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  "markdown": "Venture firm.\n\nWebsite: https://www.hongshan.com\n\n## Companies on Anchor Terminal\n\n- **Moonshot AI**\n  - [Kimi Code CLI](https://www.anchorterminal.com/tools/kimi-code-cli.md), graded B, 62.1/100\n  - [Kimi K3](https://www.anchorterminal.com/tools/kimi-k3.md), graded B, 62.4/100\n  - Source: https://gulfnews.com/business/markets/alibaba-leads-record-deal-to-create-25-billion-china-ai-firm-1.101305657\n- **Photon**, Seed, October 2026, through HSG\n  - [Photon](https://www.anchorterminal.com/tools/photon.md), graded D, 53.6/100\n  - Source: https://techcrunch.com/2026/10/01/photon-held-a-funeral-for-mobile-apps-now-it-has-4-5m-to-help-replace-them-with-agents/\n\n## Where they invest\n\n- Agent harnesses, 1\n- Open-weight models, 1\n- Messaging APIs, 1\n\n## Founders they backed\n\n- [Yang Zhilin](https://www.anchorterminal.com/people/yang-zhilin/), Moonshot AI\n- [Zhou Xinyu](https://www.anchorterminal.com/people/zhou-xinyu/), Moonshot AI\n- [Wu Yuxin](https://www.anchorterminal.com/people/wu-yuxin/), Moonshot AI\n\n## Questions\n\n### Which AI tools has HongShan invested in?\n\nAnchor Terminal lists Moonshot AI and Photon backed by HongShan.\n\n### How are HongShan's companies graded?\n\nOn Anchor Terminal's benchmark, Kimi Code CLI (B, 62.1), Kimi K3 (B, 62.4) and Photon (D, 53.6).\n\nInvestors are named from the companies' own announcements, the investors' own pages, Y Combinator's company pages, public filings and news reports of a round, each with its source. An investor isn't a sign of quality, and nobody can pay to be listed or to change a grade. To correct something or have a page removed, write to privacy@anchorterminal.com.\n",
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