HSG

HSG, formerly Sequoia China, was founded in 2005 and makes venture capital and private equity investments, focusing on technology, healthcare and consumer sectors. Its platform spans seed, venture, growth, buyout, infrastructure and public equities.⁠[1]

In August 2007, Noah issued 2,934,554 Series A preferred shares to Sequoia Capital China Fund I and its parallel fund for an aggregate subscription price of $3.9 million. In January 2008, the company issued another 15,446 shares of the same class to these investors at no additional cost to correct an earlier share-price calculation error. Noah primarily provided wealth-management services and later expanded into asset management.⁠[2]

Meituan developed from a group-buying service into a local-services platform. HSG’s website identifies 2010 as the year the partnership began and records its 2018 IPO.⁠[3]

Noah’s 2010 prospectus, on an as-converted basis for preferred shares, listed Sequoia China-affiliated funds as holding 5,900,000 ordinary shares in aggregate. Their ownership was 25.5% before the offering and 21.6% afterward; the relevant prospectus row did not list shares sold.⁠[2]

In June 2011, Tianjin Hongshan Juye invested RMB96 million in in-vitro diagnostics company Snibe, subscribing for RMB2.5 million in new registered capital and holding 20% after the capital increase. The parties agreed to incentives linked to 2011 results. After Snibe’s net profit for that year met the agreed condition, a settlement was reached in May 2012: Hongshan transferred a 1% stake to Rao Wei for RMB1 and paid RMB11.2 million in cash compensation. Hongshan held 19% after the change.⁠[4]

HSG’s website identifies 2014 as the year its partnership with ByteDance began. ByteDance operates content and internet products; inclusion in the directory does not establish a fund’s current ownership percentage.⁠[5]

Hongshan Juye invested RMB50 million in Botanee, subscribing for RMB2.75 million in new registered capital and holding 27.5% after the capital increase. Payment was completed by June 30, 2014, and capital verification and related arrangements were completed in July. A separate RMB25 million loan advanced in 2013 was repaid in May–June 2014, together with RMB1.82 million in interest; this financing was separate from the equity investment.⁠[6]

On July 24, 2014, Beijing Hongshan signed a share-transfer agreement with Deppon founder Cui Weixing to acquire 8.6 million shares for RMB100 million, approximately RMB11.63 per share, representing 1% of the share capital at the time. The prospectus explained that the investor recognized the growth of the express-delivery business and that the seller had personal funding needs.⁠[7]

In July 2015, Beijing Hongshan Mingde purchased a 9.8% stake in Noah Yijie for RMB31.6 million. Noah Yijie operated an online financial-services business. After another investor joined in December 2016, Hongshan Mingde’s stake was diluted to 8.6%.⁠[8]

On January 19, 2016, Hongshan Mingde purchased 3.9 million Snibe shares from Suzhou Panshi for RMB156 million, or RMB40 per share. Settlement took place through the National Equities Exchange and Quotations system. This was a transfer of existing shares, involving a different investment entity and transaction from Hongshan Juye’s 2011 capital injection.⁠[4]

Country Style Cooking completed its going-private merger on April 20, 2016, with cash consideration of $1.3075 per ordinary share, equivalent to $5.23 per ADS; each ADS then represented four ordinary shares. The closing announcement treated rollover shares separately, so this per-share price cannot be assumed to have been received in cash by every former shareholder. In 2007, Country Style Cooking had issued an aggregate 24 million preferred shares to two venture capital firms, raising $13 million.⁠[9][10]

In 2016, Hongshan Mingde subscribed for 8% of New Gopher for RMB336 million and provided Old Gopher with an interest-free loan of RMB12 million, to be converted into corresponding equity after a restructuring. The transaction included redemption arrangements if the restructuring was not completed as agreed. The parties terminated the investment and settled it in the third quarter of 2017; Noah’s financial statements recorded a payment of RMB355.6 million. The equity subscription, loan principal and termination settlement represent separate cash flows, and the contractual interest rate cannot be treated as the fund’s investment return.⁠[8][11]

