Liang Wenfeng, founder of DeepSeek and co-founder of High-Flyer Quant, is steering the fund toward China’s volatile technology IPO market. High-Flyer and affiliated entities secured roughly $26 million in pre-IPO allocations for Chinese memory chipmaker CXMT in 2026 and also invested smaller amounts in Unitree Robotics. Founded around 2015-2016, High-Flyer grew into one of China’s most successful quantitative funds, managing between $8 billion and $13 billion at its peak through AI-driven trading strategies. DeepSeek completed a $7.4 billion external funding round in June 2026 at an approximate $52 billion valuation, with Liang contributing around 20 billion yuan, or roughly $3 billion. The financing could pave the way for a potential 2027 listing on Shanghai’s STAR Market, which was created to attract innovative technology companies. High-Flyer’s investments may deepen its expertise and relationships in sectors where DeepSeek’s AI tools could be used commercially, while DeepSeek’s greater independence could leave the fund more capital for IPO-related bets. China’s IPO pipeline has faced tighter regulatory oversight since 2021, when Beijing began a broad crackdown on technology companies, particularly in strategically important sectors including chips, AI, advanced manufacturing and robotics.