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HSG, formerly known as Sequoia Capital China, is a venture capital and private equity firm founded in 2005. The firm rebranded in 2023 as an independent entity following the split of Sequoia Capital into three separate firms. HSG operates from multiple global locations, including Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo, and Singapore. The firm manages over USD 55 billion in assets across various funds, catering to institutional investors.
Initially focused on the Chinese market, HSG has expanded its investment strategy to include opportunities in Europe and Southeast Asia. The firm emphasizes investments in technology, healthcare, and consumer sectors, targeting companies with high-growth potential and innovative business models. HSG has backed over 1,600 companies, achieving notable exits and successful IPOs, including investments in Alibaba, JD.com, and NIO.
HSG's evolution reflects its commitment to adapting to market dynamics and identifying transformative technologies that can disrupt traditional business models. The firm has established itself as a significant player in the global venture capital landscape, with a strong track record of supporting high-growth companies.
HSG invests across all stages of a company's growth, from seed to growth equity and buyouts. The firm focuses on transformative technologies and high-growth potential in the technology, healthcare, and consumer sectors. Check sizes range from $1 million to $2.5 billion, allowing HSG to support companies at various stages of development.
The firm has recently pivoted towards European buyouts, adapting its strategy to include opportunities outside of China, particularly in Europe and Southeast Asia. HSG seeks to identify and support companies with innovative business models that can capitalize on market opportunities. The investment strategy emphasizes disruptive technologies that can transform industries and create significant value.
HSG's approach includes a thorough evaluation of potential investments, looking for founders with a clear vision and the ability to execute their business plans. The firm values adaptability and resilience in its portfolio companies, aiming to provide strategic support through its extensive network and industry expertise.
HSG has backed over 1,600 companies, showcasing its commitment to transformative technologies and innovative business models. Notable portfolio companies include:
These companies span various sectors, reflecting HSG's diverse investment strategy. The firm has achieved over 130 successful IPOs and has invested in more than 110 non-listed unicorns, solidifying its reputation as a leading venture capital firm.
Neil Nanpeng Shen - Founding and Managing Partner. Shen is a prominent venture capitalist in Asia, co-founding Ctrip (now Trip.com) and leading several lucrative investments in technology. He has been featured multiple times on the Forbes Midas List for his contributions to the venture capital industry.
Other key team members include experienced professionals across various sectors, although specific names and roles beyond Shen are less documented in English-language sources. The team collectively brings expertise in healthcare, consumer, technology, growth, and buyout investments.
HSG's leadership is characterized by a strong understanding of market dynamics and a commitment to supporting high-growth companies. The firm's reputation is built on its successful track record and the ability to adapt to changing market conditions.
To pitch HSG, founders can use the contact form available on their website or directly email bpchina@hongshan.com. It is essential to include a comprehensive business plan, highlighting the startup's unique value proposition, market opportunity, and financial projections.
HSG prefers pitches that clearly outline the company's growth strategy and how it plans to utilize the investment. Founders should also be prepared for follow-up discussions and potential due diligence processes.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions through mutual connections can enhance the chances of a successful pitch.
In March 2024, HSG closed a new RMB fund of CNY 18 billion (approximately $2.4-2.5 billion), marking its first fund as an independent entity. This fund aims to support a diverse range of investments across its focus sectors.
In October 2024, HSG opened a new office in London to pursue European investment opportunities, reflecting its strategic pivot towards buyouts in that region.
In 2025, HSG acquired a majority stake in the Marshall Group for €1.1 billion and completed the acquisition of the Avelox antibiotic business from Bayer Group. These moves signify HSG's expanding buyout strategy and its commitment to transformative sectors.
What stages does HSG invest in?
HSG invests across a wide range of stages, including Friends & Family, Angel, Accelerator/Incubator, Pre-seed, Seed, Series A through F, Growth Equity, Pre-IPO, and Secondary Share Sales.
What is the typical check size for investments?
HSG typically invests between $1 million and $2.5 billion, allowing for flexibility in supporting companies at various stages of growth.
What sectors does HSG focus on?
The firm primarily focuses on technology, healthcare, and consumer sectors, emphasizing transformative technologies and disruptive business models.
How can founders pitch to HSG?
Founders can pitch to HSG by visiting their website and using the contact form or by emailing bpchina@hongshan.com. It is advisable to include a detailed business plan and financial projections in the pitch.
What makes HSG different from other venture capital firms?
HSG's extensive experience in backing high-growth companies, combined with its recent pivot towards European buyouts, positions it uniquely in the venture capital landscape. The firm provides strategic support through its vast network and industry expertise.
What is HSG's post-investment involvement like?
HSG actively engages with its portfolio companies, offering mentorship, operational support, and access to its extensive network to help them navigate growth challenges and capitalize on market opportunities.
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