HSG’s website identifies 2017 as the year its partnership with AirwallexAirwallexAirwallex is a financial technology company founded in Melbourne in 2015, with dual headquarters in Singapore and San Francisco. It provides cross-border payments, multicurrency accounts, spend management, billing and embedded finance for businesses.Open the full entry began. Airwallex provides businesses with cross-border payments and collections, accounts and embedded financial technology.⁠[12]

In June 2017, Guazi announced a Series B financing of more than $400 million, led by Sequoia China. Existing investors including Matrix PartnersMatrix PartnersMatrix Partners, now branded Matrix, is a US early-stage venture capital firm with roots in Hellman, Ferri Investment Associates, established in 1977. Matrix was founded in 1982 and invests in technology companies from the idea stage through Series A.Open the full entry China invested further, and new investors also participated. Guazi operates a used-car marketplace; the stated amount is the total round size.⁠[13]

In September 2017, CointelegraphCointelegraphCointelegraph is a digital news outlet covering blockchain, digital assets, artificial intelligence, and fintech, known for its cartoon-style news illustrations. It also runs businesses including Cointelegraph Magazine, research, an accelerator, and events.Open the full entry, citing BloombergBloomberg L.P.Bloomberg L.P. is a global financial technology, data and media company founded by Michael Bloomberg in 1981. It began by providing terminal services that deliver data, analytics and news to financial professionals, and launched Bloomberg News in 1990. Michael Bloomberg has pledged the vast majority of the company’s profits to his philanthropic organization, Bloomberg Philanthropies.Open the full entry, reported that Sequoia China and IDG jointly provided $50 million in financing to Bitmain to support artificial-intelligence chip development. Bitmain primarily develops computing equipment for cryptocurrency mining. The reported amount did not identify Sequoia China’s individual contribution.⁠[14]

iRay Technology completed registration of its conversion into a joint-stock company in September 2017. The ownership table listed Tianjin Hongshan with 6.3 million shares, or 11.59%, and Beijing Hongshan with approximately 4.4022 million shares, or 8.10%, totaling 19.69%. This records the ownership structure at conversion, rather than new investment during that year.⁠[15]

HSG disclosed that it led a financing round for Pop Mart in 2018. Pop Mart designs, licenses, produces and retails products based on character intellectual property and listed in Hong Kong on December 11, 2020. HSG described post-investment work on business organization, supply chains and global expansion; this operating support should be distinguished from the company’s eventual business results.⁠[16]

HSG’s website identifies 2018 as the year its partnership with CanvaCanvaCanva is an online design platform company headquartered in Sydney, Australia. Founded in 2012 by Melanie Perkins, Cliff Obrecht and Cameron Adams and launched in 2013, it offers template-based drag-and-drop design tools for non-designers and later expanded into team collaboration, video, email, forms and generative AI features.Open the full entry began. Canva provides online design and team-collaboration tools.⁠[17]

HSG’s website identifies 2018 as the year its partnership with SHEIN began. SHEIN sells apparel and lifestyle products through an on-demand supply chain and online channels.⁠[18]

According to S&P Capital IQ records, Snow China received an aggregate $50 million in equity financing from SoftBankSoftBank GroupSoftBank Group (SoftBank Group Corp.) is an investment holding company headquartered in Tokyo, founded by Masayoshi Son in 1981. Starting out as a distributor of personal computer software, it moved into the internet, broadband and mobile communications, and has since become an investment group centered on AI-related assets such as Arm, the SoftBank Vision Funds and OpenAI.Open the full entry and Sequoia China on January 22, 2018, with the two investors jointly acquiring a 20% stake. The record did not separate Sequoia China’s contribution or ownership percentage.⁠[19]

Pinduoduo’s 2018 US IPO prospectus disclosed an allocation of 7,894,735 ADSs to Sequoia China-affiliated investors at an offering price of $19 each. Multiplying these disclosed figures gives an approximate subscription amount of $150 million. This IPO subscription should be calculated separately from Sequoia China’s pre-existing holdings, and the listing itself does not establish that existing shares were sold.⁠[20]

