Market Chatter: Meituan Co-Founder Returns to Lead AI Efforts

MT Newswires Live11-08

Meituan (HKG:3690) co-founder Wang Huiwen is back to lead the company's generative artificial intelligence endeavors, the South China Morning Post reported, citing tech news portal 36Kr.

Wang, who left in June 2023 as a non-executive director for health reasons, will lead the quest for Meituan's new AI-related opportunities, the report said.

The department, called GN06, will be independent of other business units at the food delivery platform, according to the report.

Wang founded AI startup Light Year in February 2023 but sold it to Meituan four months later for $281 million amid his health issues, SCMP said.

Shares closed 4% lower during Friday's trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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