Sequoia Capital’s former China unit, HongShan, is expanding its global investment strategy, focusing on celebrity-backed startups like Kylie Jenner’s vodka seltzer, amid a challenging domestic market. Established in 2005, HongShan has shifted its attention to Europe and North Asia due to limited opportunities in China and tightening U.S. regulations on tech investments. The firm, led by Neil Shen, has been slower in deploying its $9bn U.S. fund, with only 10-20% invested in later-stage funds. HongShan recently opened a London office to enhance its presence, targeting consumer brands to expand in Asia, while also exploring opportunities in Japan.