Sovereign wealth fund
HSG portfolio
hsgcap.comHSG is a sovereign wealth fund based in Hong Kong, Hong Kong, founded in 2005. It has invested in 118 venture-backed companies across 155 funding rounds on VCMC, and led 46 of those rounds. 17 of them were in the last 12 months.
118
Venture-backed companies
in its portfolio on VCMC
155
Funding rounds
led 46
17
Last 12 months
rounds, Oct 2025 to Sep 2026
40
With a disclosed valuation
of 118 companies
$339.5B
Combined value of its private companies
the whole companies, not what HSG owns
115 private companies HSG has backed have a VCMC valuation; together they are worth $339.5B. That is the value of the whole companies, not what HSG owns. SHEIN is 20% of the total. 3 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
HSG's most valuable portfolio companies
The 10 most valuable private companies HSG has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Clothing Stores, Singapore $68.6B range $21.5B – $105.2B Led at Growth, 2023
- 2 SHEIN Clothing Stores $66.8B range $22.9B – $155.9B Joined at Series F, 2022
- 3 Canva Tech Companies, Surry Hills $37.7B range $15.4B – $73.7B Led at Growth, 2018
- 4 Mari Group Decorators & Interior Designers, Beverly Hills $37.4B range $22.3B – $56.9B Joined at Growth, 2025
- 5 Airwallex Payment Processing & Point of Sale, Singapore $12.0B range $9.6B – $16.7B Led at Series A, 2017
- 6 Agile Robots Industrial Machinery & Supplies, Munich $8.5B range $5.4B – $13.7B Joined at Series C, 2021
- 7 Tabby Payment Processing & Point of Sale $6.7B range $5.7B – $9.7B Joined at Series F, 2026
- 8 Lalamove Shipping Couriers, Taipei $6.6B range $1.7B – $21.7B Led at Series D, 2019
- 9 Zuoyebang Learning, Tutoring & Courses, Guangzhou $6.4B range $489M – $9.7B Led at Series A, 2015
- 10 Ziru Property Management, Beijing $4.9B range $253M – $7.4B Joined at Series B, 2019
Portfolio
Full HSG portfolio (118 companies)
118 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SHEIN Clothing Stores · since Series F, 2022 | Series F Apr 2022 $1.88B | $66.8B | $22.9B – $155.9B | $63.9B (-4%) | $13.2B | 30% | 12,566 | growing | C | |
| 2 | Guazi Used Car Automobile Dealers & Manufacturers · led at Series B, 2017 | Growth Equity Feb 2019 $1.50B | $4.9B | $423M – $10.4B | $4.9B (0%) | $1.0B | 0% | 110 | flat | D | |
| 3 | Lalamove Shipping Couriers · led at Series D, 2019 | Series F Jan 2021 $1.50B | $6.6B | $1.7B – $21.7B | $5.8B (-12%) | $2.4B | 59% | 7,163 | up | D | |
| 4 | Tabby Payment Processing & Point of Sale · since Series F, 2026 | Series F Sep 2026 $233M | $6.7B | $5.7B – $9.7B | $8.4B (+26%) | $1.1B | 0% | 4,681 | growing | A | |
| 5 | Mari Group Decorators & Interior Designers · since Growth, 2025 | Growth Equity Oct 2025 $2.00B | $37.4B | $22.3B – $56.9B | $37.4B (0%) | $3.4B | 0% | 180 | growing | B | |
| 6 | Zuoyebang Learning, Tutoring & Courses · led at Series A, 2015 | Series E Jun 2020 $750M | $6.4B | $489M – $9.7B | $6.4B (0%) | $1.1B | 5% | 1,461 | flat | D | |
| 7 | Airwallex Payment Processing & Point of Sale · led at Series A, 2017 | Series H Jun 2026 $320M | $12.0B | $9.6B – $16.7B | $14.5B (+20%) | $1.8B | 0% | 2,937 | growing | A | |
| 8 | Ziru Property Management · since Series B, 2019 | Series B Jun 2019 $500M | $4.9B | $253M – $7.4B | $4.9B (0%) | $682M | 4% | 4,041 | unknown | D | |
