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According to the Financial Times, HongShan, the Chinese investment firm spun off from Sequoia Capital in 2023, is aggressively expanding into Europe and North Asia due to the limited options in China and the frustration of limited partners with the slow deployment of the $9 billion in capital commitments secured two years ago.
Expanding Reach into Europe and North Asia
Based in Hong Kong, the nearly 20-year-old firm has increased its investments in existing Chinese portfolio companies such as TikTok’s parent company ByteDance and Xiaohongshu, an Instagram clone. Additionally, HongShan is focusing on investing in robotics and AI startups based in China.
Exploring New Regions for Returns
Furthermore, the firm’s plans to open an office in Tokyo and recent establishment of an office in London indicate that HongShan is seeking opportunities for returns in new regions. This expansion may lead to increased competition with its former partner, Sequoia, which also has a London office, as noted by the Financial Times.
