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Meituan co-founder Wang Huiwen leaves company due to "personal health issue...

 1 year ago
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Meituan co-founder Wang Huiwen leaves company due to "personal health issues"

Meituan co-founder Wang Huiwen leaves company due to "personal health issues"

June 26, 2023 11:25 pm

Wang Huiwen, one of the co-founders of Meituan, has announced stepping down from his corporate role at the Chinese food delivery giant due to "personal health issues".

According to the filing made by Meituan to the Hong Kong stock exchange on Sunday, Wang has resigned as a non-executive director, a member of the Meituan board’s nomination committee, and an authorized representative of the company.

Wang Huiwen is a close friend of Meituan co-founder, Chairman and CEO Wang Xing. Before stepping down, he was redesignated as a non-executive director at the firm in March from his previous executive director position.

After retiring from his day-to-day top management responsibilities at Meituan in 2020, Wang Huiwen was largely out of the public eye for several years. This Feburary, a boom in China seeking to invest in generative artificial intelligence (AI) projects has brought him back into the spotlight: in February, he led the establishment of Beijing Lightyear Technology with a personal investment of $50 million.

Wang Xing also pledged to invest in the A-series fundraising round for the new venture without disclosing the amount involved.

Sources from Lightyear Technology said Wang Huiwen's leave could have some impact on the company's overall operations.

In April, the artificial intelligence startup reportedly raised a second round of funding at a valuation of more than $1 billion. But Wang Huiwen said in a private WeChat post that the investor's valuation and the size of the financing were inaccurate, according to Tencent News.

The startup is also seeking to acquire OneFlow, a Chinese AI computing framework company, according to Chinese media Caixin, citing anonymous sources.

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