| 9 | Agile Robots Industrial Machinery & Supplies · since Series C, 2021 | Growth Equity Jun 2026 $800M | $8.5B | $5.4B – $13.7B | $9.0B (+6%) | $880M | 0% | 569 | up | B | |
| 10 | Hive Box Tech Companies · since Series C, 2021 | Series C Jan 2021 $400M | $2.0B | $261M – $3.7B | $1.9B (-6%) | $493M | 28% | 118 | flat | D | |
| 11 | Animoca Brands Tech Companies · since Growth, 2021 | Other Nov 2024 $10M | $1.2B | $356M – $5.5B | $1.1B (-2%) | $569M | 75% | 309 | flat | D | |
| 12 | Kurly Groceries · led at Series D, 2019 | Growth Equity Dec 2021 $210M | $3.3B | $287M – $3.8B | $3.3B (0%) | $376M | 0% | 640 | flat | D | |
| 13 | Canva Tech Companies · led at Growth, 2018 | Growth Equity Sep 2021 $200M | $37.7B | $15.4B – $73.7B | $34.9B (-7%) | $7.0B | 33% | 23,213 | growing | C | |
| 14 | Amber Group Investment Consultants & Financial Advisors · since Series B, 2022 | Series C Dec 2022 $300M | $3.1B | $395M – $4.3B | $2.9B (-7%) | $500M | 0% | 614 | flat | D | |
| 15 | OPay Payment Processing & Point of Sale · since Series B, 2019 | Growth Equity Aug 2021 $400M | $2.8B | $401M – $3.3B | $2.8B (-2%) | $328M | 0% | 4,415 | up | D | |
| 16 | PlusAI Tech Companies · since Bridge, 2021 | Other Sep 2026 $300M | $228M | $41.8M – $745M | $241M (+6%) | $7.03M | 27% | 447 | flat | D | |
| 17 | Yuan Qi Forest Beverages & Refreshments · led at Growth, 2021 | Growth Equity Apr 2021 $500M | $3.6B | $282M – $7.6B | $3.6B (0%) | $683M | 0% | 80 | unknown | D | |
| 18 | Unitree Robotics Industrial Machinery & Supplies · since Series C, 2024 | Series C Sep 2024 $430M | $1.9B | $1.3B – $2.2B | $1.1B (-45%) | $242M | 0% | 102 | growing | A | |
| 19 | Tech Companies · since Series D, 2022 | Series E Jul 2025 $50M | $837M | $409M – $1.3B | $837M (0%) | $92.1M | 0% | 135 | up | B | |
| 20 | Biotechnology · led at Seed, 2018 | Series A Jan 2020 $11M | $80.5M | $3.15M – $175M | $80.5M (0%) | $17.3M | 0% | 4 | unknown | D | |
| 21 | Tech Companies · since Seed, 2024 | Seed Dec 2024 $10M | $140M | $34.1M – $214M | $140M (0%) | $25.3M | 0% | 19 | up | C | |
| 22 | Tech Companies · since Seed, 2025 | Seed Jul 2025 $7.1M | $107M | $35.7M – $163M | $107M (0%) | $21.0M | 0% | 21 | growing | C | |
| 23 | Tech Companies · since Series C, 2014 | Other Nov 2025 $300M | $82.5B acquired 2023 | $8.6B – $94.9B | – | – | 0% | 24,000 | unknown | D | |
| 24 | Clothing Stores · led at Growth, 2023 | Growth Equity May 2023 $2.00B | $68.6B | $21.5B – $105.2B | $60.4B (-12%) | $10.2B | 30% | 11,543 | up | C | |
| 25 | Cryptocurrency · since Growth, 2025 | Acquisition Apr 2026 $200M | $20.8B acquired 2026 | $17.4B – $25.3B | – | – | 0% | 856 | growing | A | |
| 26 | Travel Agencies · led at Series B, 2017 | Growth Equity Feb 2025 $100M | $1.1B | $527M – $1.7B | $1.1B (0%) | $115M | 0% | 2,058 | up | B | |
| 27 | Tech Companies · since Series B, 2026 | Series B Jul 2026 $400M | $1.7B | $1.3B – $2.6B | $2.3B (+35%) | $248M | 0% | 175 | growing | B | |
| 28 | Tech Companies · led at Series C, 2016 | Series E Mar 2021 $300M | $999M | $152M – $1.4B | $954M (-4%) | $167M | 2% | 594 | up | D | |
| 29 | Industrial Machinery & Supplies · since Series C, 2021 | Series D Jun 2022 $100M | $1.4B | $177M – $3.2B | $1.4B (-2%) | $234M | 0% | 647 | up | D | |
| 30 | Pharmaceutical Products · led at Series A, 2022 | Series D May 2026 $150M | $1.3B | $845M – $2.2B | $1.6B (+16%) | $197M | 0% | 64 | unknown | B | |
