HSG
About HSG
Formerly Sequoia China.
Neil Shen and Zhang Fan co-founded the firm in 2005 as Sequoia Capital China, with guidance from Sequoia partners Michael Moritz and Douglas Leone. Zhang Fan left in 2009. Neil Shen is the founding and managing partner. The firm became independent from Sequoia Capital and rebranded as HongShan, trading as HSG, after Sequoia split into separate regional entities in 2023 and 2024. HSG says it has offices in Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo and Singapore. It reports more than USD 61 billion in assets under management as of April 30, 2026, and more than 1,700 companies backed since 2005. It does not publish which partners lead its AI investing.
HSG invests in technology, healthcare and consumer companies, and AI is one of the areas it is currently raising for. A report from August 2026 says it is raising a USD 1.2 billion early-stage fund for AI, healthcare and consumer. That is its first USD fund since the Sequoia split. It is a press report, not a close. Its AI deals include large language model developers and AI agents. Moonshot AI is the clearest case. Third-party databases say HSG co-led the 2023 seed round and later rounds, and the Lounge deals desk lists HSG in Moonshot's USD 2B Series D in May 2026. The Lounge deals desk also shows HSG leading several 2026 seed and angel rounds, including Mizzen Technology, Weiguang Dianliang, TARS and Dify.AI.
HSG says it covers seed, venture, growth, buyout and infrastructure investing, plus public equities. Its funds include the HongShan RMB Fund VII, which PitchBook lists at USD 2.51 billion with a 2022 vintage. DealStreetAsia reported that it closed with backing from Chinese state capital. CB Insights lists Sequoia Capital China Seed Fund III at USD 480 million, closed in March 2023. HSG does not publish check sizes. One third-party directory estimates a seed check of US$1M to $5M, and another gives a different range, so treat both as unconfirmed.
- Moonshot AI: Beijing developer of the Kimi language models. HSG co-led its 2023 seed round and is listed in its USD 2B Series D (May 2026).
- Manus (Butterfly Effect): general AI agent product. HSG is a listed investor, and a USD 500M round was reported in October 2026.
- Dify.AI: seed round of USD 30M in March 2026, listed on the Lounge deals desk with HSG leading.
- TARS: seed round of USD 513M in April 2026, listed on the Lounge deals desk with HSG leading.
- Weiguang Dianliang: seed round of USD 14.4M (CNY 100M) in March 2026, listed with HSG leading.
- Mizzen Technology: angel (seed) round of USD 10M in April 2026, listed with HSG leading.
- Unitree Robotics: an early backer through HSG's seed arm, per a third-party directory (robotics, not strictly AI).
- en.wikipedia.org/wiki/HongShan
- en.wikipedia.org/wiki/Neil_Shen
- caproasia.com/2026/08/19/china-61-billion-venture-capital-private-equi
- caproasia.com/2026/10/10/singapore-based-ai-agent-startup-manus-ai-rai
- multiples.vc/private-comps/moonshot-ai
- clay.com/dossier/moonshot-ai-funding
- pitchbook.com/profiles/fund/22226-95F
- dealstreetasia.com/stories/hongshan-closes-2-5b-seventh-rmb-fund-40337
Investing activity
HSG appears in 9 AI deals tracked by the AI Lounge deals desk, rounds totalling $3.15B, and led 5 of them. The rounds are mostly Seed, Growth and Series D, with a median round size of $30M and the largest at $2B. The most recent are Manus (Butterfly Effect) (Venture round, $500M, Oct 2026), Photon (Seed, $4.5M, Oct 2026) and Flova Tech (Angel (seed), $80M, Jul 2026).
HSG most often invests alongside IDG Capital, Tencent, Meituan and Boyu Capital, and the companies it backs on AI Lounge are mostly in AI, AI agents and Foundation models.
Deals
Frequently asked questions about HSG
Who founded HSG and is it the same as Sequoia China?
Yes. Neil Shen and Zhang Fan co-founded it in 2005 as Sequoia Capital China. It is now independent and trades as HSG or HongShan.
Does HSG invest in AI startups?
Yes. HSG backs AI companies such as Moonshot AI and Manus. It is also reported to be raising a USD 1.2 billion early-stage fund covering AI, healthcare and consumer.
What check size does HSG write for AI seed rounds?
HSG does not publish check sizes. A third-party directory estimates US$1M to $5M for its seed arm, but this is unconfirmed.
What funds does HSG manage?
Public data lists the RMB Fund VII at about USD 2.5 billion (2022) and Seed Fund III at USD 480 million (2023). HSG reports USD 61 billion in total assets under management.
Where is HSG based and how can founders reach it?
HSG lists offices in Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo and Singapore. Contact details are on hsgcap.com and its LinkedIn page.
What AI companies has HSG invested in?
HSG's AI investments include Manus (Butterfly Effect), Photon, Flova Tech, Lobo Intelligence, Moonshot AI, TARS, Mizzen Technology and Weiguang Dianliang. The 9 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is HSG based?
HSG is based in Beijing, China.
What stage does HSG invest at?
In the rounds tracked on AI Lounge, HSG has invested at Seed, Growth and Series D, with a median round of $30M. HSG led 5 of those rounds.
Who does HSG co-invest with?
HSG's most frequent co-investors on AI Lounge are IDG Capital (3 deals), Tencent (2 deals), Meituan (2 deals), Boyu Capital (1 deal) and ZhenFund (1 deal).
How can founders reach HSG?
Founders on AI Lounge can see HSG's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add HSG to their Investor Pipeline to track the conversation.