[3] HongShan has expanded its focus over the years beyond early-stage investing to also cover growth stage, infrastructure, healthcare and consumer, and buyout funds.

[2][6] Afterwards Sequoia China raised more money, mostly from US institutional investors and built a successful investment record which included companies such as Alibaba Group, JD.com, Meituan and ByteDance.

[2][1][7][8] In July 2023, HongShan announced that had set up and office in Singapore and was making plans to use it as a base to invest in Southeast Asia.

It was speculated that it would be competing with Peak XV Partners, the Indian and Southeast Asian investment arm of Sequoia China that was also split off in June 2023.

In addition, members also sated HongShan would be likely to scrap the national security screening mechanism that Sequoia had created to evaluate investments by its companies.

Members also accused HongShan of funnelling US capital into investments that contributed to human rights abuses and military modernisation with examples being DeepGlint and ByteDance.

[11] In November 2024, it was reported HongShan was struggling to deploy its large cash pile in a sluggish domestic market and tightening US controls.