BEIJING, March 4 (AsianFin) – Venture capital firm Sequoia China’s founder Shen Nanpeng has reportedly obtained permanent residence in Singapore. Shen first filed an application for residing permanently in the southeastern Asian country over a decade ago. But his application was approved prior to the outbreak of the Covid-19 pandemic due to some “personal reasons.” Sequoia China has expanded its presence in Singapore since it was split off from U.S.-based Sequoia Capital in June 2023. Sequoia Capital has encouraged its former Chinese business unit to set up an investment entity in Singapore. Sequoia China clarified that the creation of its Singapore office was out of business reasons, not related to the high-level executive’s personal matter. Hillhouse Capital’s founder Zhang Lei has also secured his permanent residence in Singapore. Boyu Capital’s co-founder Sean Tong, Tecent’s co-founder Zhidong Zhang and Dazhong Dianping’s founder Tao Zhang have also moved to Singapore.