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☆ HongShan split from Sequoia last year as US-China relations worsened. Now, it's eyeing up Europe.
▼ + stars: | 2024-03-19 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Last June, storied investor Sequoia Capital announced it was to split itself into three separate entities. Sequoia Capital would look after the US and Europe; Peak XV Partners would manage its investments in India; and HongShan Capital would be based in China. The emergence of HongShan as an active investor in Europe would result in the firm "competing with former family," one source said. The expansion could be aimed at attracting businesses that target the Chinese market or companies set up by Chinese entrepreneurs away from home, the FT said, citing sources who had spoken with Shen. HongShan Capital's most recent fund includes LPs such as CalPERS, the University of Texas Investment Management Company, and the University of Washington endowment.

Persons: HongShan, Neil Shen, Shen Organizations: Sequoia Capital, YouTube, Sequoia, Partners, HongShan, Business, United, Strategic, University of Texas Investment Management Company, University of Washington Locations: China, Europe, India, London, Singapore, Asia

☆ British neobank Monzo raises $430 million in Alphabet-led round to relaunch in the U.S.
▼ + stars: | 2024-03-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

British digital bank Monzo on Tuesday raised $430 million in fresh capital from investors to help it relaunch its services in the U.S.Monzo raised the money in a new funding round led by CapitalG, the independent venture arm of Google parent company Alphabet . HongShan, the Chinese venture capital firm that split from Sequoia Capital last year, also backed the round, alongside existing backers Tencent and Passion Capital. Monzo, which is one of the U.K.'s most popular app-only banks, said the fresh cash would be used to accelerate its expansion plans, including a renewed attempt at expanding its service to the U.S."With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers' financial lives," Monzo CEO TS Anil said in a statement. "Each milestone we've reached to this point has given us more strength and speed to make strides towards our mission — now we'll scale to even greater heights and seize the huge opportunity ahead."

Persons: Monzo, CapitalG, Tencent, Anil Organizations: Google, Sequoia Capital, Passion Locations: U.S

☆ China’s VC playbook is undergoing a sea change as U.S. IPO exits get tougher
▼ + stars: | 2024-02-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

That's far less than in the previous years — the share of U.S. dollars in total VC funds raised was around 15% for the years 2018 to 2021, the data showed. China investments, China exitsWashington and Beijing in 2022 resolved a long-standing audit dispute that reduced the risk of Chinese companies having to delist from U.S. stock exchanges. "With U.S. IPOs no longer being a viable exit strategy for China assets, investors should target local exits in their respective capital markets—in other words, China exits for China assets, and U.S. exits for overseas assets," Liao said. The 20 largest VC deals for China-headquartered companies in 2013 were predominantly in e-commerce and software services, according to PitchBook data. ... the venture capital scene has become even more state-concentrated and focused on government priorities.

Persons: China’s renminbi, Athit Perawongmetha, Kyle Stanford, China —, Liao Ming, Stocks, Liao, Didi, Beijing's, Camille Boullenois Organizations: Reuters, Reuters BEIJING — Venture, Liao Ming, U.S, Sequoia, Prospect, Capital, New York Stock Exchange Locations: U.S, Bangkok, Thailand, Reuters BEIJING, China, Sequoia, Washington, India, Japan, Greater China, Beijing, New York, Hong Kong, U.S . Washington

☆ China's LandSpace readies satellite launch with methane rocket
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 4 (Reuters) - Beijing-based LandSpace Technology, one of China's private space companies, is preparing to launch a satellite payload to orbit in the first commercial test of its rocket powered by liquid fuel using methane and oxygen. The company did not specify a launch window for the rocket, which will blast off from Jiuquan Satellite Launch Center in Inner Mongolia. The company had fundraising rounds of undisclosed sizes since, Chinese company record tracking database Tianyancha showed. LandSpace rival OrienSpace, founded in 2020, said it plans to launch its first rocket, Gravity-1, based on solid fuel, in December. ($1 = 7.1368 Chinese yuan renminbi)Reporting by Ella Cao, Roxanne Liu and Bernard Orr; Editing by Kevin Krolicki and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: LandSpace's, LandSpace, Elon Musk's, Jeff Bezos, Zhang Changwu, OrienSpace, Ella Cao, Roxanne Liu, Bernard Orr, Kevin Krolicki Organizations: Technology, Weibo, Jiuquan, Elon, Elon Musk's SpaceX, SpaceX, Sequoia Capital, China SME Development Fund, LandSpace's, Thomson Locations: BEIJING, Beijing, Inner Mongolia, China, U.S, HongShan, Sequoia Capital China

