Meituan mentioned in the announcement that after the annual shareholders meeting, due to other work arrangements, Shen Nanpeng resigned as a non-executive director.

According to HKEx, on August 31, Red Shirt China Managing Partner Shen Nanpeng reduced his holdings of about 26.35 million shares of Meituan at an average price of about HK $129 per share, for a total of about HK $3.4 billion.。After the reduction, Shen Nanpeng's shareholding ratio increased from 2.32% down to 1.86%。

Sequoia China has reportedly set up an office in Singapore and is working on plans to use it as a base for investment in Southeast Asia.。The company will initially seek to support existing Chinese founders who have an international presence in Singapore.。But at the same time, the company has also expressed interest in investing in start-ups.。