HongShan Capital Group
Venture capitalHong Kong · Pre-Seed–Late Stage · 46 people tracked
Also known as HongShan · HONGSHAN CAPITAL ADVISORS LIMITED · HSG · HSG ADVISORS (SG) PTE. LTD
Investment thesis
HongShan invests across the technology, healthcare, and consumer sectors, seeking to discover and cultivate innovative and entrepreneurial companies with strong technical characteristics, novel business models, and high growth potential. Since its founding in 2005, the firm has expanded from early-stage venture capital into seed, growth, buyout, new-infrastructure, and public-market investing, positioning itself as a full-chain, all-stage, full-cycle investor. It has backed more than 1,700 companies, with over 180 portfolio members going public and more than 140 private companies becoming unicorns.
Source: firm website, verified Aug 13, 2026.
Team · 46 people
from the firm's website & curated & public directories
What they invest in
from 22 of 95 portfolio companiesAI & Machine Learning ×8Biotech ×5Consumer ×5Hardware ×5Robotics ×5Fintech ×4Healthtech ×4Advanced Manufacturing ×3
HQs:China×5United States×3Singapore×2United Arab Emirates×1Germany×1France×1
Who they back
founder profiles across 14 portfolio companiesFounding team size:solo founder×52 founders×43 founders×14+ founders×4
Where their founders studiedfrom 13 founders with education data
University of Melbourne ×4
Investments · 95 tracked
founders shown can be your intro pathBy year:2025 · 12024 · 12022 · 12018 · 14 dated
Alibaba Group is a large multinational conglomerate operating in e-commerce, cloud computing, digital payments, and logistics sectors globally.
AI & Machine LearningB2B MarketplacesCloud ComputingE-commerceEnterprise SoftwareHangzhou, CN
Jack Ma(Founder & Executive Chairman)Joseph Tsai(Founder)
Co-investorsAccess Technology VenturesAlpha Wave GlobalFJ LabsLead Edge CapitalMillennium New HorizonsMillennium Technology Value Partners+3 more
Amer Sports is a global group of sports and outdoor brands—including Arc'teryx, Salomon, Wilson, Atomic, and Peak Performance—that make apparel, footwear, equipment, protective gear, and accessories for athletes and consumers.
Advanced ManufacturingConsumerRetail TechSports Tech
Beam Therapeutics develops gene-editing medicines, particularly base editors and precision genome editing technologies, to create lifelong cures for patients with serious genetic diseases.
BiotechDeep TechMedical DevicesCambridge, US
David R. Liu(Founder and Inventor)J. Keith Joung(Founder and Inventor)Feng Zhang(Founder and Inventor)David R. Liu, Ph.D.(Founder and Inventor)J. Keith Joung, M.D., Ph.D.(Founder and Inventor)Feng Zhang, Ph.D.(Founder and Inventor)
Co-investorsARCH Venture PartnersDreamers VCEight Roads VenturesF-Prime CapitalForesite CapitalGV (Google Ventures)+1 more
Leading Chinese online entertainment service provider (NASDAQ: IQ), founded by Baidu.
Co-investorsShunwei CapitalXiang He Capital
AbelZeta develops T cell immunotherapies, advancing pipeline drug candidates through early-stage and investigator-initiated clinical trials to treat cancer and immune and inflammatory (I&I) diseases.
BiotechHealthtech
Agile Robots (思灵机器人) develops intelligent robotics systems combining AI with physical-world applications, with core technologies in robot perception, decision-making, force control, vision, operating systems, and deep learning.
Advanced ManufacturingAI & Machine LearningHardwareRobotics
Zhaopeng Chen(Founder)in
Co-investorsLinear Capital
Airwallex operates a global banking platform that provides cross-border payments, financial infrastructure, and AI-powered financial software for businesses.
AI & Machine LearningEnterprise SoftwareFintechSaaSSingapore, SG
Jack Zhang(CEO)inMax Li(Co-Founder and Head of Design)inLucy Yueting Liu(Co-Founder and President)inXijing Dai (Jacob Dai)(Co-Founder and Chief Technology Officer)inKi-Lok Wong(Co-Founder and Principal Architect)Jacob Dai(Founder)in
Co-investorsActivant CapitalAEF Greater Bay Area FundAirTree VenturesAthletic VenturesBlackbird VenturesBowery Capital+19 more
AMI Paris is a French fashion brand selling clothing and accessories through its online store, with prices in euros and shipping to France.