☆ China's Moore Threads valued at $3.4 bln in funding before U.S. curbs - sources
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The month before Moore Threads had raised roughly 1 billion yuan in a so-called "series B+" round, one of the sources said. Investors priced Moore at 24 billion yuan prior to the capital raise, and around 24.8 billion yuan after the injection of new capital, said the other source, who had been briefed about the fundraising progress in September. On Tuesday, updates to Moore Threads' company registration data on third-party database Qichacha showed it added new shareholders including a fund called Houxue Qingxin and venture investment firm Chenan Zhizhi alongside an increase in its registered capital. It was widely considered one of China's most prominent efforts to develop products capable of competing with those from market-dominating Nvidia. ($1 = 7.2482 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Moore, Chenan, ByteDance, Jan Harvey Organizations: REUTERS, Rights, U.S, Taiwan Semiconductor Manufacturing, Reuters, Nvidia, AMD, China Mobile, Sequoia Capital, Beijing, Thomson Locations: China, Rights BEIJING, U.S, Sequoia Capital China

☆ GGV Capital, a top Silicon Valley investor, is splitting off its China business as pressure mounts
▼ + stars: | 2023-09-22 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —GGV Capital, a prominent Silicon Valley venture capital firm, has become the latest big investor to break up its US and China operations into separate companies as tensions between the two countries over tech and geopolitics continue to rise. The other side will focus on China, Southeast Asia and South Asia, run from its headquarters in Singapore, by managing partners Jenny Lee and Jixun Foo. Jenny Lee, managing partner of GGV Capital, at a conference in Singapore in September. Lee will co-lead the Asia side of the business as it becomes its own firm, according to GGV. Asked whether the US order or wider geopolitical tensions had factored into its decision, GGV Capital declined to comment.

Persons: Glenn Solomon, Hans Tung, Jeff Richards, Oren Yunger, Jenny Lee, Jixun, Lee, Slack, ByteDance, Didi, Biden, “, ” Organizations: Hong Kong CNN — GGV, Jiyuan, GGV, Bloomberg, Getty, CNN, Sequoia Locations: China, Hong Kong, North America, Latin America, Europe, Israel, India, California, New York, Southeast Asia, South Asia, Singapore, Asia, United States, China’s Xinjiang, Dentons

☆ Inceptio sees big jump in China sales of driver-assist truck tech, plans overseas foray
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A Dongfeng truck with autonomous driving system developed by Inceptio is showcased at Shanghai Centre in Shanghai, China August 29, 2023. REUTERS/Zoey Zhang Acquire Licensing RightsSHANGHAI, Aug 29 (Reuters) - Chinese startup Inceptio expects the number of trucks in China using its driver-assist technology will quadruple by mid-2024 from around 600 currently, and also plans to begin sales overseas next year. "This is a new 'blue ocean' market," he said, using a phrase that describes an underdeveloped market with few competitors. Over the next three to five years, Inceptio is looking at offering services to help manage truck fleets, Ma said. Inceptio eventually hopes that trucks will be eventually allowed to go fully autonomous, enabling it to build a robotruck fleet.

Persons: Zoey Zhang, Inceptio, Julian Ma, China's, Ma, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Inceptio, Shanghai, REUTERS, Rights, Dongfeng Automobile, Nestle, Budweiser, Deppon Express, Reuters, East, Boston Consulting, Thomson Locations: Shanghai, China, U.S, CATL, Sequoia China, East Asia, East, Japan, Inceptio

☆ Dentons: Global law firm splits off Dacheng, its China business
▼ + stars: | 2023-08-09 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Dentons, the world’s biggest law firm by number of employees, is distancing itself from its business in China in response to intensifying regulation in the country. The firm notified clients of the move this week in an internal memo shared with CNN Tuesday. Dentons said that starting this month, its China unit would operate as a standalone legal entity. Its China business operates independently under its Chinese name Hongshan. Leaders of the Silicon Valley firm said at the time that it had “become increasingly complex to run a decentralized global investment business.”

