Hongshan
Venture capital and private equity firm founded in 2005 as Sequoia Capital China, now trading as HSG, with seven offices across Asia and Europe and more than 61 billion US dollars under management as of June 2026.
Industry: Venture capital and private equity | Founded: 2005
About Hongshan
HSG, also known as HongShan, is a venture capital and private equity firm that invests globally in technology, healthcare and consumer sectors. Its website says it was founded in 2005 and was formerly known as Sequoia China. It lists offices in Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo and Singapore, and says it manages money for institutional investors.
Wikipedia says Neil Shen and Zhang Fan founded the business in 2005 as Sequoia Capital China, and that Sequoia announced in June 2023 that it would separate its China arm, which took the HongShan name. Shen is described there as founding and managing partner. HSG's own articles name Steve Jia and Jiajia Zou as partners and Taro Niggemann as managing director for Europe.
As of 30 June 2026 HSG says it manages more than 61 billion US dollars and has backed more than 1,800 companies, of which more than 190 have gone public and more than 140 have become unicorns. Its platform covers seed, venture, growth, buyout and infrastructure investing, as well as public equities.
In January 2025 HSG agreed to take a majority stake in Marshall Group, valuing the audio brand at 1.1 billion euros in HSG's largest European investment; the Marshall family kept more than 20 percent. On 19 December 2025 it announced a majority stake in the Italian footwear brand Golden Goose, with Temasek and True Light Capital joining as minority investors.
In the Gulf, HSG is an existing shareholder in Tabby, the buy-now-pay-later company headquartered in Riyadh. 36Kr reported in September 2026 that Tabby raised 233 million dollars at a 6.5 billion dollar valuation, led by Blue Pool Capital, with HSG, Wellington Management and Arbor Ventures also taking part. TechScoop reported in April 2026 that Sequoia, through its rebranded China arm Hongshan, remains one of Airwallex's largest shareholders.
In August 2026 DealStreetAsia reported, citing a report, that HSG was targeting 1.2 billion dollars for its first US dollar fund since the split from Sequoia.
Leadership
- Steve Jia, Partner
- Taro Niggemann, Managing Director for Europe
- Jiajia Zou, Partner