16 years after running, Sequoia Capital Clear Clearance Meituan, what should we think of the future of Meituan?

Recently, takeaway rivers and lakes can be described as changing. In this context, a news of Meituan has aroused the attention of the entire market. Everyone is wondering what exactly does Sequoia Capital want to do? At this time, what exactly do Qingcang Meituan want to do?

1. Sequoia Capital Clear Clearance Meituan?

According to the Shanghai Securities Journal, on July 14, the Hong Kong Stock Exchange website disclosed that Sequoia China reduced its holdings of approximately 210.767 million Meituan-W shares on July 8, with an average price of approximately HK $ 185.65 per share. Based on this price, Sequoia China has reduced its holdings of approximately HK $ 3.9 billion this time.

In fact, since the second quarter of 2019, Sequoia China has gradually reduced its holdings in Meituan-W through the sale of shares or shares to LP. Especially after entering 2021, Sequoia China further accelerated the pace of reduction.

People in the industry told reporters that the duration of the US dollar funds is usually about 10 years and two years, and Sequoia China has a shareholding on Meituan for 16 years, and LP will also have an exit demand. In recent years, the reduction of holdings may be mainly because the fund has reached the exit period.

The origin of Sequoia China and Meituan-W should start from 16 years ago. As early as 2006, Sequoia became a Series A investor in the public, and it was the only investor in its Series A. Four years later, Sequoia became a Series A investor in Meituan, and it was also the only investor in Series A. Since then, Sequoia has supported Meituan all the way to participate in every round of financing.

In 2015, Meituan merged with the public comment. In September 2018, Meituan-W landed in Hong Kong stocks. Sequoia China held 12.05%.

However, after the B-type stock B stocks of Meituan-W in March 2019, Sequoia China also began the pace of reducing holdings. Specifically, there are two main ways to reduce their holdings in Sequoia China: one is a non -trading transfer, and the shares will be assigned to LP to hold it; the other is to directly sell stocks.

2. What should Meituan think in the future?

At this time, we saw that the topic of the famous Sequoia Capital reduced the topic of Meituan has aroused the attention of the entire capital market. Many people were surprised by why Sequoia Capital reduced holdings at this time. What should we think of Sequoia? What about the capital reduction of Meituan?

First of all, Sequoia Capital is a well -known investment institution in the world. From the perspective of investment, Sequoia Capital's investment status in the world is basically the top. Therefore, in this case, if an enterprise can have investment in Sequoia Capital, it often represents the recognition of the international capital market. Because Sequoia Capital's investment targets are often strict, the technology innovation companies they invest in often have good market performance, so the company invested by Sequoia Capital often attracted much attention, and its operations reduced operations are also marketing. care. However, don't forget that Sequoia Capital is the core logic of an investment institution's investment institution? This is to obtain sufficient profits through investment. From this perspective, Sequoia Capital to obtain profits through investment is an inevitable choice. Starting from the underlying logic of the first sex, Sequoia Capital does not invest no matter which company invests in any company. It may be held forever, settle in the bag at a suitable time, and then hold more funds to invest in more startups. This is the logic of Sequoia Capital.

Secondly, let's take a look at the overall market performance of Meituan. It can be said that after the listing of Meituan in 2018, Sequoia Capital has gradually withdrawn. After the ban on category B stock in March 2019, Sequoia’s shares of Sequoia, Sequoia, Sequoia, Sequoia, Sequoia, Sequoia, Sequoia. Capital can actually exit. However, we saw that Sequoia Capital did not choose such market development operation ideas, but accompanied Meituan until today. From the perspective of an investment fund, we can see that Sequoia Capital can already exit, but did not choose to withdraw. In fact, it also represents Sequoia Capital. Great pressure, especially the increase in the current overall financing cost of the United States, as a famous investment institution, Sequoia Capital is actually very large, and the pressure on investors to give Sequoia Capital is definitely not small. The reducing holding of its own stocks, under the situation where the overall capital chain in the United States is relatively tight, obtaining more funds is undoubtedly the most urgent choice for Sequoia Capital.

Third, from the perspective of long -term market development, the reduction of Sequoia Capital at this time is a very normal market behavior. In fact, we do not need to over -interpret the reduction of Sequoia Capital. And for the current Meituan, in fact, the overall market direction of Meituan is very good. We see that the southbound capital flowing into Meituan in the second quarter of this year has become a normal state, and we see the whole Institutions in the market are actually more optimistic about the performance of Meituan's market outlook. In early June this year, the overall quarterly report of Meituan exceeded market expectations. The influence is relatively limited, and it is also a kind of operation of its normal profit exit. This operation does not represent its judgment on Meituan.

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