HongShan (2023 to present)
In July 2023, HongShan announced that it had set up an office in Singapore and was making plans to use it as a base to invest in Southeast Asia. It was speculated that it would be competing with Peak XV Partners, the Indian and Southeast Asian investment arm of Sequoia China that was also split off in June 2023. HongShan has stated there are no plans to open an office in the US.[9][10]
In October 2023, the United States House Select Committee on Strategic Competition between the United States and the Chinese Communist Party asked Sequoia in a letter to provide details about investments in artificial intelligence and other high-tech sectors made by it and HongShan. Members also questioned Sequoia if its decision to split-off HongShan would insulate some capital flows from US regulatory scrutiny. This was because HongShan relied on limited partners to finance deals so the split would not stop US institutional investors from continuing to invest in it. In addition, members also stated HongShan would be likely to scrap the national security screening mechanism that Sequoia had created to evaluate investments by its companies. Members also accused HongShan of funnelling US capital into investments that contributed to human rights abuses and military modernisation with examples being DeepGlint and ByteDance. Additional requests included identifying any limited partners domiciled in China or that manage funds for state-owned or affiliated entities and to confirm the number of HongShan's limited partners that are US investors. So far US limited partners were not targeted and institutional investors that invest in Hongshan are confident they can continue their relationship with HongShan after the United States Department of the Treasury finalises restrictions on outbound investment mandated by an executive order.[1][11]
In November 2023, it was reported that despite scrutiny from US lawmakers, several new investors signed on with HongShan. They include CalPERS and University of Washington Investment Management. Existing investors such as CPP Investment Board and Regents of the University of California added additional commitments.[1][10]
In July 2024, HongShan raised its first new fund as a separate entity. It raised 18 billion RMB ($2.5 billion) for its new fund to invest in startups.[12]
In October 2024, HongShan set up a London office to look for investment opportunities in Europe with plans to make overseas investments.[13]
In November 2024, it was reported HongShan was struggling to deploy its large cash pile in a sluggish domestic market and tightening US controls.[14]
In 2025, HSG acquired a majority stake in the audio equipment maker Marshall Group.[15] The deal, valued at $1.1 billion, became HSG's largest investment in Europe.[16]
HSG opened an office in Tokyo, Japan in February 2025.[17]
In September 2025, HSG was shortlisted together with EQT, The Carlyle Group, and Boyu Capital to bid for a controlling stake in Starbucks' China operations.[18]
In October 2025, Bayer AG was reported to be selling its global Avelox antibiotics business to HSG.[19]
In December 2025, HSG acquired a majority stake in Italian luxury fashion company Golden Goose.[20]
