Vol.004 | Conversation with Richard Guo: Staying Out of the Fray, But Keeping on Winning

February 6, 2026

In an earlier elsewhere interview with Huadong Wang, we talked about someone: another investor who also claimed to be boring.

That person is Shanshan Guo.

Shanshan Guo keeps a low profile. If you don't work in investing, you might not know his name at all. But he's backed: PDD, Xiaohongshu, Mingming Busy (formerly Snack Busy), ZTO Express, J&T Express, ANE Logistics, Full Truck Alliance, Lalamove, BOSS Zhipin, Agibot, and more.

The fund returns he's generated exceed ten billion dollars, spanning different industries and stages — making him one of the most accomplished young partners in Chinese investing.

But last year, after fifteen years at Sequoia, he moved to an investing partner role and founded Entropy Management, a new fund focused primarily on public markets and supporting philanthropic causes.

Why did he make this choice?

🎙️ Voices Shanshan Guo | Founder, Entropy Management

Jing Liu | elsewhere

📀 BGM "Ren Wo Xing" — Eason Chan

📱 Socials All platforms: elsewhere别处发生

⏱️ Timestamps

Part 1: Watching Logistics at Sequoia 00:04:25 Early career: Siemens and McKinsey 00:09:41 Joining Sequoia: you believe in me, I believe in you 00:13:27 Cold-calling his way into ZTO Express 00:26:40 Following the thread to discover ANE Logistics 00:33:39 The logistics industry is a world of its own

Part 2: Due Diligence on PDD 00:38:01 Colin Huang and I are both called Colin 00:40:37 Placing orders for kiwis and kitchen paper 00:45:10 "There's no point investing a small amount — I'm betting my career on this" 00:47:10 The details of PDD due diligence 00:56:46 Making partner, PDD passing investment committee, and getting my marriage certificate — all in the same month 01:03:56 What successful investing means: earning trust

Part 3: In All 01:07:49 Private and public markets are different species 01:17:13 "I fear falling behind — that's how people who want to win think" 01:28:08 I have a superpower: watching mukbang makes me full 01:32:08 If I were ten years younger, or could live two lifetimes

🧩 Team Producer: Yunxiao Guo

Production: Podcast Commune | OPS Podcast Studio

Planning / Director: Lao Yuan

Project Manager: Village Chief (Chaofan Liu)

Director of Photography: Yan Liu

Video Production: Yan Liu

Audio Production: Tutu

Visual Design: Wing (Chaosheng Zhi)

Lighting Design: Zang Zunzhuang Team

Venue Support: alahouse