Liang Wenfeng holds 81.6% of DeepSeek’s Hangzhou company — a look-through economic interest, with the June round structured to leave the votes with him. Yang Zhilin holds 51.8% of Moonshot’s Beijing company. And at listed MiniMax, Yan Junjie’s vehicles hold under a quarter of the shares yet control the company through weighted voting rights — the exchange’s own designation.
Tencent has invested in every one of the five AI tigers, directly or through investment vehicles; Alibaba is in three. Both ship frontier models of their own, so they are financing the companies they are racing against. Alibaba is the largest outside shareholder of MiniMax, at 12.6% of the listed group.
WireScreen traced eighteen government bodies to 18.1% of Moonshot’s Beijing company — from the national pension fund at 7.4% to a district asset office at 0.1%. None appear on the direct share register; every one is reached by following a fund or a partnership back to its investors.
Founder capital, tech platform capital and state capital overlap in different proportions in each of the five. WireScreen can break down the blend of state and private capital in each start-up.
Grouped by function, the fifty-five fall into eight rooms: the founders shipping frontier models, the chief scientists of the platforms, the chip and robotics companies, the surveillance firms, the investors, the professors, the state laboratories and the officials who write the rules. The rooms are small and the walls between them are thin: the same institutions — one university, one former employer, a handful of funds — recur from room to room. The full fifty-five, with biographies and sourcing, are in the appendix.
Microsoft’s basic-research laboratory in Beijing trained a generation of Chinese computer scientists — and then watched them leave to run the companies, faculties and laboratories that now define the field.
Zhipu was founded out of Tsinghua’s computer-science department — Tang Jie and Zhang Bo, its chief scientist and the oldest person on this list, are both here — and the university still holds 3.5% of the listed company. Andrew Yao runs its College of AI; five of the original fifty-two work at Tsinghua alone, and its professors sit on the government’s AI advisory bodies.
| Founder or leader | Est. | Holding and control | State | Big Tech | Status | |
|---|---|---|---|---|---|---|
| DeepSeek深度求索 · Hangzhou | Liang WenfengFrom High-Flyer, his quantitative hedge fund | 2023 | 81.6%Founder’s look-through economic interest in the Hangzhou company; the June round left the votes with him | 0.28%A national AI fund — the only outside voting stake | TencentWith CATL, JD, NetEase, IDG — reportedly via a Liang-managed partnership, non-voting | PrivateA second round and a Shanghai listing are reported in preparation, August 2026 |
| Moonshot AI月之暗面 · Beijing | Yang ZhilinTsinghua, then Carnegie Mellon | 2023 | 51.8%Founder’s holding of the Beijing company | 18.1%Eighteen government bodies, none on the direct register | Tencent · Alibaba | PrivateRestructuring for a Hong Kong listing is reported; timing uncertain |
| StepFun阶跃星辰 · Shanghai | Jiang DaxinFounder and chief executive; Yin Qi became chairman in January 2026 | 2023 | 99%The register WireScreen holds, filed before an April 2026 conversion to a joint-stock company; the rebuilt register is pending | State-backedShanghai state vehicles, China Life and Pudong Venture Capital joined its January 2026 round; percentages await the rebuilt register | Tencent | PrivateA Hong Kong listing is reportedly in preparation |
| MiniMax稀宇科技 · Shanghai | Yan JunjieCo-founder, chairman and chief executive | 2021 | Founder-controlledWeighted voting rights — 72.1% of votes at listing; Yan Junjie’s vehicles held 22.7% of shares after the July 2026 placement. Figures cover the listed group | — | Alibaba 12.6%The largest outside shareholder, per WireScreen’s August 6 records; the July placement diluted outside holders. Tencent also holds a stake | ListedHong Kong, January 9, 2026; HK$16bn placement and convertible completed July 2026 |
| Zhipu / Z.ai智谱 · Beijing | Founder groupOut of Tsinghua; Zhang Peng is chief executive | 2019 | 30.2%Eight shareholders acting in concert, per the prospectus | 4.9%Plus Tsinghua University at 3.5% | TencentPlus Ant and Meituan pre-IPO | ListedHong Kong, January 8, 2026 |
Usually incorporated in the Cayman Islands, with a Hong Kong company beneath it. This is where the venture investors and the founders’ own money are held, and where the company lists its shares if it goes public.
The licensed, staffed, revenue-earning business, filed with China’s corporate registry under a legal name that often carries no reference to the brand. Its register is public — and it is where domestic shareholders, including government bodies, actually hold their shares.
