Market news: Alibaba and DeepSeek failed to reach an agreement on specific financing terms; Tencent may subscribe for up to 20% of shares

A source close to DeepSeek revealed that Alibaba and DeepSeek were unable to reach an agreement on the specific terms of the financing. On one hand, Alibaba's own ecosystem has low compatibility with DeepSeek, and DeepSeek does not lack external candidate shareholders for capital injection, hoping to minimize constraints at the term-sheet level.

Furthermore, DeepSeek and its potential shareholders are currently engaged in negotiations. Bloomberg reported, citing informed sources, that Tencent has proposed subscribing for up to 20% of DeepSeek's shares in this financing round, but DeepSeek is unwilling to cede a large degree of control. According to earlier reports, DeepSeek is valued at as much as 300 billion, planning to raise 50 billion, of which 20 billion will be internal capital increases and 30 billion will be external fundraising. This valuation has been confirmed by DeepSeek's internal employees. (White Whale Lab)