A discreet move has been made in China's artificial intelligence investment landscape.

"Humanity stands at the precipice of AGI. Joining DeepSeek means witnessing the evolution of AGI firsthand, sitting at the forefront of the era, and witnessing the birth of a new epoch," reads the recruitment notice from DeepSeek. As the company initiates its second round of financing, this visionary language resonates powerfully with investors eager to secure a seat at the table.

In June, DeepSeek completed its first round of funding, attracting not only state-backed capital, market-oriented institutions, and internet giants, but also a substantial 5 billion yuan commitment from Contemporary Amperex Technology Co. Ltd. Further digging reveals that industrial capital from companies like九安医疗, By-Health, and Septwolves also participated. However, few have noticed that Zhong Shanshan, the reclusive former richest man in China, has indirectly invested in DeepSeek through his private equity fund, with an investment scale of approximately 350 million yuan. Both Zhong Shanshan and DeepSeek's Liang Wenfeng, hailing from Hangzhou, have historically maintained low profiles, rarely stepping into the spotlight. Now, they have come together in a rare convergence.

A Rare Move: Zhong Shanshan and DeepSeek. It's uncommon to see Zhong Shanshan's involvement in the AI sector. In DeepSeek's first funding round, besides the National AI Fund, participants including Tencent, CATL, NetEase, JD.com, IDG Capital, Zhenxin Capital, Monolith, and Shixiang Technology all invested in DeepSeek through the entity Hangzhou Chengli. Zhong Shanshan's investment chain extends as follows: Firstly, the partnership Tianjin Huiqi holds approximately 5% of Hangzhou Chengli; secondly, Tianjin Huixing holds over 50% of Tianjin Huiqi. The largest shareholder, holding 43.7% of Tianjin Huixing, is Guanz i Equity Investment (Lishui) Partnership, which is affiliated with Guanz Private Equity Fund Management (Hangzhou) Co., Ltd., also known as Guanz Venture Capital – the investment vehicle controlled by Zhong Shanshan. According to Tianyancha, with Tianjin Huixing's registered capital at 804 million yuan, Guanz Venture Capital's investment amounts to approximately 354 million yuan. Both Tianjin Huiqi and Tianjin Huixing were established in May and June respectively, clearly indicating that Guanz Venture Capital was set up specifically for the DeepSeek financing.

As is well known, Zhong Shanshan, a Zhejiang native, built his fortune through industry, owning Nongfu Spring and Wantai Biological. The former is a leading water and beverage company established 30 years ago, while the latter stems from a successful investment: in 2001, Zhong acquired 95% of Wantai Biological for 17.1 million yuan, and in 2020, the vaccine leader successfully listed on the Shanghai Stock Exchange, at one point reaching a market value exceeding 100 billion yuan. That same year, Nongfu Spring went public in Hong Kong, propelling Zhong Shanshan to the position of China's richest person. The following year, Guanz Venture Capital was established in Hangzhou with a registered capital of over 2 billion yuan, wholly owned by Yangshengtang Co., Ltd., controlled by Zhong Shanshan. Without much fanfare, Guanz Venture Capital has made several primary market investments, backing companies like Sailmbro, MediTrust, Life Science, Ruijian Pharma, Jiake New Materials, and Zhuochen New Materials, mostly focused on pharmaceuticals and new materials. But AI is not entirely uncharted territory for Zhong Shanshan. According to the Hong Kong listing documents of Lightelligence, Guanz Venture Capital was a pre-IPO shareholder in this "first AI optical chip stock." This indirect investment in DeepSeek marks Zhong Shanshan's first foray into the red-hot AI large model track.

