Li Auto’s shares fell in Hong Kong after the founder of Chinese lifestyle services platform Meituan sold more shares of the electric vehicle startup.

Li Auto [HKG: 2015] closed 5 percent lower at HKD117.50 (USD15) a share today, bringing the stock’s decline to 20 percent since the start of this year. Its New York-listed shares [NASDAQ: LI] closed up 1.4 percent at USD31.04 each yesterday.

Late last month Wang Xing, one of the EV maker’s major shareholders, sold equity in Beijing-based Li Auto worth more than HKD500 million (USD63.9 million), according to data disclosed by the Hong Kong Stock Exchange today.

Between March 26 and 28, Wang sold 4.2 million of Li Auto’s shares for HKD118.58 to HKD122.17 apiece, paring the stake held by the billionaire and Meituan to 21.5 percent from 21.8 percent.

The divestment was Wang’s own choice and represents only a small portion of his shareholding, Li Auto told China Securities Journal.

Wang and Meituan began buying into Li Auto in 2019, eventually becoming the biggest shareholder in the carmaker after its founder Li Xiang. Wang started reducing his equity in the company last year, selling shares worth USD53.6 million in March and HKD311 million (USD39.7 million) in September.

Last year, Li Auto made its first annual profit since being formed in 2015. Net profit was CNY11.7 billion (USD1.6 billion) on a 174 percent surge in revenue to CNY123.9 billion (USD17.1 billion). Vehicle sales jumped 180 percent to 376,000 units, ranking the company top among Chinese EV startups.

But sales of the Mega, a pure-electric multiple-purpose vehicle Li Auto launched last month, have been disappointing. Li Xiang, who is also chairman and chief executive, recently said the firm had got its marketing strategy wrong for the new model. He also cut Li Auto’s forecast for deliveries in the first quarter of this year.