Daily Brief Private Markets: The story behind DeepSeek’s breakthrough and more

• Liang Wanfang became a celebrity overnight, with visitors from all over Guangdong coming to pay their respects
• Liang has been praised for his contributions to China’s tech sector, surpassing competitors and boosting national pride
• China’s tech sector has faced challenges, including regulatory crackdowns and decreased foreign investment, leading to a shift towards state-backed funding and increased risk for entrepreneurs.

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