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first_img Lisi Star Deep Fund's scale expanded to 7.52 billion yuan, continuing to acquire shares from DeepSeek

The Science and Technology Innovation Board Daily reporter learned from multiple sources that the venture capital firm Lisi Capital, which participated in the previous round of financing for DeepSeek, continues to secure an investment share in DeepSeek's new round of financing, with the participating entity being its subsidiary Tianjin Lisi Xing Shen Equity Investment Partnership (Limited Partnership) (Xing Shen Fund). As multiple listed companies disclose their funding progress and business information updates, the fund size has increased from the previously disclosed 2.64 billion yuan to 6.02 billion yuan, and was ultimately confirmed at 7.52 billion yuan, with the funds already paid in.Public announcements show that Zhihu announced on September 6 that it plans to invest 1.5 billion yuan through its wholly-owned subsidiary to participate in the Xing Shen Fund, which completed registration with the Asset Management Association of China on September 15; Tongchen Beijian disclosed in late September that it participated with its own funds of 50 million yuan when the fund size was 2.64 billion yuan. On October 9, Zhongwang Fabric announced its intention to invest 50 million yuan, at which time the subscribed amount had increased to 6.02 billion yuan. On October 21, Tongchen Beijian disclosed that it received notice that the fundraising scale had increased from 2.64 billion yuan to 7.52 billion yuan, the fundraising has been completed and all funds have been paid in; Perfect World, Te Bao Biotechnology, and others subsequently confirmed this scale. According to Qichacha, the Xing Shen Fund has a total of 41 partners, including the executive partner Tianjin Lisi Ming Tang and 40 limited partners, with a total subscribed capital of 7.52 billion yuan.The reporter compiled that 13 listed companies and their related funding entities have a total subscribed amount of 3.495 billion yuan, accounting for approximately 46.48% of the total fund size. Zhejiang Innovation Deep Intelligent Venture Capital Partnership has subscribed 1.4 billion yuan, making it the second-largest contributor; along with the two funds of Zhejiang Province, Ke Chuang Zhan Xin and Ke Chuang Wei Lai, each subscribing 50 million yuan, the three Zhejiang state-owned entities have a total subscription of 1.5 billion yuan, while Wuxi Chanfang Guosheng Innovation Development Equity Investment Partnership has subscribed 80 million yuan. A person familiar with the situation stated that Lisi is one of the market-oriented institutions that obtained a larger share, while other market-oriented institutions typically have quotas ranging from 3 billion yuan to 4 billion yuan. Zhihu previously announced that the Xing Shen Fund adopts a blind pool structure, and this person indicated that the actual allocation may still be highly concentrated in DeepSeek. The reporter had previously sought confirmation from Lisi Capital on whether the Xing Shen Fund participated in this round of financing, but had not received a clear response by the time of publication.

A-share closing review: The STAR 50 Index surged nearly 10%, and the trading volume of the Shanghai and Shenzhen markets returned to 2 trillion

According to reports from the Financial Associated Press, the A-share market rebounded quickly in the afternoon, with the Sci-Tech 50 Index rising nearly 10% and the ChiNext Index rising over 6%. The semiconductor industry ETFs collectively rose, with the semiconductor ETF Bosera (159582) and the semiconductor equipment ETF CMB (561980) hitting the daily limit. The total transaction amount in the Shanghai and Shenzhen markets reached 2.04 trillion yuan, an increase of 334.3 billion yuan compared to the previous trading day. Over 4,600 stocks in the entire market rose, with more than a hundred stocks hitting the daily limit.On the market, the semiconductor industry chain rose, with Jingyi Equipment, Torens, Huafeng Measurement and Control, Qiangyi Co., and Jiangfeng Electronics hitting the daily limit of 20%. Northern Huachuang, Tongfu Microelectronics, and Jinhaitong also hit the daily limit. In the precious metals sector, Xiaocheng Technology hit the daily limit of 20%, while Shanjin International, Zhaojin Gold, Sichuan Gold, Chifeng Gold, and Shengda Resources also hit the daily limit. Innovative drugs and CRO concepts experienced fluctuations and rises, with Jinling Pharmaceutical, WuXi AppTec, and Kailai Ying hitting the daily limit. Computing hardware stocks rebounded in the afternoon, with New Yisheng, Zhongji Xuchuang, and Changguang Huaxin rising over 10%.Robotics and physical AI concepts performed actively, with Yongzhen Co. achieving two consecutive limits, while Fulai New Materials and Zhongma Transmission hit the daily limit, and Suochen Technology hit the daily limit of 20%. On the downside, stocks related to the "sheep" category collectively weakened, with Aoyang Health, Sunshine Lighting, Sunshine Dairy, and Baiyang Co. hitting the daily limit. By the close, the Shanghai Composite Index rose 2.16%, the Shenzhen Component Index rose 4.22%, and the ChiNext Index rose 6.4%.