Pinduoduo’s prospectus listed Sequoia China funds as holding 302,612,640 shares before the offering, rising to 334,191,580 after the IPO allocation, or 7.5% post-offering. With four shares per ADS and an IPO price of $19 per ADS, those shares represented approximately $1.587 billion at the offering price. This was an equity valuation at IPO pricing, before considering lockups, taxes and other factors, rather than a realized return.⁠[20]

An August 2018 takeover announcement by a Hong Kong-listed company disclosed that Sequoia Capital CV IV Holdco held approximately 23.32% of investment holding company Huobi Universal, which in turn held 70% of the entity making the offer. The announcement’s control chart traced the interest to Sequoia Capital China Venture Fund IV. The percentage concerned Huobi Universal and cannot be applied directly to the trading platform, the listed company or the business subsequently named HTX.⁠[21]

China Fund News, citing a Sequoia China announcement, reported that Sequoia China completed its investment in Junlebao on March 17, 2020, contributing more than RMB1.2 billion for a 15.26% stake. Junlebao’s products include infant formula, chilled dairy products and liquid milk. The ownership percentage was disclosed at completion of the investment.⁠[22]

On July 22, 2020, XPeng issued 16,145,773 Series C preferred shares to Sequoia China’s SCC Growth VI Holdco E for $70 million. The same issuance also involved Hillhouse, Aspex, CoatueCoatueCoatue is a technology- and innovation-focused investment management firm founded by Philippe Laffont in 1999, operating in both public and private markets. Its current website lists Thomas Laffont as co-founder and chief investment officer of private investments; a Form ADV filed on July 29, 2026, disclosed regulatory assets under management of $92,705,722,582.Open the full entry and other investors, whose respective contributions were disclosed separately from Sequoia China’s.⁠[26]

In September 2020, PE Daily, citing 36Kr, reported that coffee brand Saturnbird completed a Series B financing exceeding RMB100 million, led by Sequoia China with participation from Frees Fund. Proceeds were intended for supply-chain upgrades, branding, new products and the development of consumption occasions.⁠[27]

Japanese construction project-management software company ANDPAD announced an additional Series C financing of approximately JPY2 billion on October 12, 2020, led by Minerva Growth Partners, with Sequoia China joining as a new investor. Including earlier financing, the full Series C totaled approximately JPY6 billion; neither JPY2 billion nor JPY6 billion represents Sequoia China’s individual contribution.⁠[28]

Guming’s prospectus dated its pre-IPO investment agreements March 31 and June 27, 2020, with all settlements completed on November 26. Through Max Mighty, Sequoia China held 86,956,540 shares, representing 4.00% before the IPO and 3.73% after the offering under the prospectus assumptions. The prospectus reported a restructuring-adjusted cost of approximately RMB2.40 per share, while the accountants’ report gave total consideration of RMB209.04 million for the corresponding A-4 preferred shares. As the per-share price was rounded, multiplying RMB2.40 by the share count does not establish the exact amount paid.⁠[29]

At Innovita’s joint-stock conversion in November 2020, Hongshan Zhisheng held approximately 13.4209 million shares, or 13.42%. Its stake fell to 13.15% after a December capital increase for employee equity incentives. The investment agreement provided pre-emption, co-sale, anti-dilution, liquidation preference, repurchase and board-seat rights. A termination agreement signed on April 30, 2021 stipulated that these special rights would terminate upon formal submission of the IPO application and could revive if the application was withdrawn or rejected, the listing failed, or other agreed circumstances occurred.⁠[30]

Sequoia China acquired a majority stake in French apparel brand AMI Paris in 2021. AMI subsequently expanded in South Korea, China and the United StatesUnited StatesThe United States is a federal country in North America made up of 50 states, the District of Columbia as the seat of government, and territories such as Puerto Rico and Guam; its capital is Washington, D.C. The Continental Congress adopted the Declaration of Independence on July 4, 1776. The 2020 census (April 1, 2020) counted a resident population of 331,449,281, and the 435 seats of the House of Representatives are apportioned among the states on the basis of the census.Open the full entry. Brand management described local retail partnerships and flagship-store plans to Vogue Business; these were business expansion activities, while the report did not disclose the acquisition price or Sequoia China’s subsequent cash proceeds.⁠[31]

