$97 Billion China Food Delivery Giant Meituan Acquires Artificial Intelligence Startup Beijing Lightyear Technology for $233.7 Million, Launched by Meituan Co-Founder Wang Huiwen in 2023 February with $50 Million Personal Investment & Resigned from Company Days Before Acquisition Announcement Due to Personal Health Issues
30th June 2023 | Hong Kong
China food delivery giant Meituan ($97 billion market capitalization) has acquired artificial intelligence startup Beijing Lightyear Technology for $233.7 million, launched by Meituan co-founder Wang Huiwen in 2023 February with $50 million personal investment and resigning from company days before acquisition announcement due to personal health issues. Current Chairman & CEO of Meituan is Wang Xing, who is also the co-founder of Meituan. The Beijing Lightyear Technology acquisition includes $233.7 million in cash, 366.9 million yuan ($50.66 million) debt, and payment of $28 million previous investor HongShan (formerly known as Sequoia Capital China Growth Fund VII).
“ $97 Billion China Food Delivery Giant Meituan Acquires Artificial Intelligence Startup Beijing Lightyear Technology for $233.7 Million, Launched by Meituan Co-Founder Wang Huiwen in 2023 February with $50 Million Personal Investment & Resigned from Company Days Before Acquisition Announcement Due to Personal Health Issues “
$97 Billion China Food Delivery Giant Meituan Acquires Artificial Intelligence Startup Beijing Lightyear Technology for $233.7 Million
About Meituan
Meituan (HKG: 3690) (the “Company”) is a leading technology-driven retail company in China. With the mission of “We help people eat better, live better,” the Company uses technology to connect consumers and merchants. Service offerings on its platform address people’s daily needs for food and retail goods and extend further to broad lifestyle and travel services. Meituan is the world’s leading on-demand food delivery service provider and China’s leading e-commerce platform for in-store dining services. Meituan helps consumers discover merchant information, make informed decisions, complete online and offline transactions and enjoy on-demand delivery. The Company currently owns several household brands in China, including Meituan, China’s leading online marketplace for services, Dianping, China’s leading online destination for discovering local services, Meituan Waimai for on-demand delivery services, and Meituan Bikes for bike-sharing services. The Company operates in over 2,800 cities and counties in China.
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