HSG
HSG is a Hong Kong-based venture capital and private equity firm (formerly Sequoia China) managing over USD 61B across multiple funds, investing globally in technology, healthcare, and consumer sectors and backing 1,700+ companies through seed, venture, growth, buyout, and public equities.
- Company typePrivate
- Founded2005
- HeadquartersHong Kong, Hong Kong SAR China
- Headcount251–500
- GTM typeB2B
- OfferingServices
What HSG does
HSG (HongShan) is a Hong Kong-headquartered venture capital and private equity firm, founded in 2005 as Sequoia China and rebranded in 2023-2024 following its separation from Sequoia Capital. It operates a fully integrated investment platform spanning seed, venture, growth, buyout, infrastructure, and public equities, with public-market activity conducted through HCEP Management Limited, a Hong Kong SFC Type 9 (Asset Management) licensed entity focused on Technology and Consumer sectors. The firm manages over USD 61B in assets across multiple funds and affiliate vehicles on behalf of sovereign wealth funds, foundations & endowments, pension funds, corporations, and family offices, and has backed 1,700+ portfolio companies — 180+ of which have listed on public stock exchanges and 140+ of which have reached unicorn status.
HSG invests globally across technology, healthcare, and consumer sectors, with seven offices anchoring deal coverage in Hong Kong, Beijing, Shanghai, Shenzhen, Singapore, London, and Tokyo. The portfolio spans artificial intelligence (Moonshot AI, StepFun, Manus, Dify, Clipto.AI, ElevenLabs), humanoid and embodied robotics (ROBOTERA, X Square Robot, Spirit AI, Linghou Robotics), autonomous mobility (Waymo, XPeng Aeroht), fintech (KAST, Tabby, Airwallex), consumer and luxury (Pop Mart, Golden Goose, Marshall, Leica, AMI Paris, xTool, EcoFlow, Canva), and biotech (D3 Bio, Pulnovo Medical, Spiro Medical). HSG also publishes xbench, an evergreen benchmark for evaluating AI agents in real-world workflows.
The firm generates revenue through management fees on its USD 61B+ AUM and carried interest/performance fees across venture, growth, buyout, and public-equities strategies. Direct investment gains from large buyouts — Golden Goose (~€2.5B in December 2025), Marshall Group (€1.1B valuation, January 2025), Avelox from Bayer (October 2025), and a pending bid for Leica Camera AG — plus co-investor-driven exits (RIVR-to-Amazon, Canva secondary, Tabby secondary at $4.5B) drive realized returns. In 2026 HSG raised a USD 3B continuation fund anchored by its ~11% ByteDance stake at a $350-370B implied valuation. Founder Neil Shen is the firm's lead figure and has topped the Forbes Midas List four times.
HSG firmographics
Firmographics- Name
- HSG
- Legal name
- HongShan Capital (Hong Kong) Limited
- Website
- https://hsgcap.com
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- HSG is a Hong Kong-based venture capital and private equity firm (formerly Sequoia China) managing over USD 61B across multiple funds, investing globally in technology, healthcare, and consumer sectors and backing 1,700+ companies through seed, venture, growth, buyout, and public equities.
- Ownership category
- akta.pro rank
HSG industry classification
Industry- Product category
- Private Equity and Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Managed Account / SMA Multi-Manager Platforms (FSANAGAL)
- akta.pro secondary industries
- Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC), Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
Keywords
Where HSG is headquartered
LocationHeadquarters
- HQ city
- Hong Kong
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Offices7 records
Markets served
HSG business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Fund management fees: HSG charges management fees across multiple funds investing on behalf of sovereign wealth funds, foundations & endowments, pension funds, corporations, and family offices. Recurring asset-based fees across USD 61B AUM.
- Carried interest / performance fees: Carried interest on realized returns across venture, growth, buyout, and public equities strategies; performance-linked revenue streams.
