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
Find your way into HongShan Capital Group
393 people in our graph share verified history with the HongShan Capital Group team — schools, employers, funds. One of them is your warm intro.
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 32 of 106 portfolio companiesAI & Machine Learning ×10Fintech ×7Biotech ×6Consumer ×6Healthtech ×6Hardware ×5Robotics ×5SaaS ×5
HQs:China×7United States×6Japan×2Singapore×2United Arab Emirates×1Germany×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 18 founders with education data
University of Melbourne ×4The Chinese University of Hong Kong ×2Zhejiang University ×2
What their founders studiedfrom 14 founders with field-of-study data
Computer Science ×4Engineering ×4Finance & Accounting ×2Life Sciences ×2
Where their founders worked beforefrom 20 founders with career history
National Australia Bank ×2Tencent ×2
Investments · 106 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 52024 · 32022 · 12018 · 12015 · 113 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)inJ. Keith Joung(Founder and Inventor)inFeng 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
iQIYI is a video streaming service offering dramas, films, variety shows, and anime, with a large catalog of Chinese, Korean, and Thai content including localized and AI-dubbed versions for international audiences.
Media & Entertainment
Co-investorsShunwei CapitalXiang He Capital
AppFlowy is an open-source workspace platform for wikis and projects that prioritizes data privacy and user control, designed for teams and individuals seeking an alternative to proprietary collaboration tools like Notion and Airtable.
AI & Machine LearningDeveloper ToolsFuture of WorkSaaS
Annie Wang(Co-Founder)in
Co-investorsOSS Capital
Frontera Therapeutics is a biotechnology company engaged in therapeutic research and development, spanning translational medicine, clinical operations, and manufacturing.
BiotechDeep TechHealthtechBoston, US
Xinyan Li(CEO)
Co-investorsOrbiMedBoyu CapitalCreacion Ventures6 Dimensions 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 CapitalOVO FundSoftBank GroupSoftBank Vision Fund
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)inJacob Dai(Founder)in
Co-investorsActivant CapitalAEF Greater Bay Area FundAirTree VenturesAthletic VenturesBlackbird VenturesBowery Capital+21 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
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)inBrent Rice(Chief Commercial Officer)in
BoardJason Zhang(Director)Cong Xu(Director)Stuart Lutzker(Director)
Co-investorsCatalio Capital Management, LPForesite CapitalGeneral CatalystLAVLilly Asia VenturesOrbiMed+2 more
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Provider of R&D and one-stop production services to leading pharmaceutical companies worldwide.
Co-investorsYuanBio Venture Capital
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 offers engineered protein solutions through strain optimization and screening, leveraging proprietary datasets to increase protein yield while reducing production costs for industrial biotech applications.
Advanced ManufacturingBiotechDeep TechFoodTechNew Materials
Dr. Cheryl Cui(CEO)
Co-investorsNSG VenturesSource Code CapitalMatrix Partners ChinaSherpa Healthcare Partners
Golden Goose is a luxury lifestyle and sportswear brand founded in 2000 and based in Italy, known for its "perfectly imperfect" sneaker designs.
ConsumerDirect to ConsumerItaly, IT
Silvio Campara(Chief Executive Officer)
Co-investorsPermiraTemasekTrue Light Capital Pte. Ltd.
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+16 more
The world's first agentic crypto browser.
Co-investorsHack VCAltos VenturesMakers FundSky9 Capital
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+32 more
Leading intelligent robotics company advancing full-stack robotics technology.
Co-investorsProsperity7 VenturesVision Plus Capital
Cryptocurrency exchange founded in China in 2013 as Huobi, rebranded HTX in 2023, offering spot, futures and earn products.
Co-investorsCastrum CapitalMapleblock Capital
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
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San Diego, US
Chun-Chen Liu(Executive Officer, Director)Hsin-Wei Wu(Director)Bing-Chang Wu(Director)Kangli Hao(Director)Da Ging Kuo(Director)
Co-investorsFlucas VenturesHorizons VenturesKube VCQualcomm VenturesSand Hill AngelsSprint Vc+6 more
Magic DAYW Inc. is developing a mobile game.
Gaming
Co-investorsBAI capitalHyT CapitalIDG Capital
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)inLieping Chen(Scientific Founder)Mitchell Keegan(Chief Development Officer)inWilliam LaRochelle(Chief Scientific Officer)inStacy M. Plum(Chief Technology Officer)
Co-investorsSanofi VenturesTaiho Ventures, LLCPfizer VenturesSamsara BioCapitalCanaan PartnersConnecticut Innovations+4 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
P2P.me is a decentralized peer-to-peer protocol that enables fast fiat-to-USDC swaps across multiple blockchains using zero-knowledge KYC for privacy.