In March 2021, Delivery Hero completed its acquisition of South Korean food-delivery platform Woowa Brothers. The closing announcement valued the transaction at approximately EUR5.7 billion based on cash and share values at the time. Closing actions took place on March 2, and the new shares began trading on March 4. This was the total transaction value and cannot be treated as HSG’s sale proceeds.⁠[32]

In February 2021, Roivant announced an agreement to acquire computational drug-discovery company Silicon Therapeutics for $450 million in Roivant equity, plus potential milestone payments. Roivant’s subsequent financial statements confirmed completion in March that year. The transaction brought molecular simulation and computational drug-discovery capabilities into its research and development organization; the announced consideration was not the proceeds of Sequoia China alone.⁠[33][34]

In March 2021, Simple Love yogurt announced an RMB800 million Series B financing, with Sequoia China, Matrix Partners China, Black Ant Capital and other institutions participating. The figure represented the entire round.⁠[35]

Smart fitness-equipment company FITURE completed a $300 million Series B financing in April 2021, with Sequoia China participating. The round was jointly led by Legend Capital, All-Stars, DST GlobalDST GlobalDST Global is a technology investment firm founded by Yuri Milner in 2009 that focuses on growth-stage investments in internet companies worldwide; it has invested in companies including Facebook, Twitter, Alibaba, JD.com, Airbnb and Spotify, and in 2026 led the US$400 million Series B round of the AI visual content company Higgsfield.Open the full entry and Coatue and was intended to support product development and expansion of fitness classes.⁠[36]

Dizal listed on the Shanghai Stock Exchange’s STAR Market in 2021. Sequoia China Growth Fund V participated through its wholly owned Imagination V (HK) Limited, which held 27,837,209 shares before the IPO. Subsequent employee option exercises, share sales and securities lending affected interest disclosures; changes in holdings must be recorded by the date of each disclosure.⁠[40]

In a 2022 interview with Vogue Business, AMI management said sales for 2021 were approximately EUR135 million. In the same interview, it projected approximately EUR250 million in sales for 2022; the latter was a forecast, not a final financial result.⁠[31]

In January 2022, Sequoia China acquired a majority stake in South Korean fashion brand WE11DONE, with Mirabaud Lifestyle Impact & Innovation also participating. Plans after the acquisition included developing the Chinese market and direct-to-consumer sales. A subsequent Vogue Business interview discussed support with financial-staff recruitment, logistics and cost management, as well as management’s $100 million sales target for 2024; the target was not realized revenue.⁠[41][42]

Game developer thatgamecompany announced an aggregate $160 million investment from TPG and Sequoia China on March 3, 2022. The developer of Journey and Sky intended to expand its development team and organizational infrastructure. Ed CatmullEd CatmullEd Catmull is an American computer scientist, a pioneer of computer graphics, and a co-founder of Pixar Animation Studios. He devised foundational methods including the display of curved surfaces, texture mapping, and Z-buffering, and took part in developing the rendering software RenderMan; Pixar released the first fully computer-animated feature film, Toy Story, in 1995. After Disney acquired Pixar in 2006, he led both Pixar and Walt Disney Animation Studios until stepping down at the end of 2018, and he received the 2019 Turing Award.Open the full entry served as a principal adviser on creative culture and strategic development.⁠[46]

French accessories and ready-to-wear brand Destree announced a Series A financing in April 2022, led by Sequoia China’s Zhang Yu. Other participants included several female entrepreneurs and entertainers. Funds were intended for store openings, the Chinese market, digital operations and wholesale. The reported plan to achieve an 80% share of direct sales in 2024 was a target at the time, not an achieved business result.⁠[47]

In August 2022, Norwegian clothing brand Holzweiler announced a majority investment from Sequoia China, its first outside investment. The brand planned expansion in China, the United Kingdom and the United States, with the original family team continuing to run the business. At the time, the brand forecast $50 million in 2022 revenue, up 60% year on year; these were projections made at the acquisition.⁠[48]

HSG’s website records Tuhu’s IPO in 2023. Tuhu combines online sales of automotive products and services, offline maintenance stores and a supply chain into an automotive-services network.⁠[49]

