HSG

Sequoia Capital China: And I Choose to Start a New Table

Sequoia Capital China's culture is about winning and conviction.

Vol.005 | A Conversation with Gongyuan: And I Choose to Start a New Table

A MiniMax Early Employee Built a "Swipe Left/Right" Proactive Agent丨début

A concrete way to realize a Personal Model.

16 Companies Making Agents More Useful Are Raising Funding

Product-Agent Fit

AI Unicorn Factory

Script, catfish, loop, rainmaker, role model, results.

CODE27 Raises Over $10 Million in Funding; Hongshan and Qiming Bet on New Human-Computer Interaction Direction

A new generation of AI desktop companions.

2026 VC Promotion Roundup

Universal celebration.

Sp.02 | A Conversation with Master Dong: The Untold Stories Behind 20 Years of Chinese Venture Capital

A Sidebar Conversation with Master Dong on 20 Years of Chinese Venture Capital

Happy New Year!

Vol.004 | Conversation with Richard Guo: Staying Out of the Fray, But Keeping on Winning

A Conversation with Sam Guo: Staying Out of the Fray, but Keeping on Winning

Truck drivers, sour kiwis, counterfeit cigarettes and booze — and the legends of investing.

The Fundraising Stories of China's "Six Little Tigers": Six Paths, Six Lives

If Kimi ever goes public, will the bell-ringing photo look very different?

Sp.01 | Debriefing China's Primary Market in 2025 (Ft. Crossroads)

How Did Chinese Silicon Valley Entrepreneurs Build the "Tesla of RVs"? | Waves World View

Travel light.

Valued at $70 Million: ZhenFund and IDG Bet on Another Path for AI Companionship

Not just AI boyfriends.

Exclusive | Airwallex Raises Another $330 Million, Hits $8 Billion Valuation Today

The Saved and the Saved.

I think the sun will shine bright tomorrow morning | Opening Remarks

Maybe wrong, always fun.

Hypershell Closes Two Rounds Totaling $70 Million in Funding

Toward a Future Where Everyone Is "Iron Man"?

Hillhouse Capital and Hongshan Co-Invest in a Sales Agent Startup Going Global

Former Youzan COO Launches New Venture

Exclusive | LiblibAI Raises $130 Million, Led by Hongshan and CMC

Go big or go home.

Hongshan's Seed Fund Backs New Startup Building an AI-Powered LinkedIn

Can AI connect people with one another?

Starbucks China Sale Enters Final Round | Mega M&A

Far from the end.

Before Pop Mart's IPO, an unpublished interview with Wang Ning

Only human nature never changes.

Exclusive | Airwallex Raises $300 Million: AI Disrupting Banking

A decade in the life of a global fintech company.

No matter how the world changes, *Dark Tide* turns three.

Before the sun rises, Anyong will keep searching for answers alongside all of you.

The Clear Path, Hidden Path, and Rocky Path of AI Fundraising

Where does the money come from?

Hongshan Enters the Fray: Is the Global M&A Wave Really Here?

Hongshan, beyond China.

Two Tech Giants Invest in a 3D Generative AI Startup | WAVES

Meituan and ByteDance invested simultaneously.

China's USD Funds Won't Disappear

Live long enough to long China.

The AR path is grueling, but Xu Chi still wants to know what the finish line looks like | WAVES

Those without ideals don't grieve.

Pony.ai's Funding Story: Daydreams in a Winter Storm

The final exam is approaching.

Exclusive | The Full Untold Story Beneath the Surface of "Kimi Yang Zhilin Arbitration Case"

Who saw the sixpence, and who saw the moon.

Exclusive | Kimi Founder Yang Zhilin Faces Arbitration Filed by Former Investors

Another scandal at a high-profile AI company.

Exclusive | A Conversation with Dongqiudi's Chen Cong: "I Used to Think Everyone Was a Good Person"

Just want to get this off my chest right now.

10 Facts About 1,000 Chinese Billionaires

The currents of the era, all contained within the sequence.

Who Is Horizon Robotics' Most Important Investor?

Got it?

Hongshan and Li-Ning Go Abroad Together, Sending Two Market Signals

A bellwether for the primary market.

The VC 2.0 generation celebrated its tenth birthday in early autumn.

What about the next decade?

Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares

Mega funds still making deals.

Exclusive | Kathy Xu says she hasn't exited primary markets, and just invested in an AI company

The facts may not matter; what matters is the signal.

Minimax's Yan Junjie in Conversation with Huang Mingming: AGI, There's Only One Path — the Hardest One

A Conversation on Non-Consensus and Long-Term Optimal Solutions

Exclusive | Moonshot AI's valuation reaches $3 billion in new round; Tencent joins after Alibaba

A full list of Moonshot AI's investors to date.

