(Yicai) July 17-- Almost 200 funds owned by Liang Wenfeng, founder of artificial intelligence startup DeepSeek and quant hedge fund High-Flyer Quantitative Investment‌, have subscribed for shares of Chengxin Memory Technology in the Chinese memory chip giant’s initial public offering.

153 funds under High-Flyer Ningbo and 41 others under High-Flyer Zhejiang appear on the list of CXMT investors, according to the company’s Star Market listing announcement on the Shanghai Stock Exchange.

Liang holds an 85 percent stake in High-Flyer Zhejiang and an over 75 percent stake in High-Flyer Ningbo, according to corporate information platform Tianyancha.

CXMT plans to issue 1.67 billion shares at a price of CNY8.66 (USD1.27) apiece, aiming to raise CNY66.6 billion (USD9.8 billion) if the full 15 percent over-allotment option (greenshoe) is exercised.

Thirty institutions participated in CXMT’s strategic placement, with a total allocation quota of CNY14.4 billion. Listed Chinese firms, including Transsion Holdings and TCL Technology, have revealed the strategic allocation quotas they were given.

Online subscriptions for the new shares started yesterday. CXMT said late yesterday that it had 9.4 million valid subscription accounts and 816.92 billion effective subscribed shares‌, with a preliminary online allotment rate of 0.4 percent.

DeepSeek recently raised over CNY50 billion in a Series A funding round in early June from backers including Liang, who invested CNY20 billion, at a valuation of more than CNY330 billion (USD48.7 billion).

Editor: Futura Costaglione