Meituan seeks Light Year leap

Meituan (3690) announced yesterday that it has agreed to buy the entire interest in Light Year for US$234 million (HK$1.83 billion), assume debts of 367 million yuan (HK$396.4 million) and pay cash of one yuan (HK$1.08).

It sees the acquisition as an opportunity to strengthen its competitiveness in the fast-growing artificial intelligence industry by acquiring a company that offers leading-edge technology and talent.

The takeover comes as Light Year has completed building up a team of product and technical talent within just two months, attracting a number of top AI experts and entrepreneurs to join the team, according to officials.