China’s Chip Fund in Talks to Lead DeepSeek Funding, FT Says

China’s main chip-sector investment fund is in discussions to lead a fundraising round for DeepSeek at a valuation of about $45 billion, the Financial Times reported, citing people with knowledge of the talks.

The China Integrated Circuit Industry Investment Fund is seeking to lead that financing, though details of the round and its participants haven’t been finalized, the FT reported. The state vehicle, known also as the Big Fund, is a backer of some of the country’s largest chip players including Semiconductor Manufacturing International Corp.