HSG

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.

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

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

• Venture capital investing
• Private equity investing
• Growth equity investing
• Buyout acquisitions
• Institutional fund management

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. 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.
2. Carried interest / performance fees: Carried interest on realized returns across venture, growth, buyout, and public equities strategies; performance-linked revenue streams.
3. 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

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core 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

Named customers1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature3 records

Partnerships

28 partnerships are on record, tiered flagship, core and minor.

• Leica Camera AGflagshipStrategic or Co-development Partner · 29 May 2026HSG 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.
• ByteDanceflagshipStrategic or Co-development Partner · 15 May 2026HSG 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 AESCcoreStrategic or Co-development Partner · 17 April 2026HSG 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.
• AmazonflagshipStrategic or Co-development Partner · 25 March 2026HSG 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.)coreStrategic or Co-development Partner · 27 February 2026HSG 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 GooseflagshipStrategic or Co-development Partner · 19 December 2025HSG 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 AIflagshipStrategic or Co-development Partner · 1 December 2025HSG 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 AGcoreStrategic or Co-development Partner · 28 October 2025HSG 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 SleepcoreStrategic or Co-development Partner · 1 August 2025HSG 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 GroupflagshipStrategic or Co-development Partner · 24 January 2025HSG 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 MartflagshipStrategic or Co-development Partner · 1 January 2018HSG 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.
• KlookflagshipStrategic or Co-development Partner · 1 January 2017HSG 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.
• PatSnapflagshipStrategic or Co-development Partner · 1 January 2016HSG 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.
• CanvaflagshipStrategic or Co-development PartnerHSG (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.
• EcoFlowcoreStrategic or Co-development PartnerHSG 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.
• TabbyflagshipStrategic or Co-development PartnerHSG 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.
• xToolcoreStrategic or Co-development PartnerHSG is an investor in xTool, maker of desktop laser cutters and smart fabrication tools with 500,000+ users across 62 countries.
• ByteDanceflagshipStrategic or Co-development PartnerHSG co-invested alongside ByteDance in X Square Robot's $143M Series A++.
• Alibaba GroupflagshipStrategic or Co-development PartnerAlibaba 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 RobotscoreStrategic or Co-development PartnerAgile Robots is an HSG portfolio company; Munich-based international high-tech spin-off of the German Aerospace Center (DLR) pushing the boundaries of robotics.
• AirwallexcoreStrategic or Co-development PartnerAirwallex is an HSG portfolio company offering a leading global financial platform for modern businesses.
• Ant GroupflagshipStrategic or Co-development PartnerAnt Group is a listed HSG portfolio company providing cloud-based financial platform services.
• Amer SportscoreStrategic or Co-development PartnerAmer Sports is a listed HSG portfolio company; global group of sports and outdoor brands.
• AMI PariscoreStrategic or Co-development PartnerAMI Paris is an HSG portfolio company; luxury apparel house for men and women.
• ANDPADminorStrategic or Co-development PartnerANDPAD is an HSG portfolio company; leading Japanese vertical SaaS provider in the construction industry.
• ArriVent BiopharmaminorStrategic or Co-development PartnerArriVent Biopharma is an HSG portfolio company; clinical-stage biopharmaceutical company dedicated to oncology medicines.
• AsymchemcoreStrategic or Co-development PartnerAsymchem is an HSG portfolio company providing R&D and one-stop production services to the world's top pharmaceutical companies.
• AbelZeta PharmaminorStrategic or Co-development PartnerAbelZeta 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

Broad 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

• LinkedInlinkedin.com/company/hong-shan

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1328 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HSG