Thirteen Years of a Small Firm: Always Struggling on the Brink

Just try to be an atom.

A New Decade for Venture Capital: Hongshan's First Answer

What's the solution for early-stage investing?

China's LLM Funding War: The Quick Death of Romance

Do the investors regret it?

Goodbye to a Decade of Venture Capital | Waves' Second Anniversary

Keep moving forward. Don't look back.

Looking Back at 2023: The World Has Really Changed

These people and events reshaped 2023 — and will shape the years ahead.

Investors Trapped in Repurchase Agreements

A dead-end loop.

Two Masterstrokes in NIO's Fundraising History

There is no successful fundraising, only fundraising of the times.

The Investor Who Made the Most Money Off Pinduoduo

"Though millions may oppose me, I will go."

DPI > 1 — it's a magic spell.

Before taking responsibility for a new world, GPs must first answer to their LPs.

The Most Controversial Hugo Award Winner: Hai Ya and the Dreams of Ordinary People

He remains a dedicated account manager.

Southeast Asia Investment Finally Has a Success Story

A Resolute Choice

Drip Capital Under Scrutiny: Is This a True-or-False Question, or a Multiple Choice?

A Cure or a Poison for Equity Investment?

Xi Cao of Lisi Capital and His Eleven Luo Han --- Wait — let me reconsider. "十一罗汉" is almost certainly a reference to *Ocean's Eleven* (the film), used here as a playful nickname for his team. Let me adjust: Xi Cao of Lisi Capital and His Ocean's Eleven

Starting a business is like climbing a mountain — the meaning lies in the climb itself.

Exclusive | Coatue Invested in Ba Wang Cha Ji — Can Dollar Funds Still Go Another 15 Years?

The Current Survival Reality of USD Funds.

200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate

Consensus can form quickly — and dissolve just as fast.

In the long winter of consumption, Hongshan wants to snap its fingers and find resonance.

Sparks mark the beginning of the next cycle.

When Professors Leave the Ivory Tower: Gold Mines, Chasms, and the Fame Game

Faced with a chasm, there will always be those who take the leap.

"You're only 36. You can be anyone you want to be."

Never stop moving forward.

Hongshan Healthcare Investing: 17 Years From the Sidelines to Center Stage

Going earlier and deeper has become a defining feature of Hongshan's healthcare investments.

Silicon Valley Bank, a fixture in venture capital for four decades, couldn't survive 40 hours of market panic.

China's venture capital world had a night of shock and panic.

Hongshan Seed Deploys Another $480 Million, Early-Stage Investing Is About to Get Even More Crowded

What Should Seed Investing Look Like in a New Cycle?

Exclusive | SHEIN Nears Completion of New Funding Round at Valuation Below $70 Billion

A future showdown between SHEIN and Temu is inevitable.

Conversations with 29 Tech Investors: There Are Treasures, But No Treasure Map

Investing in tech is definitely the right call, but consensus remains scarce.

Three Barometers for the Primary Market, for Your Reference

The bilateral order of the primary market is being restructured on both sides.

We Analyzed 1,000 LP Commitments and Found 30 Hidden Top Family Offices

They are also a microcosm of China's commercial evolution.

That night belonged to Saudi Arabia, not to the Chinese funds raising capital in the Middle East.

For most Chinese funds, the Middle East remains uncharted territory.

The Hidden Depths of the Primary Market

If a perfect deal is one where everyone wins, then in an S deal, that may never be possible.

From the Big League to the Niche: The Glory Days of a Generation of Chinese VCs

How they will rethink fame, cycles, and investment.

Challenger Ventures invested in Alexander Wang, but says consumer spending could still get colder

"I still prefer historical stories to science fiction."

Two Decades of RMB Funds: Between Life and Death

Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?

On the first day of August, we spoke with 23 investors about "confidence."

And, what are the things that are hard but right, and what are the things that are hard but wrong.

A Conversation with Moody Ciran: Turning Some People's Obsession Into More People's Affection

The Contemporary Entrepreneur in the Cracks.

Spring Comes Quietly to Guomao

For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.

Investors in the Wheat Field

A Nerve-Ending-Style Descent into the Investment World: Into the Fields and Countryside.

SheIn Says No IPO Plans for Now as New $100 Billion Valuation Remains Unconfirmed

SheIn responds exclusively to *Dark Tides Waves*.

The Gambler's Mirage in a Downturn: When a Fund Goes All-In on a Single Company

In the investment industry, it's as ubiquitous as air. When markets plunge, it also faces the greatest risk.

A grain of sand for the era, a mountain for USD funds

To survive in an era of sweeping change, keeping your eyes on the ground is never enough — you have to look up at the sky too.