China’s top venture capitalist has stepped up sales of stakes in three of his biggest investments, which are now among the country’s largest technology companies, as Beijing’s scrutiny of the sector results in sweeping new regulations.
Neil Shen, the head of Sequoia Capital China, has sold as much as $215m in shares in the fast-growing group shopping app Pinduoduo, food delivery giant Meituan and delivery platform Dada Nexus.
His investments in Pinduoduo, which is New York-listed, and Meituan, which is listed in Hong Kong, have helped propel Shen to the top of Forbes’ Midas List as Asia’s most successful venture capitalist for several years. The 53-year-old’s personal net worth is estimated to be $4.4bn.
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