On July 27, Meituan officially denied market rumors regarding the departure of Pei Peng, head of foundational models for the LongCat team, stating the information was untrue. Pei Peng joined Meituan in 2023 and has led the development of the LongCat series of large language models, including the recently released LongCat-2.0, a 1.6-trillion-parameter model built on a Mixture of Experts (MoE) architecture. On the same day, Meituan officially launched CatPaw, a full-scenario AI Agent platform that has already been deployed internally, covering 90,000 employees and hosting 30,000 agents. Driven by its AI advancements and growth expectations, Meituan's stock price surged over 4% on the day to close at HK$90.35.