The legal team of Sun Yuchen filed a sanctions application against WLFI, stating that it only disclosed the shareholder's UAE citizenship months after the lawsuit

Sun Yuchen posted on platform X that his lawyer has applied for sanctions against World Liberty Financial (WLFI) because the company disclosed the UAE citizenship of its shareholders months after he filed the lawsuit.Sun Yuchen stated that he signed a token purchase agreement to buy $30 million of WLFI in November 2024, later increasing the total investment to $45 million, and filed a lawsuit against WLFI in April this year, accusing it of fraudulently inducing investment and illegally freezing his tokens. According to his token purchase agreement, the case can be filed in federal or state court in California, and he chose federal court.Sun Yuchen claimed that the disclosure documents submitted by WLFI at the beginning of the case only listed one entity of WLFI, registered in Florida, and then filed a motion for mandatory arbitration; during the August hearing, the court hinted that it did not recognize the arbitration claim and ruled that some demands would remain for public trial. Less than a week later, WLFI suddenly "corrected" the disclosure documents, increasing the number of members in the ownership chain from 1 to 22, and claimed to have citizenship in Florida, Delaware, Puerto Rico, and the UAE, thereby arguing that the federal court has no jurisdiction because both parties have foreign entities.Sun Yuchen pointed out that WLFI claims it "is not an offshore organization," is "a company that pays taxes in the United States," and "when selling tokens, it poses as a U.S. company, only to discover its UAE identity when trying to escape the U.S. federal court." He stated that after the sanctions motion is ruled on in federal court, he will refile the lawsuit in California state court.

Zhao Changpeng calls for the cryptocurrency industry to establish a security alliance to share defense experiences

Binance founder Zhao Changpeng responded for the first time to the incident of approximately $6.3 billion being stolen from Binance during an interview with Talking Tokens, stating that all hacking attacks are preventable and that a long period without security incidents can lead to complacency in enterprises.He pointed out that the frequency of hacking attacks on cryptocurrency exchanges has risen from about once a month to almost once a week, with AI accelerating the development of attack capabilities, while the industry's defensive capabilities have not kept pace. He called for the cryptocurrency industry to form a security alliance to share best security practices, conduct cross-audits, and achieve rapid coordination in freezing stolen funds, expressing hope to promote the establishment of this alliance.Regarding government cooperation, Zhao Changpeng stated that there has been no communication with Trump or Washington regarding this incident, but he hopes to receive assistance from the U.S. government. He also mentioned that when it comes to communication with North Korea, perhaps only the U.S. and China have the necessary conditions. Speaking about market reactions,Zhao Changpeng noted that on the day Binance was attacked, the decline in the cryptocurrency market was less than that of tech stocks, a situation that is almost unheard of. He believes this is due to Binance's prompt confirmation of user fund security and its ability to provide full compensation.He also revealed that less than 10% of the stolen funds flowed to other centralized exchanges; recently, some hardware wallets have also been attacked, and some users have returned their funds to Binance after comparing the security situations of different platforms. Binance switched from net outflow to net inflow within less than 24 hours based on hourly statistics.Regarding the future of the industry, Zhao Changpeng believes that AI will enhance the security of the cryptocurrency industry and software systems in the medium to long term, and may even detect vulnerabilities in blockchain software before quantum computing can crack the existing encryption systems. At the same time, AI will drive trading speeds far beyond current levels, and blockchain may become the only financial technology capable of supporting such trading speeds. He also reminded retail investors to strengthen the use of asset protection tools and to continuously pay attention to industry security dynamics.

first_img ByteDance's video generation model Seedance has an overseas revenue share of 50%

Exclusive insights from "Intelligent Emergence" reveal that the overseas revenue share of Seedance, a video generation model under ByteDance, has reached 50%. Sources close to Volcano Engine disclosed that in the past six months, Seedance's revenue in overseas markets has grown nearly fivefold, making overseas an important market for this model.In February this year, Seedance 2.0 received a cease-and-desist letter from the Motion Picture Association of America due to generated content involving Hollywood copyrighted characters. Both parties signed a global memorandum of understanding on August 17. Following the release of Seedance 2.5, the Motion Picture Association of America highlighted ByteDance's progress in intellectual property protection. In August, Disney and TikTok reached a global short video content collaboration, allowing creators to compliantly use characters and clips from hundreds of film libraries, including Marvel, Pixar, "Star Wars," and FX, for secondary creation. The works will be distributed to TikTok and Disney+ vertical channel Verts, piloting first in the United States before expanding globally.Domestically, internet companies remain the main clients of Seedance. Insiders indicate that based on token consumption and revenue contribution, Tencent ranks among the top three clients in China, while Bilibili enters the top ten. The number of clients from the physical industry has exceeded one-quarter, covering sectors such as manufacturing, new retail, business services, education, healthcare, telecommunications, automotive, and energy. Tan Dai, president of Volcano Engine, stated at the FORCE conference in June this year that he hopes Seedance will enter production environments across various industries, especially in high-end productivity manufacturing. Volcano Engine established a frontier deployment engineer team this year to delve into industries such as automotive, healthcare, and education.
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