China’s leading venture capitalist, Neil Shen, is pushing sales of stakes in three of his largest investments, which are now some of the country’s biggest tech companies, as Beijing’s scrutiny of the sector results in new regulations, reports the Financial Times. Shen, the head of Sequoia Capital China, has sold as much as $215 million 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 $4.4 billion.
Shen’s largest sales of stock were in Meituan, which was fined $530 million for antitrust violations last month. He sold about $100 million of Meituan shares held through a family investment vehicle and in his own name on October 25. This followed his sale of $55 million of shares in September, which marked his largest personal sale of shares at the time and second time selling since the company’s initial public offering, according to filings in Hong Kong.