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- Mining tycoon Yu Yong puts 1.2B yuan into three AI funds linked to DeepSeek backers
On Oct 13, Dahua Technology said it would commit 500 million yuan of its own funds to the Ningbo Zhixing Yueheng venture fund, whose LP list shows Shanghai Shangju Industrial — a wholly owned unit of Hongshang Group — contributing 300 million yuan. The same evening, Hongshang-controlled China Molybdenum said it plans to commit 500 million yuan and 400 million yuan to Nanjing Yuanfeng Panmao and Hangzhou Hexie Chengzhang IV respectively, 900 million yuan across the two funds. The report says all three funds focus mainly on AI and are managed by Loyal Valley Capital, CPE and IDG Capital, all of which are DeepSeek investors; capital is to be paid in over five years for large-model development, hardware manufacturing and related applications. The two Hongshang-affiliated companies thus commit 1.2 billion yuan combined, with reclusive mining billionaire Yu Yong as ultimate controller — though the article notes this cannot be equated directly with an investment in DeepSeek.
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