Newcomer had a piece yesterday on HSG’s (formerly Sequoia China) returns. I strongly suspect the “barely positive” takeaway is being skewed by very new vintages and data cutoffs that stop at 2025. By all indications, HSG had a stellar year last year, with lots of up-rounds and double-digit IPOs. And in China, the IPO path is increasingly fast, just look at MiniMax: founded in December 2021, public by January 2026, and now a $40 billion company. Neil Shen just does not miss.

I've written abt this many times before but the faster IPO path is in big part a "lack of capital" story. There just aren’t that many deep-pocketed late-stage private investors left, especially now that international capital participates less and exits increasingly skew toward domestic public markets. Public-market multiples and liquidity aren’t always amazing in the aggregate, but that varies a ton by sector. In hot sectors like AI and semis, the outcomes have been pretty great, not quite Silicon Valley / US capital market levels, but very, very good. And HSG is kind of the top dog here.