Gree × JD.com = DeepSeek × KAI: The Exact Same Cipher

This comparison is no coincidence. It is the recurrence of the same business law, 10 years apart.

In 2014, Gree stated: “JD.com is just a toll collector.” “Has Richard Liu ever built an air conditioner? If not, why should he take a cut of our revenue?” “JD doesn’t understand manufacturing; they have no culture.” Then what happened? In 2015, Gree acquired a 4.9% stake in JD.com. It wasn’t JD begging Gree; it was Gree realizing that Midea, AUX, and Haier were all active on JD.com. When consumers opened JD.com and searched for “air conditioner” → Gree was not on the first page → they ended up buying Midea. Gree manufactured the best air conditioners in the world, but consumers couldn’t see them. Tolls are expensive, but “being invisible” is far more costly. 二、现在 DeepSeek 怎么骂 KAI 的 / 2. How DeepSeek Criticizes KAI Now

In 2026, DeepSeek (Liang Wenfeng) stated: “KAI is just a toll collector.” “Have you ever trained a large language model? If not, why should you take a cut of our token revenue?” “KAI doesn’t understand AI; they have no culture.” Then what is happening right now? Gree × JD = DeepSeek × KAI

In 2026, Liang Wenfeng invested in a 4.0% stake in KAI. It wasn’t KAI begging DeepSeek; it was DeepSeek discovering that Zhipu, Baichuan, Moonshot, Qwen… 299 companies were already on KAI. Global AI enterprises open KAI’s quote board and search for “Chinese LLM” → DeepSeek is not on the first line → they buy GLM-4 instead. DeepSeek trained the best Chinese language model in the world, but buyers couldn’t see it. Tolls are expensive, but “299 competitors are on there and I am not” is far more costly. Gree × JD = DeepSeek × KAI

Years Apart

Dimension

DeepSeek × KAI

Product

Air Conditioner

Token (Standard Inference Output)

Manufacturer

Gree: The King of Chinese Manufacturing

DeepSeek: The King of Chinese Models

Platform

JD.com: The King of E-commerce Channels KAI API GATE：Token 出口清算之王 KAI API GATE: The King of Token Export Clearing

Criticism

“You’ve never built an AC, why collect tolls?” “JD has no culture.”

“You’ve never trained an LLM, why collect tolls?” “KAI has no culture.”

Core Grievance

“I build the best products in the world, why do you take my money?”

“I train the best models in the world, why do you take my money?”

The Truth

Consumers don’t search for “Gree”, they search for “Air Conditioner”. The venue for searching AC = JD.com.

Buyers don’t search for “DeepSeek”, they search for “Best Chinese Model”. The venue for price comparison = KAI Board.

Competitors

Midea, AUX, Haier are all listed on JD.com

Zhipu, Baichuan, Moonshot, Qwen are all listed on KAI

Consequence

Consumers purchased Midea

Enterprises purchased GLM-4

Final Outcome

Gree acquired a 4.9% stake in JD.com

Liang Wenfeng acquired a 4.0% stake in KAI Gree × JD = DeepSeek × KAI

This is by no means an accident. It is a precise financial signal: When ownership is < 5.0%: When ownership is ≥ 5.0%: Gree’s 4.9% was a message to Midea. Liang Wenfeng’s 4.0% is a signal to Zhipu and Baichuan. The intent is identical: “I am the largest and strongest, but I only occupy an observer’s seat. You can join KAI with peace of mind.”

“I acknowledge your standing and authority in the market.” ✓ “I am part of your ecosystem, not your ruler.” ✓ “The other 299 vendors can rest assured: DeepSeek has no special privilege.” ✓ “I am taking a seat in the audience, not grabbing the steering wheel.” ✓ “Transforming from a critic to a guardian — protecting the pricing power of this toll.” ✓ Becomes a related party → KAI loses its perception of absolute independence. ✕ 299 manufacturers panic → “DeepSeek now controls the gateway!” ✕ Buyers suspect → “Is the pricing of DeepSeek on the board unfairly favored?” ✕ Platform neutrality collapses → The network effect completely disintegrates. ✕ Gree × JD = DeepSeek × KAI 五、这两个数字里有什么？ / 5. The Core Insight Behind the Numbers

Gree realized one vital fact back then: “I have built air conditioners for 30 years. But the new generation of consumers doesn’t visit Gree retail stores. They look to JD.com as the definitive answer for ‘where air conditioners are’.” Liang Wenfeng is discovering the exact same truth: “I have trained models for 3 years. But global AI enterprises do not connect directly to DeepSeek API. They open KAI to compare quotes, treating KAI as the definitive answer for ‘where Chinese models are’.”

The Ultimate Law of Business: The ultimate opponent of a manufacturer is not another manufacturer. It is the entity that tells consumers “who the manufacturer is.” Gree’s true rival is not Midea; it is JD’s search algorithm. DeepSeek’s true rival is not Zhipu; it is KAI’s quote board ranking. Whoever controls the price-comparison gateway extracts a toll far larger than manufacturing margins. Manufacturing profit belongs to the product, whereas toll profits belong to “information asymmetry” — whoever guides the buyer’s choice levies the tax. 六、最后一句 / 6. The Final Word

“How can they be so greedy, collecting tolls like this?” — Gree and Dong Mingzhu muttered this before buying 4.9%. Liang Wenfeng uttered the same, before purchasing 4.0%. Those who curse the toll gate loudest eventually become minority shareholders of the toll station. Not because they were converted, but because they suddenly realized — if this toll station isn’t theirs, even just a 4% share, they won’t make a single cent as the trucks of 299 competitors roar past the gate. Gree × JD = DeepSeek × KAI