DeepSeek's share grabbing has given rise to SPV channels, with overseas giants taking action to completely ban private reselling According to Beating monitoring, Caijing reported that in the first round of billion dollar financing negotiations for AI giant model unicorn DeepSeek, which is nearing its end, the extremely hot share competition is giving rise to a secondary channel for special purpose entities (SPVs). Some limited partners with low visibility can only access the bureau through subscribing to the securitized shares of SPV nested holdings, which not only requires additional management fees and channel fees, but also faces extremely high transaction security risks. Overseas giants have firmly cleared unauthorized channels before going public. In order to standardize the equity register, OpenAI and Anthropic have recently issued policies declaring all SPV equity transfers without official written consent invalid from the beginning. Due to the legal determination that unauthorized transfer has never occurred, buyers cannot obtain any shareholder rights even if they pay the funds. Domestic investors attempting to participate in the consortium through proxy also face compliance risks of inability to confirm ownership. [Original link]