China's state funds invest in DeepSeek, Moonshot and Kling

China's state-backed AI industry fund disclosed direct equity stakes: about 980 million yuan into DeepSeek at a 350 billion yuan valuation, participation in Moonshot AI's round at a $35 billion valuation, and 1.4 billion yuan into Kuaishou's Kling video model entity. The moves come as US agencies are barred from running Chinese models.

• DeepSeek received 980 million yuan at a 350 billion yuan valuation
• Moonshot AI's round valued the company at $35 billion
• Kuaishou got 1.4 billion yuan for its Kling video model
• DHS banned DeepSeek across US federal networks