Investments abroad · VC firm · Hong Kong SAR China

HSG's investments in China

HSG, based in Hong Kong SAR China, has backed 94 startups in China in rounds we track, $47B between them, grouped by their main sector.

94startups backed
12sectors
$47Braised between them
AIbiggest sector

HSG's whole portfolioHSG's profile

AI

24

Biotech

13

Fintech

9

Healthtech

9

Consumer Apps

7

Logistics

6

IT Services

5

Internet

5

Big Data & Analytics

4

Foodtech

4

Automotive & EVs

4

E-commerce

4

Segment by segment

AI

24 startups · $35B raised

  1. ByteDanceByteDance is a Chinese multinational internet technology company based in Beijing, known for its popular video-sharing platform TiChina$33B
  2. ROBOTERAChina$345M
  3. ALAnew LabsChina$290M
  4. XSX Square RobotChina$240M
  5. IInfervisionChina$187M
  6. AGIBOTAGIBOT敏捷 is a Chinese surgical robotics company based in Suzhou, Jiangsu, founded in September 2020.China$149M
  7. LibLib AILibLib AI is an AI image generation platform that provides cutting-edge content creation through AI multi-dimensional interactions.China$130M
  8. YaoyansheYaoyanshe is a clinical research technology company based in Shanghai, specializing in the pharmaceutical R&D ecosystem.China$86M

Biotech

13 startups · $1.0B raised

  1. TTTencent Trusted DoctorChina$250M
  2. JW TherapeuticsJW Therapeutics is a developer of cell-based therapy technologies created to revolutionize cancer treatment.China$190M
  3. BBBrii BiosciencesBrii Biosciences is a biotechnology company that commits to bring innovative medicines to China as a way to improve public health.China$155M
  4. D3 BioD3 Bio is a clinical-stage biotechnology company based in Wuxi, China, founded in 2020.China$108M
  5. Neurophth TherapeuticsNeurophth Therapeutics is a leading clinical-stage gene therapy company based in Wuhan, China, with additional subsidiaries in ShaChina$97M
  6. AdageneAdagene is a clinical-stage biotech company that specializes in developing immuno-oncology antibodies.China$83M
  7. Qihan BiotechQihan Biotech is a gene-editing organ transplantation technology developer.China$42M
  8. HemaCellHemaCell is a new cell therapy company to regenerate hematopoietic lineages in vitro, with unique stem cell reprogramming.China$17M

Fintech

9 startups · $597M raised

  1. FeideeFeidee is a finance platform that offers automated management of bank cards, loan applications, insurance, repayments and investmeChina$225M
  2. EEkuaibaoEKuaibao is an agile enterprise expense reimbursement and management platform.China$219M
  3. JinfuziJinfuzi is online financial investment platform.China$76M
  4. NTNuanwa TechnologyNuanwa Technology is a tech-driven medical insurance service company.China$34M
  5. UUcaidaoChina$15M
  6. KKsherChina$11M
  7. FinTellFinTell is a financial service provider based in Beijing.China$10M
  8. YudianYudian is a credit information service provider.China$4.4M

Healthtech

9 startups · $1.5B raised

  1. WeDoctorChina$911M
  2. BYBeijing Yuan XinBeijing Yuanxin is a technology company that offers an integrated healthcare platform for pharmaceutical distribution and health insurance.China$232M
  3. Edge Medical RoboticsEdge Medical Robotics is a surgical robot platform company focused on design, R&D, and commercialization of advance medical devices.China$200M
  4. NeuroXessNeuroXess is an invasive brain-computer interface with high-density flexible brain electrodes aimed at brain research and disease diagnosis.China$105M
  5. MagAssistMagAssist is a special expert of the National Youth Thousand People Program and a special professor of Suzhou University.China$78M
  6. EighteethEighteeth is a prominent Chinese dental brand and manufacturer, established in 2016, specializing in high-quality dental equipmentChina$15M
  7. OOMMAYOMMAY provides children and family medical care and healthcare services.China$3.1M
  8. LILife InfinityLife Infinity is an anti-aging and cancer prevention medical center.China$1.5M

Consumer Apps

7 startups · $1.8B raised

  1. FTFull Truck AllianceFull Truck Alliance is an IT service and IT consulting platform that facilitates transactions between shippers and truckers.China$1.7B
  2. LaiyeLaiye, also known as Laiye Technology, is a Beijing-based software company founded in 2015.China$74M
  3. DooluuDooluu is an app for parents and preschool teachers to track and share photos, videos, and posts of children’s daily life.China$7.0M
  4. Xiaodakaxiaodaka is a community and social platform from China that focuses on interest-based interactions.China$5.1M
  5. EENIGMABOTENIGMABOT is a programming education service robot developer.China$3.1M
  6. WWanzhuWanzhu is an application for entertainment gaming social platform.China$3.0M
  7. HitalesHitales is an internet company that develops applications of medical artificial intelligence products.China$3.0M

