Chinese venture capital giant HongShan, which announced its split from Sequoia Capital this year, is establishing a global footprint as a slowdown in the domestic economy pushes it overseas.
Neil Shen, the group’s founding partner, who led Sequoia’s China business for 18 years until it was forced to separate under political pressure in June, is seeking business opportunities and investments worldwide to benefit HongShan’s Chinese portfolio companies, according to seven people familiar with his plans.
The move comes amid a slowdown in China’s economy that has damped sentiment for tech companies, while also forming part of an ambitious new era for HongShan as an independent group.
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