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HongShan
Neil Shen · Venture Capital · Venture
HongShan, formerly Sequoia Capital China, is a premier investment firm that transitioned to an independent brand in 2023 following its separation from Sequoia Capital. Founded in 2005 by Neil Shen, the firm is a dominant force in the global investment landscape, managing over $55 billion in assets. It specializes in venture capital and growth-stage investments across technology, healthcare, and consumer sectors. HongShan has supported more than 1,600 companies, including many of China's most successful tech giants, and has evolved into a fully integrated platform spanning from seed funding to buyouts and public equities.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -44.2% |
| YTD return | -31.6% |
| Sharpe ratio | -3.70 |
| Win rate | 22% |
| AUM | $1.8B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.8B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.hsgcap.com |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| PDD | PDD Holdings Inc. | 64.6% | -41.0% |
| PONY | Pony AI Inc. American Depositary Shares | 17.0% | -68.0% |
| FUTU | Futu Holdings Ltd | 6.2% | -35.0% |
| BULL | Webull Corp | 2.3% | -31.1% |
| BZ | Kanzhun Ltd ADR | 1.8% | -35.1% |
| DDL | Dingdong (Cayman) Limited ADR | 1.7% | +10.7% |
| BEKE | Ke Holdings Inc | 1.1% | -13.9% |
| CRCL | Circle Internet Group, Inc. | 1.1% | +48.6% |
| GPCR | Structure Therapeutics Inc. American Depositary Shares | 1.0% | -44.5% |
| RAASY | Cloopen Group Holding Ltd - ADR | 1.0% | 0.0% |
| AVBP | ArriVent BioPharma, Inc. Common Stock | 0.8% | +58.4% |
| THCH | TH International Limited | 0.3% | -49.6% |
| LOT | Lotus Technology Inc. American Depositary Shares | 0.3% | -50.7% |
| ADAG | Adagene Inc | 0.2% | +43.1% |
| LYEL | Lyell Immunopharma Inc | 0.2% | -50.3% |
| AIJTY | Jianpu Technology Inc | 0.1% | 0.0% |
| BTDR | Bitdeer Technologies Group Class A Ordinary Shares | 0.1% | -21.9% |
| YXT | YXT.COM GROUP HOLDING LIMITED American Depository Shares | 0.1% | -98.5% |
| BRNS | Barinthus Biotherapeutics plc | 0.0% | -34.1% |
| BNR | Burning Rock Biotech Ltd | 0.0% | +69.9% |
| YMM | Full Truck Alliance Co Ltd ADR | 0.0% | -36.1% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Feb 23, 2026 | BUY | AIJTY | 0.1% → 0.1% |
| Feb 23, 2026 | SELL | SLAI | 0.0% → 0.0% |
| Feb 23, 2026 | SELL | BRNS | 0.1% → 0.0% |
| Feb 23, 2026 | SELL | YXT | 0.1% → 0.1% |
| Feb 23, 2026 | BUY | BTDR | 0.2% → 0.1% |
Investment Style Analysis
HongShan is widely recognized for employing a Venture strategy. As of Sep 21, 2026, the firm oversees approximately $1.8B in assets under management (AUM). The portfolio demonstrates a clear preference for the Internet Retail and Information Technology Services sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Feb 23, HongShan made a significant move by increasing exposure to AIJTY. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
HongShan follows a 'long-termism' philosophy, focused on identifying and nurturing visionary entrepreneurs who drive innovation and industry transformation. The firm prioritizes sectors with high growth potential, leveraging deep local market insights and an extensive global network to provide strategic value beyond capital. By fostering an entrepreneurial community and offering operational support, HongShan aims to build enduring, legendary companies. Its strategy emphasizes fundamental research and a sector-focused approach to capture opportunities in the digital economy, healthcare, and emerging technologies while delivering superior returns for its limited partners.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with HongShan.
Similar Investment Style
Based on Venture.
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Frequently asked questions
How is the simulated portfolio for HongShan constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is HongShan's largest holding?
As of the latest filing, HongShan's top position is PDD Holdings Inc. (PDD), representing 64.6% of the portfolio. This reflects a high-conviction bet by the institution.
What is HongShan's historical performance and risk profile?
Our simulation indicates a total return of -44.2% with a win rate of 22%. Notably, the portfolio maintains a Sharpe Ratio of -3.70, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does HongShan primarily invest in?
HongShan has a strong preference for the Internet Retail sector, which makes up 64.6% of their disclosed assets. The portfolio also has exposure to Information Technology Services, indicating a specific thematic focus.
Is HongShan's portfolio concentrated or diversified?
HongShan runs a moderately concentrated portfolio with 21 disclosed positions. The top 3 holdings alone account for 87.8% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has HongShan performed in 2026?
Our AI-simulated model portfolio for HongShan tracks a Year-to-Date (YTD) return of -31.6%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Neil Shen manage HongShan directly?
Yes, Neil Shen serves as the key portfolio manager for HongShan, overseeing the investment strategy and final capital allocation decisions.