Logistics

6 startups · $3.1B raised

  1. Xpeng MotorsXiaopeng Motors is an electric vehicle and technology company that designs and manufactures intelligent mobility solutions.China$2.4B
  2. DGDada GroupDada Group is an energy vehicle operation and service integrated technology enterprise.China$320M
  3. KKekingChina$144M
  4. YunmanmanYunmanman is a Chinese online logistics firm.China$125M
  5. YDYunniao DeliveryYunniao Delivery is a Chinese B2B courier platform.China$100M
  6. SSunyurSunyur provides digital procurement solutions.China$22M

IT Services

5 startups · $194M raised

  1. JNJushuitan Network TechnologyChina$146M
  2. HHuamiHuami offers business software solutions for chain enterprises.China$35M
  3. ImageDTImageDT, also known as Guangzhou Tujiang Data Technology Co., Ltd., is an AI business service provider based in Guangzhou, founded in 2016.China$10M
  4. Xinlue ShuzhiXinlueshuzhi is a global consumer digital operation solution provider, helping brands build a "strategy cube" .China$1.6M
  5. YNYacheng NetworkYacheng Network is a provider of information technology and software services that specializes in offering these services.China$1.4M

Internet

5 startups · $315M raised

  1. HuangbaocheHuangbaoche is a travel service providing tour packages and booking services.China$127M
  2. JollychicJollychic, founded in 2012 by Aaron Li and Ding Wei, is a prominent cross-border e-commerce platform headquartered in Hangzhou, China.China$65M
  3. XXiangwushuoXiangwushuo is an online platform intended to offer services related to second-hand goods sharing.China$65M
  4. LLeCheBangLechebang designs and develops a mobile app that provides automobile maintenance and after-sale services.China$44M
  5. Enjoy Move TechnologyEnjoy Move Technology is a solution provider of a safety software platform for the intelligent driving domain controller.China$14M

Big Data & Analytics

4 startups · $350M raised

  1. Sensors Data神策数据(Sensors Data),全称神策网络科技(北京)有限公司,是中国领先的大数据分析与营销科技服务提供商。公司总部位于北京,并在多个城市设有服务团队和研发中心,业务覆盖全国及东南亚市场。神策数据致力于帮助企业实现数据驱动和数字化客户经营,服务超过20China$244M
  2. GuandataGuandata is an enterprise analytics software company founded in 2016, specializing in AI and business intelligence (BI) solutions China$44M
  3. Guance CloudGuance Cloud offers a full-stack observability platform for cloud-based workflows.China$31M
  4. ChoiceformChoiceform seamlessly integrates customer, employee, brand, and product experiences into profound strategic insights, empowering eChina$30M

Foodtech

4 startups · $281M raised

  1. SISnack Is BusySnack Is Busy is a food chain brand that delivers snacks to people using delivery trucks across the nation.China$147M
  2. LLLetus LegendLetus Legend is a produce chain supermarket operator.China$73M
  3. SShengXianChuanQiShengxianchuanqi is a fresh food chain supermarket that mainly provides customers with fresh food and kitchen merchandise.China$43M
  4. Saturnbird CoffeeSaturnbird Coffee is a Chinese coffee brand established in 2015, specializing in premium coffee products that blend specialty flavChina$18M

Automotive & EVs

4 startups · $2.2B raised

  1. NIONIO is much more than a car company.China$1.6B
  2. LeapMotorLeapmotor is a Hangzhou-based Chinese new energy car maker.China$490M
  3. CassTimeCassTime is an industrial internet company based in Shenzhen, founded in May 2015.China$86M
  4. CiDiCiDi is a China-based company specializing in industrial AI and intelligent driving, particularly for commercial vehicles and heavChina$45M

E-commerce

4 startups · $462M raised

  1. XiaohongshuXiaohongshu, also known as RedNote or Little Red Book, is a prominent Chinese social networking and e-commerce platform founded inChina$318M
  2. DDoublefse-commerce fashion platformChina$100M
  3. FFamilyoneFamilyone is an E-commerce platform.China$30M
  4. WeixiuhuiWeixiuhui is a E-commerce Start Up Based in Shenzhen.China$15M

How this map is made. Every startup here has raised money in a round we track that names HSG as an investor and is based in China. Each sits under its main sector, read from its rounds, and each shows its best-funded first. Rebuilt nightly; updated 15 November 2026.

More portfolio maps

All portfolios
Investments abroadHSG's investments in the United States42 startups · $8.6BPortfolio mapHSG portfolio map185 startups · $66BCo-investorsWho invests with HSG137 co-investorsSector portfolioHSG's AI portfolio52 startups · $44BSector portfolioHSG's Biotech portfolio34 startups · $5.8BSector portfolioHSG's Fintech portfolio19 startups · $4.3B

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