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 75% year-over-year (14 deals in the last 12 months). Average disclosed round size is $185.4M (across 228 rounds with reported amounts).
Portfolio
212
Fund Size
$2.5B
Top Stage
Series B
Last 12 Mo
14
Team
NS
Neil Shen
Founding and Managing Partner
NS
Neil Shen
Founding and Managing Partner
JL
Joe Lee
Managing Director
LS
Luca Schmid
Managing Director
GS
Guo Shanshan
Partner
HR
Hu Ruodi
Partner
JY
Ji Yue
Partner
JQ
Jia Qin
Partner
RW
Rock Wang
Partner
TH
Tiantian He
Partner
XL
Xing Liu
Partner
YG
Yuan Gong
Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
312 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 Investment25 shared
IDG Capital25 shared
Source Code Capital24 shared
GGV Capital24 shared
GL Ventures22 shared
OrbiMed19 shared
5Y Capital19 shared
Tiger Global Management, LLC19 shared
MPC18 shared
LAV16 shared
Tencent Investment14 shared
SoftBank Vision Fund14 shared
B Capital14 shared
ZhenFund13 shared
Gaorong Capital12 shared
LYFE Capital12 shared
Boyu Capital11 shared
Luminous Ventures11 shared
Alibaba Group Holding Ltd.10 shared
Last updated: 7 October 2026