DeepSeek, an AI large model unicorn, is nearing the completion of its nearly $10 billion Series A funding round, sparking intense competition for shares. This has led to the emergence of special-purpose vehicle (SPV) secondary channels, where lesser-known limited partners access shares indirectly through securitized structures. These arrangements incur additional fees and pose significant transaction security risks. In response, overseas giants have begun cracking down on unauthorized channels. OpenAI and Anthropic have announced policies rendering all SPV share transfers without official consent null and void. This means buyers who have paid funds through unauthorized channels acquire no shareholder rights, and domestic investors using nominee arrangements face compliance risks with unenforceable ownership claims.