DeepSeek founder's hedge fund takes pre-IPO stakes in CXMT, Unitree

August 28, 2026 at 05:48 PM3 min

This digest was compiled by AI from multiple sources — links to the originals are below.

High-Flyer Quant, founded by DeepSeek's Liang Wenfeng, secured pre-IPO stakes in Chinese chipmaker CXMT and robot maker Unitree Robotics. Two High-Flyer affiliates built positions across semiconductors, electronics, and renewable energy, with CXMT the largest single allocation at $26 million. The investments come as Beijing pushes strategic tech firms to list domestically.

Key Facts

High-Flyer's two affiliates — Zhejiang High-Flyer Asset Management and Ningbo High-Flyer Quantitative Investment Management — built pre-IPO positions across chip packaging, electronic components, renewable energy, and semiconductor supply chains.
Nearly half of High-Flyer's pre-IPO allocations this year went to semiconductors and related supply-chain companies.
CXMT, China's largest memory chipmaker, surged 466% on its Shanghai debut last month and has gained another 20% since then.
DeepSeek took a 2.31% strategic allocation in Unitree with a 36-month lock-up, triple the 12-month hold period most other strategic investors accepted.
Unitree closed 460% above its IPO price on its first trading day in Shanghai last week, but has retreated about 27% since then.

Pre-IPO Positions

High-Flyer Quant, the hedge fund founded by DeepSeek's Liang Wenfeng, secured pre-IPO stakes in some of China's most prominent technology listings this year, including memory chipmaker CXMT and humanoid robot maker Unitree Robotics. Two High-Flyer affiliates — Zhejiang High-Flyer Asset Management and Ningbo High-Flyer Quantitative Investment Management — built positions in pre-IPO rounds across sectors from chip packaging and electronic components to renewable energy and semiconductor supply-chain businesses. Nearly half of their allocations this year went to semiconductors and related supply-chain companies, with CXMT representing the largest single position. PaiPaiWang, a Shenzhen-based consultancy monitoring private funds in China, put the two funds' combined pre-IPO position in CXMT at $26 million. PaiPaiWang data also puts the two funds' combined Unitree pre-IPO stake at $5.8 million.

Strategic vs. Return-Seeking

DeepSeek entered the Unitree deal on different terms, taking a 2.31% strategic allocation and committing to a 36-month lock-up — triple the 12-month hold period that most other strategic investors accepted. Hutong Research tech analyst Sigrid Wang drew a clear distinction, telling CNBC that High-Flyer approached Unitree as a return-seeking investment, whereas DeepSeek entered it with the intentions of a strategic partner. "There's a genuine distinction between the quant funds seeking returns and DeepSeek selectively using its corporate balance sheet to build strategic relationships around the future AI stack," Wang said. Beijing's push to keep strategically important technology firms listed domestically has created what Rhodium Group research analyst Ciel Qi described as "lucrative pre-IPO investment opportunities" for funds. "Maximizing returns in China's market increasingly requires investing in line with Beijing's strategic agenda," Qi said.

Market Performance and Risk

CXMT surged 466% on its Shanghai debut last month, briefly making it China's most valuable listed company, and has gained another 20% since then. Unitree closed 460% above its IPO price on its first trading day in Shanghai last week, but has retreated about 27% since then. High-Flyer's positioning has not been without risk: when a global AI-chip selloff rippled through quant strategies in July, state-backed media reported that only one of High-Flyer's nine products avoided losses. Chinese quant funds broadly clawed back those declines through August.