TLDR:
- Neil Shen Nanpeng, a prominent venture capitalist in China, has stepped down from the board of Meituan after nine years.
- Shen was ranked No 3 in Forbes’ 2024 Midas List and is known for his investments in successful internet companies like ByteDance.
Article Summary:
Neil Shen Nanpeng, the founder of Chinese venture capital firm HongShan, has announced his exit from the board of Meituan, a popular food delivery giant. Shen retired from the role after nine years due to other business commitments. He was recently ranked No 3 in Forbes’ 2024 Midas List for his successful investments in companies like ByteDance, the owner of TikTok and Douyin.
Shen’s departure from Meituan is not the first high-profile corporate exit for him, as he had previously left roles at BTG Hotels and Pinduoduo. HongShan, Shen’s venture capital firm, has been gradually reducing its stake in Meituan since the company went public in 2018, cashing out more than HK$50 billion. Despite the exit, Shen still retains a 0.17 per cent stake in Meituan.
Apart from Meituan, Shen’s firm Sequoia China, now known as HongShan, had also invested in other major Chinese tech firms like Alibaba, JD.com, and Shein. Meituan, on the other hand, reported a 25 per cent year-on-year increase in revenue in the first quarter and is looking to expand internationally, with plans to enter markets like Southeast Asia and Riyadh, Saudi Arabia. Shen’s exit from Meituan’s board marks the end of a significant chapter in his successful venture capital career.