ConsumerDirect to ConsumerE-commerce
Alexandre Mattiussi(Founder)in
Co-investorsFashion Capital Partners
ANDPAD is a cloud-based construction project management service that handles everything from on-site workflow efficiency to business management for architecture and construction companies.
Construction TechPropTechSaaS
稲田武夫(代表取締役)Takeo Inada(Founder)in
Co-investorsDnx VenturesGlobis Capital PartnersMinerva Growth Partners
Co-investorsAglae VenturesAlpha Wave GlobalSilver Lake Partners
ArriVent BioPharma is a clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing medicines for difficult-to-treat diseases, starting with cancers.
BiotechHealthtechMedical DevicesNewtown Square, US
Zhengbin (Bing) Yao(Executive Officer, Director)Brent Rice(Chief Commercial Officer)
BoardJason Zhang(Director)Cong Xu(Director)Stuart Lutzker(Director)
Co-investorsCatalio Capital Management, LPForesite CapitalGeneral CatalystLAVLilly Asia VenturesOrbiMed+2 more
Provider of R&D and one-stop production services to leading pharmaceutical companies worldwide.
Co-investorsYuanBio Venture Capital
US e-bike brand founded in 2012, leading e-assist bicycle maker in North America.
Zhipin (BOSS直聘) is an online recruitment platform that connects job seekers with employers, letting candidates and hiring managers communicate directly.
Future of WorkHR TechMarketplaces
Co-investorsCeyuan VenturesCoatue ManagementGranite AsiaShunwei Capital
Bota Bio operates a proprietary Biofoundry platform combining computational algorithms with biotechnology to accelerate design-build-test-learn cycles for bio-manufacturing.
BiotechFoodTechNew Materials
Co-investorsNSG VenturesSource Code CapitalMatrix Partners ChinaSherpa Healthcare Partners
HSG is an investment firm that manages funds for institutional investors globally, including sovereign wealth funds, foundations and endowments, pension funds, corporations, and family offices.
German multinational online food ordering and delivery company (DHER.DE).
Berlin, DE
Nikita Fahrenholz(Founder)Niklas Östberg(Founder & CEO)in
Co-investorsAlpha Wave GlobalAsgard - human Capital for AICathay InnovationExpon CapitalFJ LabsGerman Startups Group+14 more
Eight Sleep manufactures a smart bed system called the Pod that provides personalized temperature control, elevation adjustment, and integrated sound for sleep optimization.
ConsumerHardwareIoTWellness & FitnessNew York City, US
Matteo Franceschetti(Founder/CEO)inMassimo Andreasi Bassi(Founder/CTO)inAlexandra Zatarain(Founder/CMO)in
BoardNG YiPin(Director)
Co-investorsAltra VentureAntiAzure Capital PartnersBlue Scorpion InvestmentsComcast VenturesCota Capital+25 more
Leading intelligent robotics company advancing full-stack robotics technology.
Co-investorsProsperity7 VenturesVision Plus Capital
Italian luxury sneaker brand known for its 'perfect imperfections' distressed handcrafting.
Insight-Med is a medtech company developing interventional cardiovascular devices, including a domestic fractional flow reserve (FFR) system approved by China's NMPA and an intravascular ultrasound (IVUS) system for precision diagnosis and treatment of cardiovascular diseases.
HealthtechMedical DevicesShenzhen, CN
Co-investorsDecheng CapitalQiming Venture Partners
KAST is a stablecoin-powered financial platform that enables users to hold, send, and spend digital currency instantly across 170+ countries without traditional banking intermediaries.
Crypto & Web3Fintech
Raagulan Pathy(Founder)in
Co-investorsLeft Lane CapitalPeak XV PartnersCMCC GlobalQED Investors
Leading Korean fresh grocery e-commerce platform, pioneer of dawn delivery.
Co-investorsG Squared
Global live events and experiences company founded by Ari Emanuel and Mark Shapiro with premium properties across sports, art, lifestyle and entertainment.
Co-investorsCauseway PartnersRedBird Capital Partners
British musical equipment company founded in 1962 by Jim Marshall.
