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 44% year-over-year (13 deals in the last 12 months). Average disclosed round size is $182.9M (across 232 rounds with reported amounts).
Portfolio
211
Fund Size
$2.5B
Top Stage
Series B
Last 12 Mo
13
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
316 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| 它它石智航 | Seed | $455M | Apr 2026 |
 SIGMAS | 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 |
 Manus | Series C | $75M | Jan 2026 |
| Aridge | Series A | $200M | Jan 2026 |
 Xpeng Huitian | Series B | $200M | Jan 2026 |
| OOpenchip | Series C | — | Jan 2026 |
| SSimplexity Robotics | Unknown | $289M | Jan 2026 |
| QQuantX | Series B | $130M | Jan 2026 |
 Meshy | Series B | $400M | Jan 2026 |
| QuantX Biosciences | Series B | $85M | Jan 2026 |
 NewMed | Unknown | $100M | Jan 2026 |
| EEven Realities | Series B | $150M | Jan 2026 |
 Gestala | Seed | — | Jan 2026 |
 Tars | Seed | $455M | Jan 2026 |
 D3 Bio | Series C | — | Dec 2025 |
| PProviva Therapeutics | Series A | $30M | Dec 2025 |
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Top Co-Investors
Sequoia Capital74 shared
Hillhouse Investment26 shared
IDG Capital25 shared
GGV Capital25 shared
Source Code Capital24 shared
GL Ventures22 shared
OrbiMed19 shared
5Y Capital19 shared
Tiger Global Management, LLC19 shared
MPC18 shared
LAV16 shared
Tencent Investment15 shared
SoftBank Vision Fund14 shared
B Capital14 shared
Gaorong Capital13 shared
ZhenFund13 shared
LYFE Capital12 shared
Temasek Holdings (Private) Limited11 shared
Boyu Capital11 shared
Luminous Ventures11 shared
Last updated: 20 October 2026