In one of the biggest IPOs of the year, Meituan, China’s largest online services e-commerce platform, listed in Hong Kong on September 20, 2018, raising more than $4 billion. Following the listing of electronic car company NIO, Meituan marked the second successful IPO by a Hillhouse-backed technology company in two weeks.

Hillhouse was an early investor in Meituan, contributing knowledge of the e-commerce and logistics sectors to Meituan as it increased scale and efficiency. Hillhouse has known the company’s founding team for more than seven years. The strength of Meituan’s management was a major factor in Hillhouse’s decision to invest.

The strength of the IPO in the midst of uncertainty in broader markets underscores Hillhouse’s belief that investing in superior management teams and strong technology platforms leads to excellent long-term outcomes, regardless of short-term market fluctuations.