【#Tech24H】Sources recently indicate that DeepSeek is close to locking in at least 80 billion yuan in its latest financing round, with a final valuation potentially approaching 100 billion yuan, paving the way for a potential IPO in 2027. Meanwhile, Kimi is reported to have completed its final round of private financing at a valuation of approximately 50 billion US dollars and is pushing forward with an IPO on the Hong Kong Stock Exchange in the first quarter of 2027. There have been multiple rounds of market rumors this year about the IPO plans of these two large-model “twin stars.” Since completing its first round of external financing in June, DeepSeek has repeatedly been rumored to be pursuing an IPO. Speculation has also circulated that Kimi has confidentially filed its application. Early movers have set market benchmarks: Zhipu AI and MiniMax were listed on the Hong Kong Stock Exchange in January. As of the close on October 7, Zhipu AI fell 2.73% to HK$696 per share, while MiniMax dropped 3.61% to HK$240.2 per share. If the rumored plans materialize, the capital market will once again welcome two Chinese large-model companies in a few months.