On April 19, 2023, medical robotics company Noah Medical announced a $150 million Series B financing, with Sequoia China participating as an existing investor. The round was led by SoftBank Vision Fund and co-led by Prosperity7 to support expansion of the Galaxy robotic bronchoscopy system. Noah Medical and Noah Wealth are separate businesses.⁠[57]

In June 2023, Sequoia CapitalSequoia CapitalSequoia Capital is a venture capital firm founded by Don Valentine in 1972, investing from the seed stage through the growth stage. Its historical investments include Apple, Cisco, Google, YouTube, Airbnb, and Stripe; in 2021 it introduced the Sequoia Capital Fund structure, which can continue to hold public securities, and in 2023 its regional businesses became independent brands and partnerships.Open the full entry (United States and Europe), Sequoia China, and Sequoia India & Southeast AsiaPeak XV PartnersPeak XV Partners is a venture capital firm that grew out of Sequoia’s India and Southeast Asia business, investing across the seed, venture and growth stages in markets including India, Asia-Pacific and the United States. The firm began operating as Sequoia Capital India in 2006 and adopted its current name and became independent in 2023.Open the full entry announced separate brands and partnership structures. The China business developed as HongShan, while India and Southeast Asia became Peak XV. Peak XV’s announcement explained that the three businesses had already made investment decisions independently and that diverging strategies and geographic development, brand confusion and portfolio conflicts prompted further separation.⁠[58][1]

Imagination V’s January 2024 report disclosed sales of 6,003,408 Dizal shares through block trades from July to October 2023 and the lending of another 1,406,000 shares. The report explicitly stated that securities lending did not transfer ownership. After employee option exercises increased the share capital, its registered holding as of January 15, 2024 was 20,427,801 shares, with a disclosed interest of 4.9570%. The decline below 5% involved sales, lending and dilution and cannot be attributed entirely to a cash exit.⁠[40]

Amer Sports announced the pricing of its US IPO on January 31, 2024, at $13 per share for a base offering of 105 million shares. Price multiplied by share count gives a base offering size of $1.365 billion before underwriting and offering expenses and excluding any over-allotment. This was the offering size, not Sequoia China’s share-sale proceeds.⁠[59]

Between August 1, 2023 and March 1, 2024, Tianjin Hongshan Juye sold 6,617,900 Innovita shares, including 4,403,500 through block trades and 2,214,400 through centralized auction trading. Its holding fell from 13,420,900 to 6,803,000 shares, representing 4.99997% at the end of the period.⁠[60]

On May 21, 2024, Genmab completed its acquisition of antibody-drug conjugate developer ProfoundBio. Announced consideration was $1.8 billion in cash, subject to adjustments for debt, transaction expenses and other items at closing. HSG lists ProfoundBio as a portfolio company; the total consideration did not disclose the amount allocated to HSG.⁠[61]

HSG GF Holdco III-A sold 692,600 Ninebot depositary receipts on September 18–19, 2024, at a disclosed average price of RMB43.18 each. At the reporting period’s end it held 35,837,309 receipts, representing 4.999995% of total depositary receipts. The security unit was a depositary receipt and must not be confused with ordinary shares.⁠[68]

In its report on changes in Ninebot holdings, HSG GF Holdco III-A disclosed an interest of at least 5% in CooTek as of the report’s signing. A footnote also explained that CooTek shares were no longer listed on a US national securities exchange but remained registered under the US Securities Exchange Act.⁠[68]

Pop Mart reported 2024 revenue of approximately RMB13.04 billion, up 106.9% year on year, and adjusted net profit of approximately RMB3.4 billion. Revenue outside mainland China was approximately RMB5.07 billion, representing 38.9% of total revenue. These were annual operating metrics of the portfolio company, not the performance of Sequoia China funds.⁠[69]

In December 2025, HSG announced arrangements for a majority investment in Golden Goose. The announcement reported Golden Goose’s 2024 revenue of EUR655 million, with revenue in the first nine months of 2025 growing 13% year on year and direct-to-consumer revenue increasing 21%. The investment was completed on June 24, 2026.⁠[82][83]