South Korea's largest online fashion platform expanding from online to offline retail
Co-investorsDunamu & PartnersLB InvestmentPremier Partners
Normunity develops biologic anti-cancer therapies that act at the interface of the immune system and tumors, targeting mechanisms tumors use to evade immune surveillance.
BiotechHealthtech
Rachel Humphrey(Founding Chief Executive Officer)Lieping Chen(Scientific Founder)Mitchell Keegan(Chief Development Officer)William LaRochelle(Chief Scientific Officer)Stacy M. Plum(Chief Technology Officer)
Co-investorsSanofi VenturesTaiho Ventures, LLCPfizer VenturesSamsara BioCapitalCanaan PartnersConnecticut Innovations+3 more
OPay is a digital payment and financial services platform offering mobile wallet transfers, airtime and data top-ups, bill payments, a debit card, and interest-bearing savings for consumers.
ConsumerFintech
Co-investorsSoftBank Vision FundSource Code CapitalZhenFund
Multinational biopharma and healthcare tech company (NASDAQ: ROIV) using a hub-and-spoke Vant subsidiary model.
Tabby is a consumer money app offering buy-now-pay-later options (split into 4 interest-free payments or up to 12 monthly payments), cashback on spending, peer-to-peer money transfers, and shopping deals.
ConsumerFintech
Hosam Arab(Founder)in
Co-investorsArbor VenturesHOF CapitalMSA NovoOutliers VCPartners for GrowthPeak XV Partners+8 more
Korean mobile financial services app launched by Viva Republica in 2015.
Co-investorsGranite AsiaGSR VenturesQiming Venture PartnersZhenFund
Zhiyuan Robotics (智元) develops full-size humanoid robots and physical AI systems, including its Expedition (远征) robot line and WITA-Omni multimodal model.
AI & Machine LearningHardwareRobotics
Fourier, leading smart robotics company delivering full-stack robotics technology, founded 2015.
METiS TechBio (SEHK: 07666), biotech company applying AI and quantum simulation to nanomaterials and drug delivery, founded 2020.
Biotech applying AI and quantum simulation to nanomaterials and innovative drug delivery (SEHK: 07666).
Co-investorsDeerfield Management Company
Insight Lifetech (SHSE: 688712), cardiovascular precision-diagnostics and treatment medical device company, founded 2015.
Neuracle, leading Chinese brain-computer interface company from Tsinghua University, founded 2011.
Leading Chinese brain-computer interface company originating from Tsinghua University's neural engineering lab.
Goodme (SEHK: 1364), leading Chinese tea beverage brand offering fresh, affordable products, founded 2010.
One of China's leading tea beverage brands offering fresh, affordable products (SEHK: 1364).
Horizon Robotics (SEHK: 9660), edge AI chip and solutions provider for smart driving and AIoT, founded 2015.
Company providing edge AI chips and solutions for smart driving and AIoT (SEHK: 9660).
Co-investorsLinear CapitalVertex Ventures China
Unitree develops and sells quadruped ("robot dog") and humanoid robots, along with related hardware such as 4D LiDAR sensors, for industrial, research, and consumer applications.
AI & Machine LearningHardwareRobotics
Co-investorsSource Code CapitalVertex Ventures China
Futu Holdings (NASDAQ: FUTU), fintech company offering digital financial services to global investors, founded 2012.
Fintech company providing digital financial services to global investors (NASDAQ: FUTU).
Lifestyle and shopping social platform founded in 2013 where users post and browse text, images, and short videos to share lifestyle and shopping recommendations; grew from an overseas-shopping-sharing community into a large 'lifestyle aesthetics sharing community.'
Ubras, women's lingerie brand focused on comfort and size-free concept, founded 2016.
Women's lingerie brand pioneering comfort and 'sizeless' concepts.
DeWu, authentic streetwear e-commerce and lifestyle community app (formerly Poizon), founded 2015.
Chinese trendy goods e-commerce and lifestyle community app, formerly known as 'Poison App'.
Deppon Logistics (SHSE: 603056), comprehensive express logistics company focused on large-parcel delivery, founded 1996.
Comprehensive logistics company focused on large-parcel express delivery (SHSE: 603056).
