HSG, formerly Sequoia Capital China, is setting up a continuation fund to move some of its ByteDance shares at a valuation between US$350 billion and US$370 billion, according to people familiar with the matter.

HSG owns just over 11% of ByteDance, the parent company of TikTok, and the new fund will allow investors in HSG’s older funds to sell their stakes as those funds near the end of their cycle.g

ByteDance shares are expected to make up a large portion of this new vehicle.

This valuation is higher than ByteDance’s recent employee share buybacks, which valued the company above US$330 billion, but below a November 2025 secondary market deal that put its value at US$480 billion.

ByteDance’s revenues rose in 2025, surpassing Meta in sales for the first half of the year, according to sources.

HSG declined to comment on the continuation fund.

🔗 Source: Reuters

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