China’s Meituan Acquires Light Year to Boost AI Development

BEIJING – In a strategic move to bolster its generative artificial intelligence (AI) capabilities, Chinese food delivery service Meituan announced Thursday its acquisition of Light Year, a generative AI company. Meituan’s move demonstrates its commitment to staying at the forefront of AI innovation.

The acquisition will enable Meituan – in which Chinese advertising giant Tencent holds 18.7% – to consolidate and strengthen its position in China’s dynamic AI landscape.

With full control over Light Year, Meituan aims to leverage the company’s expertise to develop its own generative AI technologies and enhance its offerings in the food delivery industry.

Light Year has made significant contributions to the research and development of large language models that facilitate AI. The deal's total value for Light Year amounts to $233.7 million in cash, with an additional $50.66 million in debt.