HongShan (formerly Sequoia China) struggled to deploy its $9 billion fund, investing only about one-quarter by mid-2024 amid subdued deal flow in China. According to the Financial Times, the firm is "aggressively expanding into Europe and North Asia" owing to "shrinking options" in China and frustrated limited partners. HongShan closed a CNY 18 billion ($2.4B) fund in March 2024 but denied Reuters layoff reports, claiming it added 13 new investors in the past year. Total AUM reached approximately $56 billion.
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Sequoia Capital China
Sequoia Capital China invested in DJI, whose products enable the repression and genocide of Uyghurs in Xinjiang according to the House Select Committee on the CCP. The firm also invested in DeepGlint, a Chinese facial recognition company blacklisted by the U.S. government for surveillance of Uyghur Muslims. These investments supported surveillance infrastructure that human rights organizations compare to occupation systems used against Palestinian populations. HongShan continues these investments after the March 2024 corporate split.
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Sequoia Capital China — Palestine: OPPOSED Sequoia Capital China invested in DJI, whose products enable the repression and genocide of Uyghurs in Xinjiang according to the House Select Committee on the CCP. The firm also… https://reciepts.tech/stance/1800
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See all →The House Select Committee on the CCP launched a bipartisan investigation into Sequoia Capital China in October 2023, documenting over $3 billion in investments that "contributed to the CCP's human rights abuses, the PRC's military modernization, and its overall efforts to undermine U.S. technological leadership." Investments included 4Paradigm ($700M for PLA battlefield programs), DJI (drones used in Uyghur surveillance), DeepGlint (blacklisted facial recognition), and EverSec (AI for PLA platforms). Sequoia China rebranded as HongShan in March 2024.