Crypto & Web3Fintech
Co-investorsCoinbase VenturesMulticoin CapitalBlockchain CapitalByBitCircle VenturesGoodwater Capital+2 more
RedotPay is a crypto payments fintech offering stablecoin-based payment solutions, including a stablecoin card for USD payouts, cross-border transfers, and multi-currency accounts with a P2P marketplace.
Crypto & Web3Fintech
Co-investorsCoinbase VenturesLightspeed Venture PartnersMirana VenturesVertex Ventures ChinaBlockchain CapitalCircle Ventures+2 more
Seeds is an investing platform for financial advisory firms to build, manage, and execute investment strategies, including unified managed accounts (UMAs), direct indexing, rebalancing, and tax-loss harvesting.
Enterprise SoftwareFintechSaaSNew York, US
Michael Conway(Founder & Chairman)inZachary Conway(Founder & CEO)in
Co-investorsBlank VenturesSocial Leverage
Sleep.ai is an AI-powered sleep health platform that develops non-contact sleep measurement technology and provides science-backed digital sleep coaching and APIs for consumer apps, health platforms, and insurance companies.
AI & Machine LearningDigital HealthHealthtechWellness & Fitness
Co-investorsSupermoon CapitalFounders FundKhosla VenturesValor Equity PartnersY Combinator
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
UXLINK is a Web3 social platform and infrastructure that connects users and projects through account abstraction and cross-chain functionality.
Crypto & Web3Developer ToolsSocialTokyo, JP
Co-investorsINCE CapitalHashkey CapitalKuCoin LabsManifoldManifold VenturesOKX Ventures+2 more
A company developing embodied artificial intelligence and general-purpose robots for real-world production and service environments.
AI & Machine LearningDeep TechHardwareRobotics
邓泰华(Founder/Chairman/CEO)彭志辉(Co-founder/President/CTO)姜青松(Co-founder/Joint President/COO)姚卯青(Co-founder/Joint President)
Unitree develops humanoid and quadruped robots, along with embodied AI models, for industrial, manufacturing, and consumer applications.
AI & Machine LearningHardwareRobotics
Co-investorsSource Code CapitalVertex Ventures China
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)inShu Liu(Founder)inXiaoyong SHEN(Founder)inJiangbo Lu(Founder)in
Co-investorsZhenFund
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)inJeffrey Tiong Jee Hui(Executive Officer, Director)Markus Haense(R&D Director)
BoardEdmund Yong Kin Kwong(Director)Chua Joo Hock(Director)Guan Dian(Director)
Co-investorsQualgroShunwei CapitalSoftBank Vision FundVertex Ventures Sea Management Pte. Ltd.
Case-handling warehouse robotics specialist providing intelligent warehouse automation solutions.
Co-investors01vcSource Code Capital
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
Innovative biopharma company focused on cancer and immune disease therapies (SHSE: 688192).
Co-investorsLAVLilly Asia Ventures
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Ant GroupAventonCullgenGolden GooseKurlyMARIMarshallMUSINSARoivantTossXiaohongshu (小红书)傅利叶智能元化智能 (Yuanhua)剂泰科技剂泰科技 (METiS TechBio)北芯生命博睿康博睿康 (Neuracle)古茗古茗 (Goodme)地平线机器人地平线机器人 (Horizon Robotics)富途富途 (Futu Holdings)小红书 (Xiaohongshu / Rednote)彼悦彼悦 (Ubras)得物得物 (DeWu)德邦物流德邦物流 (Deppon Logistics)恩和生物懂车帝懂车帝 (Dongchedi)智冉医疗极兔极兔 (J&T Express)比亚迪比亚迪 (BYD)氢辉汉邦科技汉邦科技 (Hanbon Sci.& Tech.)泡泡玛特 (Pop Mart)海柔火星人集成灶火星人集成灶 (Marssenger Kitchenware)爱奇艺艾康特艾康特 (VisionXlab)观夏观夏 (To Summer)贝咖贝咖 (Babycare)贝壳找房贝壳找房 (Ke Holdings)贝泰妮贝泰妮 (Botanee)贝达药业贝达药业 (Betta Pharmaceuticals)货拉拉辐联科技辐联科技 (Full-Life Technologies)迪哲医药阿里巴巴颐坤生物
Exits · 5
5 IPOs · showing 4AlibabaNYSE: BABAAmer SportsNYSE: ASBeam TherapeuticsNASDAQ: BEAM爱奇艺 (iQiyi)NASDAQ: IQ
Portfolio news
latest coverage across their companiesFourier Intelligence · technode.global · Sep 14, 2026
Magic · cbs12.com · Sep 11, 2026
Agile Robots · forbes.com · Sep 7, 2026
Kneron · upmarket.co · Sep 4, 2026
P2P · rallyup.com · Aug 27, 2026
Amer Sports · finance.yahoo.com · Aug 18, 2026
Seeds · autonews.gasgoo.com · Aug 18, 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 106 tracked investments, 5 of which have exited, including 9 dated in the last 24 months.
- 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, Alpha Wave Global, among 130 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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