# HSG: portfolio, investments and team > HSG is a vc firm based in Hong Kong SAR China. 498 investments on record, 68 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/hsg (Millionrounds; every figure on the page links to its filing or article) Hong Kong SAR China · [Investor](https://millionrounds.com/investors) # HSG Last cheque observed Oct 2026; 498 cheques on record. Email Deploying now VC firm Website unconfirmed Seed Growth Buyout Technology Healthcare Consumer Follow HSG and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fhsg) Deploying now **62%** of best year **68** **cheques in 12 months**, 498 on record Since the last cheque **23** days **00** hrs **00** min **00** sec Median round **$31M** Rounds led **3 of 498** Sole investor **82 rounds** Exits **1 from the portfolio** Mostly in **United States, 39%** Pitch HSG ## HSG highlights - 01 68 cheques in the last 12 months - 02 Mostly Venture and Series B: 57% of its rounds - 03 Sole investor in 82 rounds, median $9.1M - 04 1 exits from the portfolio ## What they do - **Type:** VC firm - **Cheque size:** Not stated - **Stages:** Seed Growth Buyout - **Sectors:** Technology Healthcare Consumer - **Based in:** Doral, Hong Kong SAR China - **Cold pitches:** Not stated A website was listed for this organisation, but we could not confirm it belongs to the firm that wrote these cheques. Either the site never mentions them, or it turned out to be a different company sharing the name. We show neither it nor anything read from it. [Tell us the right one](https://millionrounds.com/corrections?slug=hsg). ## The record Every round we can evidence, newest first **498 appearances** - **2026** 45 rounds - **Oct** **[Manus / Butterfly Effect](https://millionrounds.com/company/manus-butterfly-effect)** Growth · SG · Firms' own news pages **$500M** With 5 others - **Sept** **[Anew Labs](https://millionrounds.com/company/anew-labs)** CN · TechStartups **$290M** *Led* - **Sept** **[Tabby](https://millionrounds.com/company/tabby)** Series F · SA · Wamda **$233M** With 3 others - **Sept** **[SurfAce Cleantech](https://millionrounds.com/company/surface-cleantech)** Pre-seed · CH **$307K** Sole investor - **Sept** **[Kraken](https://millionrounds.com/company/kraken)** Venture · GB **$100M** With 3 others - **Jul** **[Flova Tech](https://millionrounds.com/company/flova-tech)** Pre-seed · SG **$80M** With 2 others - **Jul** **[MiniMax](https://millionrounds.com/company/minimax)** SG **$1.2B** With 3 others - **Jul** **[Oxford Science Enterprises](https://millionrounds.com/company/oxford-science-enterprises)** Venture · GB **$19M** With 2 others - **Jul** **[Hill Research](https://millionrounds.com/company/hill-research)** Venture · US **Undisclosed** With 1 other - **Jul** **[Meshy AI](https://millionrounds.com/company/meshy-ai)** Series B · US **$400M** With 3 others - **Jun** **[MainFunc (GenSpark)](https://millionrounds.com/company/mainfunc-genspark)** Series B · US **$100M** With 4 others - **Jun** **[Moderna](https://millionrounds.com/company/moderna)** Grant · US **$50M** With 3 others - **Jun** **[Canva](https://millionrounds.com/company/canva)** Growth · AU **$25M** With 4 others - **May** **[ROBOTERA](https://millionrounds.com/company/robotera)** CN · Ventureburn **$200M** With 9 others - **May** **[Airwallex](https://millionrounds.com/company/airwallex)** Growth · SG **$320M** With 3 others - **May** **[ArriVent](https://millionrounds.com/company/arrivent)** US **$250M** With 4 others - **May** **[Outer](https://millionrounds.com/company/outer)** Venture · US **$8.0M** With 3 others - **Apr** **[Creao AI](https://millionrounds.com/company/creao-ai)** Seed · US **$10M** With 2 others - **Mar** **[Dify](https://millionrounds.com/company/dify)** Pre-seed · US · Ventureburn **$30M** *Led* - **Mar** **[KAST](https://millionrounds.com/company/kast)** Series C · KY · QED Investors **$80M** With 4 others - **Mar** **[Eight Sleep](https://millionrounds.com/company/eight-sleep)** Series C · US · Crunchbase News **$50M** With 8 others - **Mar** **[HT Aero](https://millionrounds.com/company/ht-aero)** Venture **$200M** With 4 others - **Mar** **[Excalipoint Therapetics](https://millionrounds.com/company/excalipoint-therapetics)** Seed · HK **$28M** With 3 others - **Mar** **[Deep Intelligent Pharma](https://millionrounds.com/company/deep-intelligent-pharma)** Venture · SG **$40M** With 3 others - **Mar** **[Weiguang Dianliang](https://millionrounds.com/company/weiguang-dianliang)** Seed **$14M** With 3 others - **Mar** **[SIGMAS](https://millionrounds.com/company/sigmas)** Seed · US **$1.0M** With 1 other - **Mar** **[Floatboat AI](https://millionrounds.com/company/floatboat-ai)** Seed · HK **$2.0M** Sole investor - **Mar** **[CODE 27](https://millionrounds.com/company/code-27)** Pre-seed · US **$10M** With 2 others - **Feb** **[Zhiran Medical](https://millionrounds.com/company/zhiran-medical)** Series A **$43M** With 3 others - **Feb** **[iSpace China](https://millionrounds.com/company/ispace-china)** Series D **$728M** With 3 others - **Feb** **[MYX](https://millionrounds.com/company/myx)** Venture · SG **Undisclosed** With 5 others - **Feb** **[QuantX Biosciences](https://millionrounds.com/company/quantx-biosciences)** Series B · US **$85M** With 3 others - **Feb** **[Lingxin Qiaoshou](https://millionrounds.com/company/lingxin-qiaoshou)** Series B **$217M** With 3 others - **Feb** **[Renxin Technology](https://millionrounds.com/company/renxin-technology)** Venture **Undisclosed** Sole investor - **Jan** **[Dealism](https://millionrounds.com/company/dealism)** SG · Contxto **$15M** With 2 others - **Jan** **[X Square Robot](https://millionrounds.com/company/x-square-robot)** Series A · CN · TechNode **$140M** With 5 others - **Jan** **[Huaxuan Sensing](https://millionrounds.com/company/huaxuan-sensing)** Venture **Undisclosed** Sole investor - **Jan** **[Mindverse](https://millionrounds.com/company/mindverse)** Seed · SG **$20M** With 3 others - **Jan** **[Yinghansi Power Technology](https://millionrounds.com/company/yinghansi-power-technology)** Series A **$14M** With 1 other - **Jan** **[Gongye Technology](https://millionrounds.com/company/gongye-technology)** Venture **Undisclosed** With 2 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **8 named** AC **Alaina Catherine Danley** Director of Hongshan Capital Advisors Limited i Form ADV DW **Don Wayne Ebanks** Director of Hongshan Capital Advisors Limited i Form ADV ES **Eva Siu Wai Ip** CFO & Director of Hongshan Capital Advisors (Hong Kong) Limited i Form ADV KZ **Kui Zhou** Director of Beijing Hongshan Advisors Consulting Limited i Form ADV LZ **Lianqing Zhang** Head of Legal of Hongshan Capital Advisors Limited i Form ADV MY **Mimi Yang** CCO of Hongshan Capital Advisors (Hong Kong) Limited i Form ADV NP **Nan Peng Shen** Director of Hongshan Capital Advisors Limited i Form ADV QS **Qian Sun** Director of Hongshan Capital Advisors (Hong Kong) Limited i Form ADV We also hold **6** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$70B** gross assets of its funds, 2 advisers combined Oct 2026 **Exempt** reporting adviser venture or small private funds - **Legal name:** Hongshan Capital Advisors Limited - **SEC number:** CRD 161562 ## Exits from the portfolio Companies it backed that were later bought or listed **1 in all** **[MoboTap](https://millionrounds.com/company/mobotap)** Bought by [ChangYou](https://millionrounds.com/fund/changyou) **$91M** Jul 2014 An exit counts when it came after the firm's first round in the company. From historical deal records. ## The cheque Seed Growth Buyout Median round joined **$31M** the round, not its cheque Alone, median **$9.1M** Led 3 of 498 rounds **1%** - **Sole investor:** 82 rounds - **Last cheque:** Oct 2026 - **Exits:** 1 from the portfolio Rounds by stage said on their site - Venture *144* - Series B *103* - Series A *74* - Series C *53* - Seed said *33* - Series D *26* - Growth said *-* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [IDG Capital](https://millionrounds.com/fund/idg-capital) 58 - [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) 38 - [ZhenFund](https://millionrounds.com/fund/zhenfund) 35 - [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) 32 - [Hill House Capital](https://millionrounds.com/fund/hill-house-capital) 29 - [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) 29 **Pitching HSG?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as HSG. A count of rooms they were both in, not a relationship either has claimed. [**IDG Capital** Private equity **58** rounds together](https://millionrounds.com/fund/idg-capital)[**Sequoia Capital** VC firm **38** rounds together](https://millionrounds.com/fund/sequoia-capital)[**ZhenFund** VC firm **35** rounds together](https://millionrounds.com/fund/zhenfund)[**Tengxun Touzi** VC firm **32** rounds together](https://millionrounds.com/fund/tengxun-touzi)[**Hill House Capital** Family office **29** rounds together](https://millionrounds.com/fund/hill-house-capital)[**Matrix Partners China** VC firm **29** rounds together](https://millionrounds.com/fund/matrix-partners-china-2)[**Gaorong Capital** VC firm **27** rounds together](https://millionrounds.com/fund/gaorong-capital)[**Qiming Venture Partners** VC firm **26** rounds together](https://millionrounds.com/fund/qiming-venture-partners)[**5Y Capital** VC firm **22** rounds together](https://millionrounds.com/fund/5y-capital)[**Source Code Capital** VC firm **22** rounds together](https://millionrounds.com/fund/source-code-capital)[**Shenzhen Capital Group Co.** Government **21** rounds together](https://millionrounds.com/fund/shenzhen-capital-group)[**GSR** VC firm **17** rounds together](https://millionrounds.com/fund/gsr) ## Recently backed The latest companies HSG put money into. [**Tabby** $233M · Sept 2026](https://millionrounds.com/company/tabby)[**SurfAce Cleantech** $307K · Sept 2026](https://millionrounds.com/company/surface-cleantech)[**Kraken** $100M · Sept 2026](https://millionrounds.com/company/kraken)[**Flova Tech** $80M · Jul 2026](https://millionrounds.com/company/flova-tech)[**Oxford Science Enterprises** $19M · Jul 2026](https://millionrounds.com/company/oxford-science-enterprises)[**Hill Research** Jul 2026](https://millionrounds.com/company/hill-research) ## Quick answers about HSG ### What does HSG invest in? HSG invests most often at Venture and Series B (57% of the rounds on record), in sectors such as Technology, Healthcare and Consumer. ### How active is HSG? 498 investments on record, 68 of them in the last 12 months, and it led 3. The most recent was in Oct 2026. ### What has HSG invested in recently? Its most recent investments on record: Manus / Butterfly Effect (Growth, Oct 2026), Anew Labs (Undisclosed round, Sept 2026) and Tabby (Series F, Sept 2026). ### How big are HSG's cheques? The median round it joins is $31M. ### Does HSG lead rounds? Sometimes: it led 3 of its 498 investments on record (1%). ### Where does HSG invest? Most of the companies it backs are in the United States (39%), Singapore (26%) and China (10%). ### Is HSG investing now? Yes: it is actively investing, with 68 investments in the last 12 months. ### Who does HSG invest alongside? Most often IDG Capital (58 rounds together), Sequoia Capital (38 rounds together) and ZhenFund (35 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. 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