HSG (formerly HongShan / Sequoia Capital China) is a leading venture capital and private equity firm founded in 2005 by Neil Shen. It invests globally across technology, healthcare, and consumer sectors, managing over USD 61 billion in assets.
Deal activity increased 600% year-over-year (14 deals in the last 12 months). Average disclosed round size is $200.1M (across 81 rounds with reported amounts).
Portfolio
79
Fund Size
$2.5B
Top Stage
Series C
Last 12 Mo
13
Team
NS
Neil Shen
Founding and Managing Partner
JL
Joe Lee
Managing Director
GS
Guo Shanshan
Partner
HR
Hu Ruodi
Partner
JY
Ji Yue
Partner
JQ
Jia Qin
Partner
YG
Yuan Gong
Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
97 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| SSIGMAS | Seed | $1M | Mar 2026 |
 Aridge | Unknown | $200M | Mar 2026 |
| DDify | Series A | $30M | Mar 2026 |
 KAST | Series A | $80M | Mar 2026 |
 QuantX Biosciences | Series B | $85M | Feb 2026 |
| QQuantX | Series B | $85M | Feb 2026 |
 X2Robot | Series C | $140M | Jan 2026 |
 Vibrant Therapeutics | Series C | $61M | Jan 2026 |
 Spiro Medical | Series A | $67M | Jan 2026 |
 Clipto | Seed | — | Jan 2026 |
| Aridge | Series A | $200M | Jan 2026 |
 D3 Bio | Series C | $108M | Dec 2025 |
 Marqvision | Series B | $48M | Sep 2025 |
 Midas | Series B | $80M | Aug 2025 |
 Genesis AI | Series D | $105M | Jul 2025 |
 Manus | Series C | $75M | Jan 2025 |
 Unitree | Series C | — | Jan 2025 |
| UUnitree Robotics | Series C | — | Jan 2025 |
| DDongchedi | Growth | $600M | Sep 2024 |
 Swiss Mile | Seed | — | Aug 2024 |
 MONZO | Growth | — | Mar 2024 |
 Moonshot AI | Growth | $1B | Feb 2024 |
 Generation Lab | Pre-Seed | — | Jan 2024 |
 Full-Life Technologies | Series B | $47.3M | Jan 2024 |
| 智智谱 | Series A | $100M | Jun 2023 |
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Top Co-Investors
Sequoia Capital32 shared
Tencent Investment12 shared
IDG Capital10 shared
Source Code Capital9 shared
SoftBank Vision Fund8 shared
LAV7 shared
GL Ventures7 shared
Hillhouse Investment6 shared
Meituan5 shared
5Y Capital5 shared
Blackbird5 shared
Felicis5 shared
Gaorong Capital4 shared
Tiger Global Management, LLC4 shared
LYFE Capital4 shared
WuXi AppTec4 shared
GV3 shared
Alibaba Group Holding Ltd.3 shared
Legend Capital3 shared
Legend Star3 shared
Last updated: 7 September 2026