Sequoia China Rebranding Is High Stakes Leadership Test (1)

The venture capital giant formerly known as Sequoia China is slated to host a major gathering of investors this month. The annual meeting is a kind of coming out party for HongShan, which formally split with Sequoia in June, and has $56 billion under management.

But a dismal climate for startups and ratcheting geopolitical tensions mean that the stakes are unusually high as HongShan rolls out its new brand.

The firm’s early returns on some funds are weaker than when China’s tech scene was booming, according to reports from existing investors with Sequoia China. It’s also under fresh scrutiny from the US government, which is cracking down on American ...