The emergence of a DeepSeek share-snatching phenomenon has spurred an SPV channel, prompting overseas tech giants to take comprehensive actions to ban the resale of products in the secondary market.

According to Dynamica Beating's monitoring, The Financial reported that in the final stages of the first round of funding nearing $10 billion for the AI mega-model unicorn DeepSeek, the intensely competitive share battle is giving rise to Special Purpose Vehicle (SPV) secondary channels. Some lesser-known Limited Partners (LP) can only participate indirectly through subscribing to SPV nested derivative-held shares, requiring not only additional management fees and channel fees but also facing extremely high transaction security risks.

Overseas giants have taken strong measures to clean up unauthorized channels on the eve of listing. To standardize the share registry, OpenAI and Anthropic recently introduced policies, announcing that all unauthorized SPV equity transfers are retroactively invalidated without official written consent. Since unauthorized transfers are legally deemed never to have occurred, buyers, even if they pay funds, cannot acquire any shareholder rights. Domestic investors attempting to participate through nominee holding are similarly exposed to compliance risks of uncertified ownership.