Sequoia Capital’s China unit has set up an office in Singapore and is working on plans to use it as a base for investing in Southeast Asia, Financial Times reported, citing sources familiar with the matter.

The establishment of a presence in Singapore reflects HongShan's ambition to expand its investment reach and establish a strong foothold in the Southeast Asian region, potentially intensifying the competitive landscape between it and Peak XV Partners, which primarily focuses on the Indian and Southeast Asian markets.

Previously, in June, Sequoia Capital, a well-known Silicon Valley venture capital, split off its China and India businesses and rebranded them as "HongShan" and "Peak XV Partners" respectively.

The split will be completed no later than March 31, 2024. Once separated, the three independent units will stop sharing back-office functions such as IT, finance, and accounting.

Founded in 2005, Sequoia China, or HongShan, has established itself as a prominent player in the Chinese venture capital landscape. It has a track record of successful portfolios including Pinduoduo, JD.com, Meituan Dianping, Didi Chuxing, as well as ByteDance, the parent company of TikTok.

HongShan currently manages about $56 billion in assets, with US investors accounting for about half of its total investors.