A Snibe report on changes in shareholding dated January 13, 2026 disclosed that Hongshan Juye had sold a cumulative 12,904,420 shares through block trades since January 14, 2025. Its holding fell from 91,476,298 to 78,571,878 shares, leaving a 10.00% stake. The report’s table specified a reduction of 1.64 percentage points.⁠[84]

Mingming Henmang listed on the Hong Kong Stock Exchange on January 28, 2026. Sequoia China co-led Busy for You’s Series A in April 2021 and continued investing afterward. Busy for You and Zhao Yiming Snacks merged in 2023. Sequoia China described its post-investment work as including discussions on digitalization, merchandise planning and support for the merger decision.⁠[85]

On March 25, 2026, HSG announced AmazonAmazonAmazon is a publicly traded U.S. technology and retail company founded by Jeff Bezos in 1994, with its principal corporate offices in Seattle. Its businesses span e-commerce, logistics and fulfillment, digital advertising, membership and entertainment services, consumer electronics, and Amazon Web Services cloud computing.Open the full entry’s acquisition of its Swiss delivery-robotics portfolio company RIVRRIVRRIVR is a Swiss robotics company based in Zurich, formerly known as Swiss-Mile, that develops autonomous legged robots for doorstep delivery; it was acquired by Amazon in March 2026.Open the full entry. HSG and Bezos ExpeditionsBezos ExpeditionsBezos Expeditions is Jeff Bezos’s personal investment platform, whose public portfolio spans the internet, enterprise software, life sciences, artificial intelligence, and robotics. Its investment activity is separate from Amazon’s corporate investments, and disclosed holdings include Business Insider, Skild AI, and Generalist.Open the full entry had co-led RIVR’s seed round in August 2024. RIVR develops delivery robots capable of climbing stairs; the announcement did not disclose the acquisition price.⁠[86]

The selling-shareholder table in Webull’s April 2026 resale prospectus listed HSG Growth VI Holdco F with 13,034,604 Class A ordinary shares, representing 3.4% in the table, of which 2,803,396 were included in the shares available for resale. The filing explained that the registration continued an offering scope initiated in May 2025 and that shareholders could sell all, some or none of their shares. Registered shares therefore cannot be treated as completed sales, and a hypothetical balance after selling all registered shares is not an actual holdings update.⁠[87]

On June 24, 2026, Italian footwear and apparel company Golden Goose announced completion of HSG’s majority acquisition. Temasek and its wholly owned asset manager True Light Capital became minority shareholders, while Permira retained a strategic minority interest. Silvio Campara remained chief executive, and Marco Bizzarri became non-executive chairman that day. Financial terms were not disclosed.⁠[83]

HSG’s website disclosed assets under management exceeding $61 billion as of June 30, 2026. When accessed in September 2026, it reported having backed more than 1,800 companies in total, with over 190 IPOs and more than 140 companies reaching unicorn valuations. These were the firm’s own cumulative and assets-under-management metrics, and its representative company directory did not include every investment.⁠[1]

HSG operates its English-language website under that brand, and its institutional description identifies it as formerly Sequoia China. The Chinese website continues to use HongShan and HongShan China in Chinese, and its English navigation link leads to the HSG website. The English website’s legal notice identifies HongShan Capital Group and HSG as registered trademarks. It states that HongShan Capital (Hong Kong) Limited maintains and operates the website and provides administrative and other services to various HSG or HongShan Capital Group entities. The firm comprises entities with separate legal existence rather than a single legal entity.⁠[92][1][93][94]

HSG spans seed, venture, growth, buyout, infrastructure and public equities, focusing on technology, healthcare and consumer sectors. Its website lists offices in Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo and Singapore. Public-equities platform HCEP describes its principal activities as investment research and management in technology and consumer sectors.⁠[1][95]

As of September 2026, the HongShan website listed Neil Shen as founding and managing partner; Ji Yue and Guo Shanshan as investment partners; Liu Xing and Su Kai as partners; Ye Xiaohui as partner and chief financial officer; and Yang Mimi as chief compliance officer. The team also included specialist roles in healthcare buyouts, infrastructure investment and human capital.⁠[102]