Almost 200 investment funds, including those owned by Liang Wenfeng—founder of artificial intelligence startup DeepSeek and quantitative hedge fund High-Flyer Quantitative Investment—have participated in the initial public offering of a major Chinese memory chip company. These funds subscribed for shares of the memory technology firm during its first public sale.
Specifically, 153 funds associated with High-Flyer Ningbo and 41 under High-Flyer Zhejiang appear on the list of investors, as detailed in the company’s listing announcement on the Shanghai Stock Exchange.
Liang Wenfeng maintains an 85% ownership stake in High-Flyer Zhejiang and owns over 75% of High-Flyer Ningbo, according to corporate registration data.
The company plans to issue 1.67 billion shares at a price of 8.66 yuan (approximately $1.27 USD) per share, targeting a total raise of 66.6 billion yuan (about $9.8 billion USD) should the full 15% over-allotment option be exercised.
A total of thirty institutions participated in the strategic placement round, with combined allocations totaling 14.4 billion yuan. Several listed Chinese companies—such as Transsion Holdings and TCL Technology—disclosed the quotas they received for strategic investment.
Subscriptions for the new shares began online yesterday. The company announced late yesterday that there were 9.4 million valid subscription accounts and approximately 816.92 billion shares had been effectively subscribed, with a preliminary online allotment rate of 0.4%.
Earlier in June, DeepSeek completed a Series A funding round, raising over 50 billion yuan, with Liang investing 20 billion yuan himself. The startup was valued at more than 330 billion yuan (around $48.7 billion USD).