Image Source: Sina Finance

BEIJING, February 13 (TMTPOST)—Wang Huiwen, a co-founder of China’s largest food delivery service platform Meituan, announced on Monday that he would create China’s OpenAI depite his lack of expertise in the technolgy. 

In his WeChat post, Wang said that he would contribute U.S.$50 million to a start-up, which is now valued at about US$200 million.  

Wang said he is not an expert in AI but he is making great efforts to learn it. With his capital contribution, he would hold a 25% stake in the start-up. Top venture capital companies have committed to subscribing to US$ 230 million equity shares for the upcoming round of financing. The remaining 75% equity will be used for hiring top AI scientists and researchers. 

According to Tianyancha app, Beijing Guangnian Zhiwai Technologies Ltd was founded in July 2018, with Wang Huiwen as its legal representative. It has registered capital of 1 million yuan and its business scope covers marketing products developed by the company and providing computer system services. Wang is also the sole shareholder of the company.  

Wang, born in 1978, holds a bachelor’s degree in electronic engineering from Tsinghua University. He co-founded Xiaonei.net, a precedent of Renren.net and Taofang.com. In 2010, he founded Meituan along with Wang Xing and worked as its executive director. In September 2018, Meituan was listed on the Hong Kong Stock Exchange.

In December 2020, Meituan announced that its co-founder and Senior Vice President Wang Huiwen would retire as planned. In February 2021, Wang acted as non-executive director of Kuaishou, one of two major short video sharing platforms in China. The other platform is Douyin, whose sister app Tiktok has gained great popularity in the United States.

Since his retirement, Wang has announced his interest in Web 3.0 and blockchain technologies. Now he is switching to AI. Wang asserted that he must participate in AI and that is his only judgement to date when it comes to AI. Waterdrop Inc. founder and CEO Shen Peng commented that it is "simple, unpretentious and even dry" when a magnate invests.

Wang is associated with nine companies and one charity entity, seven of which are a going concern. He is a senior executive in four companies and holds shares in two companies. He also serves on the council of Beijing Meituan Pulic Good Fund.  

In an email at the time of leaving Meituan, Wang commented that China, as the largest homogenous market in the world, has offered many unique advantages to entrepreneurs. “I was just too lucky. I should not take too much credit for the success and know when to stop.”