Hangzhou's Richest Man's Tech Map. Known for his deep sentimental attachment to culture and often dubbed a lone wolf in business, Zhong Shanshan's investment style is similarly low-key and sharp. Beyond Guanz Venture Capital, under the Yangshengtang system he controls, there are two other active investment entities – Qiantang New Materials Laboratory and Kunshan Gewu Zhizhi Fund. The Qiantang New Materials Laboratory, established in 2024, planned an initial investment of 1 billion yuan. With a positioning of "connecting laboratory technology with industrial application," it favors investing in scientists and industry leaders starting businesses. Since its inception, this entity has quietly invested in over 10 companies, almost all in hard technology sectors, particularly new materials, including Kunhe Peng Technology, Chip Hong Technology, Yishengxin Technology, Yanyuan Nancarbon, Super Materials, and Qianyu New Materials Technology. Post-2025, Qiantang New Materials Laboratory has noticeably broadened its scope: in August 2025, it invested in photonic chip company Qiming Photon; in June, it invested in high-temperature superconducting thin film equipment company Shanghai Superconductor; and in July, it made its first investment in embodied intelligence company Oakmoss Robot. Notably, Qiantang New Materials Laboratory often secures a significant stake in its investments, becoming a core shareholder, leading to a highly similar pattern – many invested projects have moved their registered addresses to Yunpu Street, Shuangpu Town, Xihu District, Hangzhou, the southernmost point of the district, which is also the location of Yangshengtang Co., Ltd. The other investment entity, Kunshan Gewu Zhizhi Fund, has also deployed capital in numerous early-stage tech projects. A recent notable move was investing in Zhibang Lithium Battery New Materials from Quzhou, Zhejiang, securing a 10% stake with a 500 million yuan investment in this solid-state battery company's Series A round. Earlier, the Kunshan Gewu Zhizhi Fund also invested in space computing company Zhongke Tiansuan, as well as hard tech firms like Zhongke Jingyi, Saisheng Biotech, Huake Cold Core, Hongrun Qingyuan, and Tongya Electronics.

Thus, under the Yangshengtang system, the richest man's three investment entities operate in parallel, sketching out a distinct and comprehensive tech investment landscape.

Old Money Investing Across China's Tech Circle. Over the past two decades since the millennium, industrial feasts have followed one another, each with its own scenery. The waves of consumption, real estate, internet, new energy, and innovative drugs have allowed typical entrepreneurs who rode each cycle to amass substantial wealth. Many investors gained fame during this period, such as the well-known Duan Yongping, Masayoshi Son, Zhang Lei, and Neil Shen, often called "the man who bought half of China's internet." The era's successful entrepreneurs were those who stood at the forefront of the wind first. Now, as the winds shift and their past industries bid farewell to high-growth phases, the tech era brings similar turbulence. With abundant cash flow and mature business vision, they see no reason to miss the opportunities.

DeepSeek's first funding round has already attracted a group of "old money." Besides CATL's 5 billion yuan investment, industrial capital like九安医疗 and By-Health also appeared: 九安医疗's Hong Kong subsidiary invested 750 million yuan, indirectly taking a stake in DeepSeek through the Tianjin Shixiang Industry Fund. It is reported that 九安医疗 has also invested in Moonshot AI, MetaX, StepFun, and Agibot. By-Health invested 130 million yuan to subscribe to Monolith's Lisi Xingling Venture Capital Fund, indirectly holding a 0.04% stake in DeepSeek. Similarly, By-Health has also invested in AI companies like Moonshot AI and StepFun. Then there's Zhou Shaoxiong of Septwolves. Like Zhong Shanshan's Guanz Venture Capital, Zhou Shaoxiong, through his controlled partnership Ningbo Yishang, invested approximately 150 million yuan in Tianjin Huixing, thereby indirectly investing in DeepSeek. At the Septwolves Holdings Group level, investments include hot targets like Moore Threads and Unitree Robotics.

"There are no successful enterprises, only enterprises of the era," said the founder of Haier Group. The implication is that a company's success is inseparable from the opportunities of the times, and one cannot rest on past laurels. As the names of "old money" appear frequently at the AI and hard tech tables, vast wealth and resources are once again seeking their coordinates in the new era.