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Venture Capital · Profile from Venture Capital Research Companion

HongShan (HSG; formerly Sequoia Capital China)

The China franchise that Neil Shen built under the Sequoia brand from 2005 into the country's largest and most successful venture and growth investor (Meituan, Pinduoduo, ByteDance, Vipshop, Shein), which became independent as HongShan in 2023–24 and has since used its scale to move into control buyouts of global consumer brands while US–China tension shrank its traditional US-dollar LP base.

At a glance

Founded
2005, as Sequoia Capital China (some sources date the formation to late 2004); renamed HongShan (HSG) in English in June 2023, fully separate from Sequoia Capital by 31 March 2024. The Chinese name, 红杉中国 ("Sequoia China"), was kept
Founders
Neil Shen (Shen Nanpeng), co-founder of Ctrip and Home Inns, and Zhang Fan, with sponsorship from Sequoia's Michael Moritz and Doug Leone. Zhang left in 2009
Headquarters
Beijing and Shanghai, with offices in Hong Kong, Shenzhen, Singapore (2023), London (2024) and Tokyo (2025)
Ownership / structure
Independent private partnership controlled by its partners, led by Neil Shen; no ownership or economic link to Sequoia Capital (US/Europe) or Peak XV after the separation
Leadership (2026)
Founding and Managing Partner Neil Shen; a partnership of roughly 20 investing partners across technology, consumer, healthcare and industrial technology (e.g., Zhou Kui, Steven Ji)
AUM / capital raised
~$56bn AUM (2023, reported); ~$9bn raised in 2022 across USD funds (reported, the last raise under the Sequoia name); RMB 18bn (~$2.5bn) RMB fund closed 2024; talks on a ≥$1.2bn USD early-stage fund reported in August 2026 (verify)
Stage focus
Seed through growth, pre-IPO and public equities; since ~2020 also control buyouts and majority stakes (Ami Paris, Marshall, Golden Goose)
Signature investments
Meituan, Pinduoduo, ByteDance, Vipshop, Dianping, JD.com, Shein, Horizon Robotics, Moonshot AI. Failures and controversies: Jumei (post-IPO collapse), Bitmain (aborted IPO, founder feud), China ed-tech after the 2021 "double reduction" rules, scrutiny by the US House China committee (2023)

8 deals and moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 2010

    Meituan

    Series A

  2. 2010

    Vipshop

    Series A

  3. 2011

    Jumei

    Early Venture Round

  4. 2014

    ByteDance

    Series C Lead

  5. 2015

    Horizon Robotics

    Seed

  6. 2017

    Bitmain

    Series B Lead

  7. 2017

    Pinduoduo

    Growth Round

  8. 2019

    Shein

    Growth Round