Persons: Hong Kong CNN — Dentons, Dentons, ” Dentons, Bain, “ who’s, ” Michael Hart, “, ” Organizations: Hong Kong CNN, CNN, Hong, Dentons, Group, American Chamber of Commerce, British, of Commerce, European Union Chamber of Commerce, Sequoia Locations: Hong Kong, China, Dentons, ”, Shanghai, New York, Beijing, Europe, United States, India, Southeast Asia

☆ China's Leapmotor unveils new manufacturing platform, wants others to use it
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, July 31 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology (9863.HK) unveiled on Monday a new platform it developed in-house for making vehicles, which its chief executive said it wants to license to other automakers. The company hopes to sell the platform to other automakers via tech licensing agreements, he said. "We hope Leapmotor will not only be an EV brand but also a licensor of core technologies," Zhu said. Leapmotor, which employs more than 2,000 engineers, sold 44,500 units in the first half, 14% fewer than a year ago. ($1 = 7.1512 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong, Robert Birsel and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leapmotor, Zhu, Tesla, Zhang Yan, Brenda Goh, Jacqueline Wong, Robert Birsel, Tomasz Janowski Organizations: Zhejiang Leapmotor Technology, HK, Companies, Shanghai Electric Group Corp, Sequoia Capital, Volkswagen, Thomson Locations: SHANGHAI, Zhejiang, Shanghai, Sequoia Capital China

☆ Meituan's insider AI deal does not compute
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

Meituan describes Light Year as a leading AI innovator in China. Its backers include Meituan CEO Wang Xin and Sequoia Capital China's HongShan fund, which is controlled by a Meituan non-executive director. Meituan is paying out roughly $234 million in cash and covering some $50 million-worth of Light Year's convertible bonds. Interestingly, Meituan's total outlay is roughly equal to the target's net cash position. For investors, understanding this AI deal is no small challenge.

Persons: Wang Huiwen, Meituan, Wang Xin, Robyn Mak, ’, crouch, Eli Lilly, Antony Currie, Thomas Shum Organizations: Reuters, Meituan, Sequoia Capital, Twitter, Thomson Locations: HONG KONG, HK, China

☆ China's Meituan to buy artificial intelligence firm Light Year from co-founder
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Chinese food delivery giant Meituan (3690.HK) said on Thursday that it is acquiring artificial intelligence (AI) company Light Year from its co-founder and former director Wang Huiwen, in a bid to develop its own generative AI. The deal comes at a time when AI has captivated investor interest across the globe, prompting a flurry of investments or acquisitions by businesses in a rush to develop generative AI like ChatGPT. The deal allows Meituan, in which online advertising giant Tencent (0700.HK) holds an 18.7% stake, to strengthen its position in the AI landscape of China. Meituan will control 100% of Light Year after completion of the deal. Reporting by Navya Mittal and John Biju in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Wang Huiwen, HongShan, Meituan, Wang, Navya Mittal, John Biju, Shailesh Organizations: HK, Sequoia Capital China Growth, Thomson Locations: China, Bengaluru

Economic challenges and geopolitical tensions have made fundraising and investment difficult, and eaten into global venture funds' returns. "It has become increasingly complex to run a decentralized global investment business," Sequoia said in the statement. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. Sequoia started to invest in local companies in China, India and Southeast Asia more than 15 years ago, according to the statement. Sequoia China, founded and led by former entrepreneur and investment banker Shen, has invested in more than 1,200 companies in sectors ranging from technology to healthcare.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Biden, Weiheng Chen, Wilson, Steven Yu, Yu, Trump, we've, Singh, Oyo, Kane Wu, Julie Zhu, Sriram, Roxanne Liu, Krystal Hu, Bernadette Baum, Mark Potter, Paul Simao Organizations: Sequoia Capital, Economic, Investment, Sequoia, XV Partners, HK, PDD Holdings, Reuters, Global Law, China -, Thomson Locations: HONG KONG, China, India, Southeast Asia, COVID, Sequoia China, Sequoia India, Shanghai, U.S, China - U.S, Hong Kong, Mumbai, Beijing, San Francisco

