchen Beijian disclosed that it received notice that the fundraising scale had increased from 2.64 billion yuan to 7.52 billion yuan, the fundraising has been completed and all funds have been paid in; Perfect World, Te Bao Biotechnology, and others subsequently confirmed this scale. According to Qichacha, the Xing Shen Fund has a total of 41 partners, including the executive partner Tianjin Lisi Ming Tang and 40 limited partners, with a total subscribed capital of 7.52 billion yuan.

The reporter compiled that 13 listed companies and their related funding entities have a total subscribed amount of 3.495 billion yuan, accounting for approximately 46.48% of the total fund size. Zhejiang Innovation Deep Intelligent Venture Capital Partnership has subscribed 1.4 billion yuan, making it the second-largest contributor; along with the two funds of Zhejiang Province, Ke Chuang Zhan Xin and Ke Chuang Wei Lai, each subscribing 50 million yuan, the three Zhejiang state-owned entities have a total subscription of 1.5 billion yuan, while Wuxi Chanfang Guosheng Innovation Development Equity Investment Partnership has subscribed 80 million yuan. A person familiar with the situation stated that Lisi is one of the market-oriented institutions that obtained a larger share, while other market-oriented institutions typically have quotas ranging from 3 billion yuan to 4 billion yuan. Zhihu previously announced that the Xing Shen Fund adopts a blind pool structure, and this person indicated that the actual allocation may still be highly concentrated in DeepSeek. The reporter had previously sought confirmation from Lisi Capital on whether the Xing Shen Fund participated in this round of financing, but had not received a clear response by the time of publication.