Alibaba Aims to Build Ecosystem, Tencent Targets 20%, Both Declined by DeepSeek

According to DataBeats monitoring, The White Whale Lab exclusively reported that the financing negotiations between Alibaba and DeepSeek have collapsed, as the two parties failed to reach agreement on specific terms. Several sources close to the deal pointed out that the core conflict was Alibaba's desire for ecosystem integration, while DeepSeek insisted on maintaining independence.

This year, Alibaba has made a comprehensive push for AI ecosystem integration. In March, it established the Alibaba Token Hub, which includes five major business units such as Tongyi Lab and Qianwen Business Unit. In May, it also unveiled a unified AI digital avatar, integrating the Qianwen Assistant into core products such as Taobao, Amap, and Alipay. This demand for ecosystem synergy directly conflicted with DeepSeek's position as an independent modeling company.

Alibaba is not the only one to encounter obstacles. Previously, Bloomberg reported that Tencent proposed to subscribe to up to 20% of the shares, only to be rejected by DeepSeek as well. Since its founding in 2023, DeepSeek has never accepted external financing, and founder Liang Wenfeng has kept a host of giants and VCs at bay for nearly three years. An investor described the current situation to The White Whale Lab as: "Now investors are chasing Liang Wenfeng, waiting to see whom he will ultimately choose."

Jiang Yi, Managing Partner at Hengye Capital, analyzed that for DeepSeek, the best financing option would be the one with "the fewest attached conditions." Many investors believe that the future lineup of backers will play a key role in China, as state-backed funds prioritize technology sovereignty over short-term commercial returns, with relatively fewer contractual constraints.