☆ Sequoia to separate China, India and Southeast Asia operations by March 2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 6 (Reuters) - Global venture capital giant Sequoia announced Tuesday that it is planning to separate its China, and India and Southeast Asia businesses into two independent firms. The China and India and Southeast Asia businesses will become independent and distinct with separate brands, by March 31, 2024, Sequoia said in a statement signed by managing partners Roelof Botha, China head Neil Shen and India head Shailendra Singh. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. The firm partnered with local leaders in China and India and Southeast Asia over 15 years ago, according to the statement. Singh and his team raised a $2.5 billion India and Southeast Asia fund last year, its biggest yet.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Singh, Kane Wu, Julie Zhu, Sriram, Louise Heavens, Bernadette Baum Organizations: Sequoia, Sequoia Capital, XV Partners, HK, PDD Holdings, Thomson Locations: HONG KONG, China, India, Southeast Asia, Europe, Sequoia China, Sequoia India, Oyo, Mumbai

☆ The decision to split Sequoia Capital into 3 entities puts to bed any questions of a power struggle at the VC powerhouse
▼ + stars: | 2023-06-06 | by ( Melia Russell | ) www.businessinsider.com time to read: +4 min

VC powerhouse Sequoia Capital announced Tuesday that it is splitting into three entities. One of those entities, Sequoia China, known locally as HongShan, will operate as a distinct firm. The mighty Sequoia Capital is dropping branches. The decision puts to bed any question of a power struggle at one of Silicon Valley's most respected firms. And unlike some other global firms that had veto power over investments overseas, according to Bloomberg, Sequoia China had full autonomy to strike its own deals.

Persons: Roelof Botha, Neil Shen, Forbes, Alex Konrad, Doug Leone, Instagram, Bytedance, Botha, Shen, Julian Bek, Elon Musk's Organizations: Sequoia Capital, Sequoia, XV Partners, YouTube, Bloomberg, Shen, Sequoia China, Ventures, Lightspeed Venture Partners, Accel, Elon, Twitter, Fidelity Locations: Sequoia China, China, Europe, HongShan, India, Southeast Asia, Sequoia, Sequoia Capital China, Asia, Silicon Valley, London, FTX

☆ Sequoia Capital to split into three parts, separating its China and India businesses
▼ + stars: | 2023-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Sequoia partners Roelof Botha, Neil Shen, and Shailendra Singh delivered the update to their limited partners via a joint message. Botha is managing partner for Sequoia's U.S. and Europe business, while Shen and Singh run Sequoia's China and Southeast Asia businesses, respectively. "To deliver on our mission, we have decided to fully embrace our local-first approach," the three partners told their investors. "We've seen growing market confusion due to the shared Sequoia brand as well as portfolio conflicts across entities." Sequoia is one of the world's top venture funds, with notable investments in Apple, Google, Paypal, and Zoom.

Persons: Roelof Botha, Neil Shen, Shailendra Singh, Botha, Shen, Singh Organizations: Sequoia, Sequoia's, XV Partners, Apple, Google, Paypal Locations: China, U.S, Europe, Southeast Asia, India

☆ US venture capital titan Sequoia to split off China business amid tension with Beijing
▼ + stars: | 2023-06-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Venture capital titan Sequoia is splitting its business into three independent partnerships, each with separate brands. Sequoia Capital executives briefed investors Tuesday about the plans, which are expected to be completed by March 2024. The firm’s operations in Europe and the United States will retain the current name, Sequoia Capital. Its Chinese unit, Sequoia China, will use its current Chinese name, HongShan. The company’s business operations in India and Southeast Asia will be spun off into a partnership named Peak XV Partners.

Persons: hyping, Roelof Botha, Neil Shen, Shailendra Singh, Biden, TikTok Organizations: DC CNN — Venture, Sequoia Capital, XV Partners, Apple, Sequoia, Republicans, US, Street Journal Locations: Washington, China, Beijing, Europe, United States, Sequoia China, India, Southeast Asia, Montana

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