Neither register is the whole company. The register abroad shows who financed the group but is generally not publicly available; the Chinese register is public but stops at the border. Every ownership figure in this report is built from the second kind — which is why it can include the government bodies the first kind never shows. The one exception is MiniMax, whose parent company is itself listed, so the full group register is public. And the structure itself is now in motion: under regulatory pressure on holding structures registered abroad, StepFun dismantled its two-layer structure in April 2026, Moonshot is reported to be weighing the same ahead of a Hong Kong listing, and Zhipu already lists as a China-incorporated company. Only MiniMax keeps a holding company abroad.
| Repeat investor | DeepSeek | Moonshot | StepFun | MiniMax | Zhipu |
|---|---|---|---|---|---|
| TencentPlatform · runs its own frontier models | |||||
| AlibabaPlatform · runs its own frontier models | — | — | 12.6% | ||
| HongShanVenture firm · Neil Shen · ex-Sequoia China | — | ||||
| Qiming Venture PartnersVenture firm · Duane Kuang | — | — | — | ||
| 5Y CapitalVenture firm · Richard Liu | — | — | — | — | |
| Ant Group · MeituanPlatform-adjacent investors | — | — | — | — | |
| CATL · JD · NetEase · IDGJune 2026 DeepSeek round · as reported · non-voting | — | — | — | — | |
| Government bodiesFunds and partnerships, after look-through | 0.28% | 18.1% | — | — | 4.9% |
His firm, spun out of Sequoia in 2023, sits on the registers of four of the five.
Backed StepFun and Zhipu — and UBTech’s Zhou Jian, elsewhere on this list.
Backed StepFun; earlier, first institutional money into Xiaomi and an early backer of Horizon Robotics.
At DeepSeek the exposure is personal as well as corporate: WireScreen’s look-through records attribute 1.7% and 1.0% to Pony Ma and Xu Chenye, Tencent’s own founders. The three investors above were added to The Wire China’s roster by WireScreen because the original list carried only three financiers — and their firms were already on the registers of four of the five.
Government bodies hold 4.9% of the listed company and Tsinghua University a further 3.5% — figures printed in its listing prospectus rather than reconstructed from filings.
State ownership is just 0.28% — a national AI fund. But on the reported terms of the June 2026 round, that is the only outside stake that votes: the commercial investors took non-voting units and a five-year lock-up.
The two markers almost never overlap. The restricted are engineers and executives at chipmakers, surveillance firms and platform labs; the Party members are officials, laboratory directors and one chief executive. No individual on the list is personally sanctioned by the United States.
Chen Tianshi’s chip designer was added to the Commerce Department’s Entity List in 2022, which restricts exports of American technology to the firm.
SenseTime, Megvii and DeepGlint — run by three people on this list — appear on U.S. government restriction lists tied to their surveillance work.
The only one of the five AI tigers marked on the February 2025 roster. It is now listed publicly in Hong Kong.
Liang Wenfeng holds 81.6% of DeepSeek’s Chinese company and paid for the lab out of a hedge fund he already owned; outside money came in without votes and locked up for five years. Zhipu makes the point differently — eight shareholders acting in concert. Even at listed MiniMax, weighted voting rights keep the founder in control with under a quarter of the shares.
Tencent has invested in all five, directly or through vehicles; Alibaba is in three. Both sell cloud and both ship frontier models of their own, which makes them competitor and financier at once. At DeepSeek the exposure runs to Tencent’s founders personally, in WireScreen’s look-through records.
None of the five began as a state-owned company. In the records examined here, state capital arrives afterwards and through partnerships rather than directly — eighteen government bodies reaching 18.1% of Moonshot’s Beijing company without one of them appearing on its register, and Shanghai state investors joining StepFun’s latest round. At DeepSeek the state holding is tiny, and it is the only outside share that votes.
Chinese corporate filings stop at the mainland company: percentages here describe the Chinese operating entity, not a founder’s economic stake in the wider group, except MiniMax, where figures cover the listed group. Look-through percentages — Liang Wenfeng’s 81.6%, Moonshot’s 18.1% — are calculated by WireScreen from filed holdings rather than printed on any document; Zhipu’s 30.2% is printed in its prospectus. Direct registered ownership, look-through economic interest and voting control are three different measurements, and this report labels which one each figure is. Ownership is not the same as control: votes, board seats, weighted voting rights and nominee arrangements can each break the link. The data is a snapshot, traced on the WireScreen platform on August 6, 2026, and several of these registers have changed hands repeatedly in three years. Each figure is graded internally as filed, measured, reported or assessed; the grades, full sourcing and known gaps are set out in the web edition. Valuations are market or last-round figures and are not audited.