SmartMore Corporation develops products and solutions for smart manufacturing and digital innovation, helping manufacturers with Manufacturing Optimization and Automation (MOA) covering cost, efficiency, quality control, and ESG.
Advanced ManufacturingAI & Machine LearningRoboticsHong Kong, HK
Jiaya Jia(Founder)Ruiyu Li(Founder)Shu Liu(Founder)inXiaoyong SHEN(Founder)Jiangbo Lu(Founder)in
Co-investorsZhenFund
Bota Bio, synthetic biology and AI-driven biomanufacturing company producing sustainable bio-based products, founded 2019.
Dongchedi, automotive information, transaction and services platform launched in 2017.
Co-investorsGeneral Atlantic
Invasive brain-computer interface technology company
Patsnap builds an AI-powered platform for R&D, IP, and innovation intelligence, offering tools for patent search, novelty and FTO analysis, patent drafting, and materials and pharma research.
AI & Machine LearningLegalTechSaaSSingapore, SG
Ray Chohan(Founder)inMarkus Haense(R&D Director)Jeffrey Tiong Jee Hui(Executive Officer, Director)Edmund Yong Kin Kwong(Director)Chua Joo Hock(Director)Guan Dian(Director)
Co-investorsQualgroShunwei CapitalSoftBank Vision FundVertex Ventures Sea Management Pte. Ltd.
J&T Express (SEHK: 1519), global integrated logistics operator with leading position in China and Southeast Asia, founded 2015.
Global integrated logistics operator with leading positions in China and Southeast Asia (SEHK: 1519).
Co-investorsATM CapitalHundreds Capital
BYD (SEHK: 1211; SZSE: 002594), Shenzhen-based Fortune 500 company listed in Hong Kong and Shenzhen, founded 1994.
Shenzhen-based Fortune 500 company listed in Hong Kong and Shenzhen (SEHK: 1211; SZSE: 002594).
Hanbon Sci.& Tech.
One of China's largest liquid chromatography equipment makers for biopharma and life sciences (SHSE: 688755).
Hai Robotics, specialist in case-handling warehouse robotics systems and intelligent warehouse automation, founded 2016.
Case-handling warehouse robotics specialist providing intelligent warehouse automation solutions.
Co-investors01vcSource Code Capital
Marssenger Kitchenware (SZSE: 300894), maker of integrated stoves and high-end integrated kitchen appliances, founded 2010.
Chinese company focused on high-end integrated kitchen appliances (SZSE: 300894).
iQiyi (NASDAQ: IQ), leading Chinese online entertainment service launched by Baidu in 2010.
VisionXlab, developer of ophthalmic optometry medical device solutions, founded 2018.
Optometry medical device company developing full-suite solutions for eye vision care.
To Summer, oriental art fragrance brand covering perfume, home scents and body care, founded 2018.
Co-investorsZhenFund
Babycare, designer-founded maternity and baby products brand, founded 2014.
Designer-founded maternal and baby care brand known for high-quality, safe products.
Ke Holdings (NYSE: BEKE; SEHK: 2423), technology-driven housing services platform, founded 2017.
Tech-driven housing services platform (NYSE: BEKE; SEHK: 2423).
Co-investorsSource Code Capital
Botanee (SZSE: 300957), skin-health-focused health industry group spanning R&D, production and marketing, founded 2010.
Chinese health industry group focused on skin health, R&D, production and marketing (SZSE: 300957).
Betta Pharmaceuticals (SZSE: 300558), Chinese innovative drug developer for oncology, diabetes and cardiovascular disease, founded 2003.
Chinese pharma company focused on innovative drug R&D for cancer, diabetes and cardiovascular diseases (SZSE: 300558).
Lalamove, internet logistics platform offering intra/inter-city freight, moving and vehicle services, founded 2013.
Asia-based technology company providing on-demand delivery services by connecting users with drivers.
Gary Hui(Founder)in
Co-investors01vcAppWorks VenturesArcherman CapitalGaldana VenturesRedwood VenturesXiang He Capital
Full-Life Technologies, integrated international radiopharmaceutical therapeutics company, founded 2021.
Integrated international radiopharmaceutical therapy company spanning R&D, production and commercialization.
Dizal Pharma (SHSE: 688192), innovative biopharma company focused on oncology and immune diseases, founded 2017.
Innovative biopharma company focused on cancer and immune disease therapies (SHSE: 688192).