- Direct investment gains (realized): Realized gains on direct equity investments and acquisitions (e.g., Golden Goose, Marshall, RIVR exit to Amazon, Manus buyback discussions, ByteDance secondary via continuation fund, Avelox antibiotics business acquisition).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Private investment products for institutional LPs only (sovereign wealth funds, foundations, endowments, pension funds, corporations, family offices) |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels8 records
HSG product offering
Product offeringCore offering
HSG (HongShan) is a venture capital and private equity firm that invests across all stages of a company's growth — seed, venture, growth, buyout, infrastructure, and public equities — in the technology, healthcare, and consumer sectors on behalf of institutional LPs including sovereign wealth funds, foundations & endowments, pension funds, corporations, and family offices. The firm manages over USD 61 billion in AUM across funds and affiliate vehicles (including HCEP Management Limited, a Hong Kong SFC Type 9 licensed public-equities manager), has backed 1,700+ portfolio companies, and supports portfolio companies through its global partner network across Hong Kong, Beijing, Shanghai, Shenzhen, Singapore, London, and Tokyo.
Product overview
HSG (formerly Sequoia China) is a leading venture capital and private equity firm operating a fully integrated investment platform across seed, venture, growth, buyout, infrastructure, and public equities. The core HSG Investment Platform covers all stages of company growth and is paired with HCEP Management Limited — HSG's Hong Kong SFC-licensed (Type 9 Asset Management) public-market investment subsidiary focused on Technology and Consumer — and xbench, an evergreen benchmark tool developed to evaluate AI agents against real-world tasks. Together these three offerings define HSG's product surface: a multi-stage investment platform, a regulated public-equities manager, and an AI benchmarking framework.
Differentiator
Problem solved
Functional benefit
Products and services
- HSG Investment Platform Fully integrated venture capital and private equity investment platform spanning seed, venture, growth, buyout, infrastructure, and public equities investing across the technology, healthcare, and consumer sectors; manages over USD 61 billion in AUM and has backed more than 1,700 companies globally.
- HCEP Management Limited
Quantifiable outcome
- USD 61B+ in assets under management across multiple funds and affiliate vehicles
- +6 more outcomes
Companies that use HSG
Customer profileNamed customers1 record
Ideal customer profiles2 records
HSG technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability4 records
Feature3 records
HSG partnerships and signals
Strategic signalPartnerships
28 partnerships are on record, tiered flagship, core and minor.
- Leica Camera AGflagshipHSG emerged as the leading bidder for Leica Camera AG, in talks to acquire Blackstone Inc.'s 45% stake in the German high-end camera maker.
- ByteDanceflagshipHSG owns just over 11% of ByteDance as one of its largest external shareholders and is raising a $3B continuation fund anchored by the ByteDance stake at $350-370B valuation.
- Envision AESCcoreHSG is a co-backer (alongside GIC) of Envision AESC, a global lithium-ion battery manufacturer considering a Hong Kong IPO that could raise $1B-$2B.
- AmazonflagshipHSG co-led RIVR's seed round in August 2024 alongside Bezos Expeditions; Amazon subsequently acquired RIVR in March 2026 as a strategic outcome of the partnership.
- Dongchedi (Beijing Dongchedi Technology Co.)coreHSG is among the consortium (with General Atlantic, Gaorong Ventures, KKR) that backed Dongchedi with ~$600M in 2024 at ~$3B valuation; the company is considering a Hong Kong IPO that could raise $1B-$1.5B.
- Golden GooseflagshipHSG acquired a majority stake in Golden Goose, the Italian luxury sneaker maker; HSG partner Jiajia Zou leads the partnership. Silvio Campara remains CEO, Marco Bizzarri becomes Non-Executive Chairman. Co-investors Temasek and True Light Capital joined as minority investors.
- Manus AIflagshipHSG was an early backer of Manus; HSG along with ZhenFund and Tencent is planning to buy back Manus from Meta at the original $2B price after China ordered Meta to unwind its December 2025 acquisition.
- Bayer AGcoreHSG agreed to acquire Bayer's global Avelox (moxifloxacin) antibiotics business and is forming new entities in China and Singapore to hold the acquired business.