| 31 | Medical Supply Manufacturers · led at Growth, 2025 | Growth Equity Mar 2026 $50M | $1.6B | $1.3B – $2.0B | $1.7B (+5%) | $155M | 0% | 270 | growing | A | |
| 32 | Software Development Services · since Series C, 2026 | Series C Mar 2026 $300M | $2.6B | $1.5B – $4.4B | $2.9B (+11%) | $390M | 0% | 21 | unknown | B | |
| 33 | Device Manufacturing · since Series B, 2020 | Series D Jan 2026 $100M | $1.2B | $869M – $1.5B | $1.3B (+6%) | $166M | 0% | 168 | flat | A | |
| 34 | Investment Consultants & Financial Advisors · led at Series A, 2011 | Series E Dec 2020 $120M | $806M | $65.9M – $2.1B | $778M (-3%) | $228M | 11% | 102 | flat | D | |
| 35 | Biotechnology · led at Series C, 2021 | Series D Dec 2021 $189M | $504M | $80.4M – $2.7B | $489M (-3%) | $249M | 56% | 99 | down | D | |
| 36 | Learning, Tutoring & Courses · since Series C, 2019 | Series E Aug 2020 $150M | $773M | $70.1M – $1.8B | $773M (0%) | $216M | 14% | 550 | flat | D | |
| 37 | Biotechnology · since Series C, 2021 | Growth Equity Jan 2025 $165M | $1.5B | $735M – $2.9B | $1.2B (-24%) | $176M | 64% | 730 | flat | C | |
| 38 | Tech Companies · led at Series E, 2020 | Series F Jul 2021 $100M | $801M | $152M – $4.8B | $726M (-9%) | $287M | 92% | 879 | down | D | |
| 39 | Pharmaceutical Products · since Series A, 2021 | Growth Equity Apr 2022 $150M | $559M | $63.3M – $1.6B | $546M (-2%) | $110M | 20% | 29 | flat | D | |
| 40 | Trucking and Logistics · since Series C, 2019 | Series D Jul 2021 $150M | $982M | $132M – $1.5B | $972M (-1%) | $164M | 0% | 453 | up | D | |
| 41 | Tech Companies · led at Series A, 2017 | Series E Jul 2021 $77M | $179M | $55.6M – $1.4B | $146M (-18%) | $130M | 97% | 18 | down | D | |
| 42 | Pharmaceutical Products · led at Series A, 2018 | Series B Jun 2021 $168M | $1.2B | $78.8M – $2.5B | $1.2B (-1%) | $198M | 18% | 130 | unknown | D | |
| 43 | Payment Processing & Point of Sale · since Series A, 2025 | Series B Dec 2025 $107M | $1.5B | $770M – $2.3B | $1.6B (+8%) | $207M | 0% | 180 | growing | B | |
| 44 | Biotechnology · led at Series B, 2018 | Series D Jun 2021 $75M | $112M | $53.1M – $473M | $99.8M (-11%) | $127M | 97% | 36 | shrinking | D | |
| 45 | Tech Companies · since Series B, 2019 | Series D Oct 2021 $100M | $147M | $45.7M – $1.7B | $123M (-17%) | $149M | 97% | 48 | flat | D | |
| 46 | Biotechnology · since Series B, 2025 | Growth Equity Sep 2026 $62M | $606M | $394M – $1.0B | $659M (+9%) | $68.2M | 0% | 25 | flat | B | |
| 47 | Tech Companies · since Series B, 2026 | Series B Jun 2026 $100M | $3.0B | $2.3B – $4.5B | $3.9B (+29%) | $429M | 0% | 5 | unknown | B | |
| 48 | Pharmaceutical Products · since Series A, 2020 | Growth Equity Dec 2025 $53M | $649M | $395M – $1.0B | $640M (-1%) | $59.6M | 8% | 32 | flat | B | |
| 49 | Medical Supply Manufacturers · since Series B, 2023 | Series B Apr 2023 $150M | $769M | $146M – $2.5B | $577M (-25%) | $199M | 46% | 309 | down | D | |
| 50 | Tech Companies · since Series C, 2022 | Series C Jan 2022 $150M | $1.0B | $76.2M – $2.7B | $954M (-7%) | $222M | 11% | 200 | flat | D |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How HSG invests: stages, industries and countries
Most of its rounds are Series C and later (38%). Its companies span 34 industries, most in Tech Companies, Biotechnology and Pharmaceutical Products, across 22 countries.