Co-investorsLAVLilly Asia Ventures
Alibaba (NYSE: BABA; SEHK: 9988), Chinese multinational tech company headquartered in Hangzhou, founded 1999.
Exits · 4
IPOs and acquisitions across the tracked portfolioAlibabaNYSE: BABAAmer SportsNYSE: ASBeam TherapeuticsNASDAQ: BEAM爱奇艺 (iQiyi)NASDAQ: IQ
Portfolio news
latest coverage across their companies
Amer Sports · finance.yahoo.com · Aug 18, 2026
Arrivent · tickerreport.com · Aug 17, 2026
Tabby · fwdstart.me · Aug 14, 2026
Delivery Hero · thestar.com.my · Aug 4, 2026
Alibaba · caixinglobal.com · Jul 15, 2026
Airwallex · ynetnews.com · Jun 29, 2026
KAST · technode.global · Mar 11, 2026
Fund performance · per public LP disclosures · 11
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| HONGSHAN CAPITAL EXPANSION FUND I LPLPs: California Public Employees' Retirement System, Carnegie Corporation of New York, University of Texas Investment Management Company | 2024 | — | — | 0.95x | 0.00x |
| HONGSHAN CAPITAL GROWTH FUND VII LPLPs: California Public Employees' Retirement System, John D. and Catherine T. MacArthur Foundation, University of Texas Investment Management Company | 2023 | — | — | 0.81x | 0.00x |
| HONGSHAN CAPITAL SEED FUND III LPLPs: California Public Employees' Retirement System, John D. and Catherine T. MacArthur Foundation, University of Texas Investment Management Company | 2022 | — | -11.1% | 0.85x | 0.00x |
| HONGSHAN CAPITAL VENTURE FUND IX LPLPs: California Public Employees' Retirement System, John D. and Catherine T. MacArthur Foundation, University of Texas Investment Management Company | 2022 | — | -11.2% | 0.87x | 0.00x |
| HongShan China Growth VILPs: The Regents of the University of California | 2020 | — | 1.2% | 1.04x | 0.01x |
| HongShan China Seed IILPs: The Regents of the University of California | 2020 | — | -0.2% | 0.99x | 0.00x |
| HongShan China Venture VIIILPs: The Regents of the University of California | 2020 | — | -3.2% | 0.89x | 0.00x |
| HongShan GGF III China AnnexLPs: The Regents of the University of California | 2020 | — | 3.0% | 1.09x | 0.02x |
| HongShan China Growth Fund V, L.P.LPs: The Regents of the University of California | 2018 | — | 12.2% | 1.95x | 0.28x |
| HongShan China Seed Fund I, L.P.LPs: The Regents of the University of California | 2018 | — | 4.0% | 1.24x | 0.00x |
| HongShan China Venture Fund VIILPs: The Regents of the University of California | 2018 | — | 3.0% | 1.18x | 0.29x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has HongShan Capital Group made?
- HongShan Capital Group has 95 tracked investments, 1 of which have exited via acquisition or IPO.
- What stage does HongShan Capital Group invest at?
- HongShan Capital Group invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth, Late Stage stages.
- What is HongShan Capital Group's typical check size?
- HongShan Capital Group typically writes checks of $100K – $50M.
- What sectors does HongShan Capital Group focus on?
- HongShan Capital Group focuses on Advanced Manufacturing, AI & Machine Learning, Biotech, Consumer, Deep Tech, E-commerce, Enterprise Software, Fintech, Healthtech, Logistics & Supply Chain, Medical Devices, Mobility & Transportation, Robotics, Sector Agnostic.
- Where is HongShan Capital Group located?
- HongShan Capital Group is headquartered in Hong Kong, HK.
- Does HongShan Capital Group lead rounds?
- Yes, HongShan Capital Group leads investment rounds.
- Who does HongShan Capital Group co-invest with?
- HongShan Capital Group most often shares deals with Source Code Capital, ZhenFund, Cathay Innovation, among 175 tracked co-investors.
Media · Podcasts & interviews
featuring the teamHongShan's Founding & Managing Partner Neil Shen shares insights
FII Institute · Neil Shen
Straight Talk: Investment Guru Neil Shen on Going Global
CGTN · Neil Shen
Images
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