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Physix Frontier · News Briefing Card (TMTPost · Nov 6, 2026)

Hengdian Bohui Fund Takes 1.65B Yuan Stake in DeepSeek

KEY FACTS

  • The Hengdian Bohui Fund has a total size of 1.65 billion yuan, is managed by Hengdian Capital, and its 16 LPs are mostly Zhejiang industrial enterprises.
  • The fund obtained a DeepSeek stake of about 1.5 billion yuan, with the Hengdian group's combined contribution accounting for roughly 33%.
  • DeepSeek's second funding round raised 105.5 billion yuan at a post-money valuation of 615.5 billion yuan, with nearly 30 institutions participating.
  • DeepSeek requires LPs to have an industrialization background, contribute no less than 100 million yuan each, and explain business synergies.
  • DeepSeek has engaged CITIC Securities to prepare for a STAR Market listing and has appointed Yan Wentao as CFO.

KEY DATA

1.65 billion yuanFund size
105.5 billion yuanDeepSeek second round raise
615.5 billion yuanDeepSeek post-money valuation
about 1.5 billion yuanHengdian Bohui's DeepSeek stake

PHYSIX OBSERVATION

Zhejiang industrialists have used pooled LPs to buy an AI ticket with a controllable amount, but with no voting rights and a five-year lockup, it is essentially a financial investment. This reflects traditional industries' anxiety about AI and their pragmatism, and signals that pooled investment may become a template, but the concentration of risk and the lofty valuation warrant caution.

Source: TMTPost report