Neil Shen Nanpeng, the billionaire founder of the venture capital firm HongShan (formerly Sequoia China), has resigned from his role as a non-executive director at Meituan, the prominent on-demand local services provider. Shen, 56, retired due to “other business commitments,” with no disagreements reported between him and Meituan’s board, according to the company’s filing with the Hong Kong stock exchange on June 14.
Known as China’s venture capital “godfather” for his investments in major internet companies, Shen was recently ranked No. 3 in Forbes’ 2024 Midas List of the world’s top 100 venture capitalists. This accolade primarily recognized his investment in ByteDance, the parent company of TikTok and Douyin.
Shen joined Meituan’s board in October 2015. His departure marks another significant exit following his resignation from similar roles at BTG Hotels in April and budget online retailer Pinduoduo in November 2022. Both Meituan and HongShan have yet to comment on this recent development.
Since Meituan’s debut on the Hong Kong stock exchange in September 2018, HongShan has gradually reduced its stake, cashing out more than HK$50 billion. The firm currently holds a 1.7% stake in Meituan, while Shen retains a 0.17% beneficial interest, according to Meituan’s 2023 annual report.
HongShan was one of Meituan’s earliest investors and participated in all of its fundraising rounds. In 2018, during Meituan’s initial public offering in Hong Kong, Shen highlighted this enduring support in a public letter. Sequoia China, which was rebranded as HongShan amid escalating US-China trade tensions, has also backed other major Chinese technology firms, including Alibaba Group Holding, JD.com, and Shein.
Meituan recently reported a better-than-expected 25% year-on-year increase in first-quarter revenue, driven by gains in its core local commerce operations, particularly food delivery. The company is now focusing on expanding its presence in international markets. Co-founder and CEO Wang Xing mentioned during an earnings call that Meituan is exploring opportunities in Southeast Asia, following the successful launch of the KeeTa food delivery platform in Hong Kong. The company also has plans to enter Riyadh, the capital of Saudi Arabia.
Neil Shen’s departure from Meituan’s board marks the end of a significant chapter in the company’s history. As Meituan continues its international expansion, Shen’s influence and contributions remain a key part of its growth story. Meanwhile, Shen’s focus on other business ventures suggests new developments and potential growth areas for HongShan.
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