(FILES) Shanghai-based artificial intelligence startup MiniMax's CEO Yan Junjie (C), a former executive at the Chinese leading AI software company SenseTime which was blacklisted by the US Commerce Department in 2021, attends the company's listing ceremony at the Hong Kong Stock Exchange (HKEX) on January 9, 2026. Before DeepSeek shook up the tech world and put Chinese AI on the map, Wu Chenglin's own startup DeepWisdom had nearly folded three times -- but in the past year it has raised $30 million. (Photo by Tommy WANG / AFP via Getty Images)