In a significant development for China's AI sector, three leading AI unicorns—DeepSeek, Moonshot AI, and Jieyue Xingchen—have collectively raised billions in funding this May. DeepSeek, which recently launched its V4 model optimized for Huawei's Ascend AI chips, is reportedly raising $3–4 billion, with its valuation soaring to $45–50 billion. Investors include the National AI Industry Investment Fund and Tencent. Moonshot AI has completed a $2 billion funding round, led by Meituan Dragonfly, elevating its valuation beyond $20 billion. Meanwhile, Jieyue Xingchen is finalizing a $2.5 billion round, with investments from key players in the mobile and consumer electronics supply chain. These funding rounds reflect a broader reassessment of China's AI industry, with valuations for foundational model companies now exceeding tens of billions of RMB.