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The deal comes at a time when AI has captivated investor interest across the globe, prompting a flurry of investments or acquisitions by businesses in a rush to develop generative AI like ChatGPT. The total deal for Light Year includes $233.7 million in cash with 366.9 million yuan ($50.66 million) worth of debt and a payment of $28 million to the AI firm's previous investor HongShan, a investment fund by Sequoia Capital China Growth Fund VII, Meituan said.