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Venture capital giant Sequoia Capital China sold 4.36 million shares of food delivery giant Meituan at an average price of HK$193.1892 on July 21, sold 82,500 shares at an average price of HK$191.1724 on July 22, and sold 2.1 million shares at an average price of HK$186.5201 on July 25, according to a filing to the Hong Kong Stock Exchange on Wednesday.
After the share sales, Sequoia China’s stake in Meituan declined to 2.69%, according to the filing.
The latest share sales came after Sequoia Capital China and its founder Neil Shen cut stake in Meituan to cash out about HK$3.9 billion ($497 million) earlier this month. They sold almost 21.1 million shares in Meituan at a price of HK$185 per share on July 8, reducing their stake to 2.8% from nearly 3.2%.
Sequoia China invested in Dianping in 2006, and Meituan in 2010, before the two merged later. Sequoia China had a 12.5% stake in Meituan when it was publicly listed.
Meituan’s shares edged down 0.3% to close at Hk$190.1 on Wednesday.