Sequoia Capital’s China unit is drawing up plans to expand into Singapore, putting it in competition with another arm of the venture capital group as the firm divides into three amid rising geopolitical tensions.HongShan, the Chinese arm of the Silicon Valley group, has set up an office in the city-state and is working on plans to use it as a base for investing in south-east Asia, multiple people with knowledge of the situation said.
That would pit the Chinese investment juggernaut, which manages $56bn in assets, against Peak XV Partners, Sequoia’s India and south-east Asia business, which already has an office in Singapore.
Both units, along with Sequoia’s US-based business, will split into separate companies by 2024, the group said last month.