The potential emergence of a new DeepSeek spokesman has sparked intrigue as speculation over the whereabouts of founder and CEO Liang Wenfeng continues, more than a year after his last public appearance.

While the Hangzhou start-up’s latest V4 model did not make the same waves as its breakout moment a year earlier, the much-anticipated release still grabbed headlines through a collaboration with domestic tech giant Huawei Technologies and its remarkably low prices.

For the traditionally low-profile firm, a recent change to its shareholding structure suggests that Liang’s control over the company has not waned. Still, developments in recent days point to a new public face for the start-up.

Where is Liang Wenfeng?

Liang has not appeared publicly since a high-profile televised meeting with Chinese President Xi Jinping in February last year, immediately after the release of DeepSeek’s R1 model. Yet there were no signs that his leading role had changed.

According to corporate database Qichacha, Liang’s equity stake had recently increased to 34 per cent from 1 per cent, with his subscribed capital jumping from 100,000 yuan (US$14,630) to 5.1 million yuan. DeepSeek’s registered capital also rose from 10 million yuan to 15 million yuan.

The change in shareholding came as DeepSeek began raising external capital for the first time, the South China Morning Post reported last week, citing people familiar with the matter. Under China’s company law, approval by shareholders representing more than two-thirds of voting rights is needed for key company decisions.

Who is Chen Deli?

Senior researcher Chen Deli was among a few DeepSeek personnel to post publicly on their own personal X accounts on Friday following the V4’s release. He wrote to his almost 24,000 followers: “484 days later, we humbly share our labour of love. As always, we stay true to long-termism and open source for all.”