Source: Securities Times.

$MEITUAN-W (03690.HK)$According to the announcement, after the annual shareholder meeting is over, Sequoia China's partner Shen Nanpeng will step down from the non-executive director position due to other work arrangements. The announcement also stated that Shen Nanpeng has confirmed that he has no difference of opinion with the board of directors and there are no other matters related to his resignation that need to be submitted to the shareholders for their attention.

After previously resigning from his position as a director of BTG Hotels, Shen Nanpeng has now stepped down as a non-executive director of Meituan, meaning that Shen Nanpeng, who had worked for Meituan for 9 years, has officially resigned from his position. Public information shows that Sequoia China became a round A investor in Dianping in 2006. Four years later, Sequoia China became an A-round investor in Meituan and has since invested in Meituan in many subsequent financing rounds. In the process of the merger between Meituan and Dianping, Shen Nanpeng played an active role in promoting it.

In September 2018, Meituan was officially listed in Hong Kong, with Sequoia China's shareholding at 12.05%. Since 2019, Sequoia China has gradually reduced its holdings in Meituan. The Meituan 2023 annual report shows that as of the end of last year, Shen Nanpeng holds 1.69% of Meituan's equity through HongShan Funds and other controlled entities, and has a beneficial interest of 0.17%.

Although Sequoia has invested in almost all great companies during the last round of internet development in China, one famous saying in Sequoia's investment philosophy is "the best investment is the next investment", which means zero-position mindset is very important. This can be seen from Shen Nanpeng's past experience. After founding Ctrip Travel Network in 1999 and successfully taking it public on NASDAQ, he embarked on a brilliant career in entrepreneurship and investment. He then successfully founded Home Inns and took it public on the capital markets again. In 2005, Shen Nanpeng bid farewell to Ctrip and joined Sequoia Capital, where he served as founding partner of Sequoia China, opening up a wider path for his investment.

On the Sequoia China platform, Shen Nanpeng, with his keen business insight and unique investment strategies, has participated in the development of some world-class Chinese companies. In early June, Forbes released its 2024 Best Venture Capitalist list, and Shen Nanpeng, founding and managing partner of Sequoia China, remained the only Chinese investor among the top ten, ranking third globally this year with successful investments in ByteDance, Meituan, and PDD Holdings.

In May, Shen Nanpeng, while attending the fourth BEYOND International Technology Innovation Expo, shared his insight on embracing uncertainty. He said that as an investor, one must be ready for uncertainty every day.

"As investors, especially in the field of venture capital, dealing with uncertainty is a continuous reality. These uncertainties come from multiple sources. Our portfolio companies face inherent business uncertainties, as well as broader challenges. Financial market fluctuations can even affect early companies and their capital availability and risk financing capabilities."

Shen Nanpeng went on to explain: "Disruptive technologies add another layer of uncertainty. For our CEOs, it is critical to anticipate these uncertainties and make strategic deployments. It is essential to take the initiative, stay ahead of the trend, and carry out strategic planning, just like adjusting your speed on a highway to deal with potential hazards."

And how should one deal with it? He pointed out: First, we must face uncertainty with a long-term perspective. Shen Nanpeng said that many of the companies that Sequoia has invested in have a long-term investment in the industry, and the team can also see the long-term development of the industry; second, Shen Nanpeng mentioned the importance of learning ability. "Many things in the industry are new, such as 18 months ago, when many practitioners didn't know much about large language models or their underlying logic, everyone had to learn to follow up. He said that when a technology revolution occurs, even CEOs in the industry must learn quickly; finally, Shen Nanpeng mentioned the concept of globalization. He believes that talent and technology are critical to enterprises and have become a basic requirement.

Shen Nanpeng also provided some advice to young entrepreneurs: "Young people need to have passion and curiosity, and if you want to establish the differentiation of a company, you must deeply research a field and become an expert in it to succeed."

Editor / jayden