Companies backed by tech investor’s HongShan group subsequently expanded in city-state
Neil Shen, China’s most prominent tech investor, acquired permanent residency in Singapore and later opened an office for his $56bn venture capital firm in the city-state as tensions rose between Washington and Beijing. The billionaire founder of Sequoia China, renowned for early investments in Alibaba, ByteDance and Shein, was granted the status before the Covid-19 pandemic, according to three people familiar with the matter.
Shen led Sequoia’s China business before political pressure stemming from worsening Sino-US relations forced it to split from its American arm. The divorce resulted in three separate businesses: HongShan in China, Peak XV in India and south-east Asia and Sequoia Capital in the US. HongShan has since sought to become more global, pursuing business opportunities and investments worldwide to benefit its Chinese portfolio companies.
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