Rounds by stage
- Pre-seed 2
- Seed 13
- Series A 38
- Series B 42
- Series C and later 59
- Other venture 1
Investments by industry
- Tech Companies 35
- Biotechnology 14
- Pharmaceutical Products 9
- Payment Processing & Point of Sale 7
- Cryptocurrency 4
- Industrial Machinery & Supplies 4
- Investment Consultants & Financial Advisors 4
- Medical Supply Manufacturers 4
Investments by country
- China 38
- United States 31
- Singapore 13
- Australia 6
- Hong Kong 6
- Germany 5
Recent rounds
HSG's latest investments
HSG's most recent funding rounds, newest first. 17 rounds in the last 12 months.
- Tabby Series F $233M 14 Sep 2026
- Growth $84M 26 Aug 2026
- Series B $400M 21 Jul 2026
- Series C amount not disclosed 29 Jun 2026
- Series B $100M 11 Jun 2026
- Series D $150M 18 May 2026
- Series C $300M 13 Mar 2026
- Series A, led $30M 9 Mar 2026
- Series A $80M 9 Mar 2026
- Series B $85M 1 Jan 2026
Co-investors
HSG's top co-investors
The investors that most often join the same rounds as HSG. Sequoia Capital leads, with 11 rounds together.
- Sequoia Capital 11 rounds together
- IDG Capital 11 rounds together
- 10 rounds together
- Hillhouse 9 rounds together
- SoftBank Vision Fund 8 rounds together
- 8 rounds together
- DST Global 6 rounds together
- 6 rounds together
- 6 rounds together
- Temasek 5 rounds together
About
About HSG
HongShan Capital (Hong Kong) Limited, known as HSG, is a Hong Kong-based venture capital and private equity firm engaged in investing in technology, healthcare, and consumer sectors. The firm operates a fully integrated investment platform that includes seed, venture, growth, buyout, infrastructure, and public equities investing, serving a global clientele of institutional investors and private companies. HSG manages funds for sovereign wealth funds, foundations and endowments, pension funds, corporations, and family offices, and has a presence in Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo, and Singapore.
Description from Veridion's company data.
- Founded
- 2005
- Based in
- Hong Kong, Hong Kong
- Team
- 380 people, +31% in a year
- Type
- Sovereign wealth fund
Focus markets
- Technology
- Healthcare
- Consumer
What HSG offers
- Venture Capital Investment Services
- Private Equity Investment Services
- Buyout Investment Services
- Infrastructure Investment Services
- Public Equities Investment Services
- Seed Investment Services
- Growth Capital Investment Services
- Technology Sector Investment Services
Questions
HSG: frequently asked questions
How many companies has HSG invested in?
118 venture-backed companies on VCMC, across 155 funding rounds.
What are HSG's most valuable private companies?
SHEIN ($68.6B), SHEIN ($66.8B), Canva ($37.7B), by VCMC's valuation.
What was HSG's latest investment?
Tabby, a Series F round in Sep 2026 of $233M.
Which stages does HSG invest in?
HSG invests most often at Series C and later (59 rounds), followed by Series B (42) and Series A (38). It has also joined 13 seed, 2 pre-seed and 1 other venture rounds.
What is HSG's portfolio worth?
Its private companies with a VCMC valuation are worth $339.5B together. That is the sum of the companies' values, not what HSG owns.
Who does HSG invest alongside?
Sequoia Capital (11 rounds), IDG Capital (11 rounds), Source Code Capital (10 rounds).