- Eight SleepcoreHSG led Eight Sleep's Series D in August 2025 to support the company's global expansion. Eight Sleep has since launched in Singapore (November 2025) and China (April 2026) with HSG support.
- Marshall GroupflagshipHSG acquired a majority stake in Marshall Group at a €1.1B valuation – HSG's largest European investment to date; Marshall family retained >20% stake. HSG partners Steve Jia and Taro Niggemann will support digital channels and supply-chain optimization.
- Pop MartflagshipHSG led Pop Mart's 2018 investment round and continued to support the company in subsequent funding rounds. Pop Mart grew from a Beijing boutique to a global IP powerhouse with 13.04B yuan revenue in 2024 and 500+ stores across 30+ countries.
- KlookflagshipHSG led Klook's $30M Series B in 2017 and $200M Series D in 2018; continued backing through Series E+ round in 2023. HSG partner Qingsheng Zheng is on the board and advised on regulatory approvals across operating markets.
- PatSnapflagshipHSG led PatSnap's Series C in 2016 and continued to invest in subsequent rounds, supporting expansion to 15,000+ clients worldwide. PatSnap is filing confidential IPO applications with HKEX and SGX.
- CanvaflagshipHSG (then Sequoia China) joined Canva's cap table in 2018 at Canva's first billion-dollar valuation. HSG continued supporting the company through subsequent funding rounds; Canva reached 240M+ monthly active users by 2025.
- EcoFlowcoreHSG is a major investor in EcoFlow, a sustainable energy company selling portable power stations, smart devices, and home energy systems in 140+ countries with 5M+ users. EcoFlow is exploring a US IPO raising at least $300M.
- TabbyflagshipHSG acquired shares in Tabby via secondary share sale (October 2025) at $4.5B implied valuation; Tabby serves 25M+ users, 65,000+ brands, and processes $18B in annualized transaction volume across Saudi Arabia, UAE, and Kuwait.
- xToolcoreHSG is an investor in xTool, maker of desktop laser cutters and smart fabrication tools with 500,000+ users across 62 countries.
- ByteDanceflagshipHSG co-invested alongside ByteDance in X Square Robot's $143M Series A++.
- Alibaba GroupflagshipAlibaba is a listed HSG portfolio company. Alibaba co-founder Joe Tsai is a co-investor via Blue Pool Capital in AUBL and supports the Golden Goose acquisition as a co-investor.
- Agile RobotscoreAgile Robots is an HSG portfolio company; Munich-based international high-tech spin-off of the German Aerospace Center (DLR) pushing the boundaries of robotics.
- AirwallexcoreAirwallex is an HSG portfolio company offering a leading global financial platform for modern businesses.
- Ant GroupflagshipAnt Group is a listed HSG portfolio company providing cloud-based financial platform services.
- Amer SportscoreAmer Sports is a listed HSG portfolio company; global group of sports and outdoor brands.
- AMI PariscoreAMI Paris is an HSG portfolio company; luxury apparel house for men and women.
- ANDPADminorANDPAD is an HSG portfolio company; leading Japanese vertical SaaS provider in the construction industry.
- ArriVent BiopharmaminorArriVent Biopharma is an HSG portfolio company; clinical-stage biopharmaceutical company dedicated to oncology medicines.
- AsymchemcoreAsymchem is an HSG portfolio company providing R&D and one-stop production services to the world's top pharmaceutical companies.
- AbelZeta PharmaminorAbelZeta is an HSG portfolio company; global clinical-stage biopharmaceutical company with centers of excellence in Rockville, Maryland and Shanghai, China.
Scale indicators12 records
Recent moves9 records
Expansion highlights6 records
HSG competitors and assessment
Company assessmentBroad incumbents
- Sequoia Capital: Global venture and growth firm that spun out HSG (formerly Sequoia China) in 2023. Most directly comparable as the prior parent brand and an ongoing partner/co-investor; operates US/Europe funds with overlapping sector focus in tech and healthcare.
- Temasek Holdings: Singapore sovereign wealth investor that has become a major co-investor with HSG (e.g., Golden Goose, D3 Bio, Tabby via True Light Capital). Comparable in scale and multi-stage approach, though Temasek is a direct LP/co-investor rather than a competing GP.
