China’s Meituan acquires AI firm Light Year from its co-founder.

(Reuters) – Chinese food delivery giant Meituan is making a groundbreaking move by acquiring artificial intelligence (AI) company Light Year. This strategic acquisition, worth $233.7 million in cash and 366.9 million yuan ($50.66 million) in debt, will pave the way for Meituan to develop its own generative AI.

The acquisition comes at a time when AI has captured the attention of investors worldwide. Businesses are rushing to invest in or acquire AI companies to develop technologies like ChatGPT. Meituan’s acquisition of Light Year will not only strengthen its position in the AI landscape of China but also enhance its capabilities in the field of artificial general intelligence.

Light Year AI, founded and controlled by Wang Huiwen, co-founder and former director of Meituan, specializes in the research and development of large language models. After the completion of the deal, Meituan will have full control over Light Year.

With online advertising giant Tencent holding an 18.7% stake in Meituan, this acquisition marks a significant milestone for the company.

(Reporting by John Biju in Bengaluru; Editing by Shailesh Kuber)

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