9 November 2026 · 5 slides
Photo: Calcalist
2 · The number
−40% Shanghai's STAR50 index in under four months, about US$480 billion gone
The CSI 300 entered a bear market on 22 October. Unitree halved after being 8,000 times oversubscribed. Cambricon's profit rose 131%; its shares still sit 40% below July's peak.
Photo: aimagazine.com
3 · What happened
The same weeks, DeepSeek raised ¥100 billion.
Reuters reports DeepSeek raised about US$15 billion from more than 15 investors, double its target, at a pre-money valuation of about ¥500 billion. Forbes now ranks founder Liang Wenfeng China's third-richest person.
Photo: source
4 · Quote
“The problem we have never faced is a shortage of capital.”
Liang Wenfeng, DeepSeek founder, China Entrepreneur via 36Kr, October 2026
Photo: Calcalist
5 · Bottom line
Judge the model, not the index.
Open Chinese models remain the cheapest capable option for many business tasks, bear market or not. Test them on your own work, keep the data local, and keep a Western model as the second option.
Photo: source