- SoftBank Vision Fund: Mega-scale tech investor across late-stage venture and growth globally; comparable in ticket size and stage focus on category leaders (e.g., Waymo, autonomous mobility, AI).
- Carlyle Group: Global alternative asset manager with prior ownership of Golden Goose (sold to Permira in 2020, partially realized in HSG's 2025 buyout). Comparable in buyout capability, international reach, and luxury/consumer deal experience.
Direct peers
- Hillhouse Investment: Asia-focused, multi-strategy investment firm managing public and private capital across consumer, healthcare, and tech. Closest direct peer to HSG's integrated platform given comparable AUM scale and cross-stage approach.
- Boyu Capital: Asia-focused alternative investment firm spanning venture, growth, and buyout with strong ties to Chinese entrepreneurs and co-invested with HSG in Tabby's secondary. Comparable multi-stage Asian PE/VC platform.
- IDG Capital: Long-standing China tech VC/PE firm investing across seed, venture, and growth stages; frequently co-invests with HSG (e.g., ROBOTERA, D3 Bio). Comparable early-stage Chinese tech investing focus.
- Qiming Venture Partners: China-focused VC firm investing in healthcare, tech, and consumer; co-invests with HSG (e.g., Pulnovo Medical, Xuntu Technology). Comparable early- and growth-stage China investing model.
- 5Y Capital (formerly Morningside Venture Capital): China-focused early- and growth-stage investor across tech and consumer; participated alongside HSG in Dify and other deals. Comparable venture-stage China tech thesis.
- EQT Partners: Global alternative investment manager with integrated venture, growth, and buyout capabilities; co-invested with HSG in Pulnovo Medical. Comparable cross-stage platform and growing European/Asia footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
HSG social profiles
Digital presenceHSG compliance and trust
Trust signalCompliance1 record
HSG financial estimates
Financial estimateRevenue estimate
Valuation estimate
HSG leadership team
Management profileNumber of profiles
Profiles9 records
HSG subsidiaries and ownership
Company hierarchySubsidiaries1 record
HSG funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HSG M&A and investment
M&A and investmentM&A3 records
Investments1328 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HSG
What does HSG do?
HSG (HongShan) is a venture capital and private equity firm that invests across all stages of a company's growth — seed, venture, growth, buyout, infrastructure, and public equities — in the technology, healthcare, and consumer sectors on behalf of institutional LPs including sovereign wealth funds, foundations & endowments, pension funds, corporations, and family offices. The firm manages over USD 61 billion in AUM across funds and affiliate vehicles (including HCEP Management Limited, a Hong Kong SFC Type 9 licensed public-equities manager), has backed 1,700+ portfolio companies, and supports portfolio companies through its global partner network across Hong Kong, Beijing, Shanghai, Shenzhen, Singapore, London, and Tokyo.
Is HSG a public or private company?
HSG is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was HSG founded?
HSG was founded in 2005. It employs 251 to 500 people.
Where is HSG based?
HSG is headquartered in Hong Kong, Hong Kong SAR China, in the Asia region.
How does HSG make money?
Three revenue lines are on record. Fund management fees are the primary driver. The others are carried interest / performance fees and direct investment gains (realized).
Who are HSG's main competitors?
Broad incumbents on record are Sequoia Capital, Temasek Holdings, SoftBank Vision Fund and Carlyle Group. Direct peers are Hillhouse Investment, Boyu Capital, IDG Capital, Qiming Venture Partners, 5Y Capital (formerly Morningside Venture Capital) and EQT Partners.
Does HSG have an API?
No public API is recorded for HSG.
What industry is HSG in?
HSG's product category is Private Equity and Venture Capital. Its primary akta.pro industry code is FSANAGAL, Managed Account / SMA Multi-Manager Platforms, with a secondary code of FSAHAKAC, Managed Account Platforms (Separately Managed Accounts / Customized Portfolios). Its NAICS code is 523940 and its SIC code is 6282.