DeepSeek — Legal Structure: Private subsidiary of High-Flyer

NoteThe source confirms all key elements of the claim: (1) DeepSeek is a private subsidiary of High-Flyer ('owned and funded by the Chinese hedge fund High-Flyer'); (2) Liang Wenfeng holds 84% ownership ('As of May 2024, Liang personally held an 84% stake in DeepSeek through two shell corporations'); (3) the remainder is held by individuals affiliated with High-Flyer (implied by the structure and the fact that High-Flyer is the principal investor); (4) no external VC funding ('Venture capital investors were reluctant to provide funding'). The source text is from Wikipedia and appears current (references events through February 2026), so the 'as of early 2026' timeframe in the claim is consistent with the source's information.