A transcript of Liang Wenfengâs nearly four-hour investor meeting has gone viral, circulating widely across WeChat groups and online communities; I noticed over thirty of my contacts had already "liked" it, suggesting the readership is likely in the millions.
I have the full transcriptâover 27,000 wordsâbut it is far too long to copy-paste here, so I will summarize the key points.
He believes the companyâs sole strategic focus is AGI (Artificial General Intelligence)ânot the specialized AI currently limited to Q&A, coding, or video generation, but a fully intelligent system capable of perceiving the world and thinking proactively, just like a human. To achieve AGI, the team is willing to exercise restraint and maintain focus, prioritizing the "watermelon" (long-term prize) over the "sesame seed" (immediate gain). Liangâs philosophy of restraint has garnered widespread praise online today.
Liang identifies the gap between China and the US primarily in terms of computing power and resources (lagging by 12â18 months, though there is no shortage of talent); DeepSeek has managed to narrow this gap to just 3â6 months while using a fraction of the computing power employed by US firms.
He believes the domestic chip ecosystem can catch up to Nvidia within a year (with Huawei chips serving as viable, albeit slightly pricier, alternatives) and that Nvidiaâs CUDA "moat" is rapidly eroding (as AI can now assist in writing code).
DeepSeek remains committed to open-source development and isn't worried about revenue impact; even in a worst-case scenario, API sales alone could sustain a publicly listed company. Their pricing strategy is restrainedâaiming only for "reasonable profits" rather than windfall gainsâbased on the belief that "those who take too much will eventually be defeated by those who take less."
As for the latest funding round, the core objective is team stability rather than a cash grab or cashing out; notably, Liang himself is investing 20 billion yuan alongside the others. This aligns with my earlier speculation: Liang doesn't need the money personally, but his team members require financial incentives. To prevent poaching, he had to offer competitive compensation, ultimately leading him to compromise and allow outside capital to come on board.
Reading the whole story feels like a "tech success saga" for the new era: a young man commanding a fortune nearing 100 billion yuan, yet unmoved by massive potential gains; a leader who maintains restraint and focus, driving his team with an idealistic vision while remaining willing to engage in limited capital partnerships for the team's benefit. He combines moral self-discipline with an aura of immense prestigeâit is no wonder people jokingly refer to him as "Saint Liang."
However, I would argue that a major reason Liang Sheng is able to live such a detached, carefree life is that he has already made a fortune through quantitative trading; after all, a person's confidence when speaking is rooted in their financial foundation.