The potential emergence of a new DeepSeek spokesman has sparked intrigue as speculation over the whereabouts of founder and CEO Liang Wenfeng continues, more than a year after his last public appearance.

While the Hangzhou start-up’s latest V4 model did not make the same waves as its breakout moment a year earlier, the much-anticipated release still grabbed headlines through a collaboration with domestic tech giant Huawei Technologies and its remarkably low prices.

For the traditionally...