Investment firm · Hong Kong / China
HSG (ex-Sequoia China)
About
HSG — the China investment platform that operated as Sequoia Capital China before the two firms formally separated in 2023 — is one of the largest and most established investors in Chinese technology companies.
APAC secondaries activity
HSG's continuation vehicle for its ByteDance stake, raising at a $350–370B valuation, is one of the largest GP-led secondaries tracked in the region — and a clear signal of the structure's growing use among China-focused managers.
What a transaction here looks like
A large China-focused investment firm sits on the supply side of secondaries as much as the demand side. Long holding periods and a slow exit environment leave positions that investors want liquidity against, and the vehicles created to address that — including single-asset continuation structures around the region's biggest private companies — are among the largest transactions tracked here.
Who sits on the other side
Its counterparties are its own limited partners seeking liquidity, and the secondary buyers who provide the capital for those vehicles. Reading a large continuation vehicle as distress misses the point: the manager is choosing to hold an asset longer, and the transaction exists because its investors' fund clocks ran faster than the asset's timeline.