Recently the New York Times reported the following:
China Orders the Unwinding of Meta’s Acquisition of an
A.I. Start-Up
The impact of the ruling was not immediately clear, but
it could send a chilling signal to Chinese tech founders seeking to team up
with foreign companies.
NYT - By Meaghan Tobin - Reporting from Taipei, Taiwan
April 27, 2026
Updated 10:08 a.m. ET
The Chinese government said on Monday that it would require
the unwinding of Meta’s acquisition of Manus, a Singapore-based artificial
intelligence company with Chinese founders, in a move that could chill other
Chinese entrepreneurs from seeking tie-ups with foreign partners.
Chinese officials had said in January that they were investigating whether Meta’s acquisition of Manus in December violated the country’s rules on foreign investment. They were also assessing whether the deal violated China’s requirements that companies obtain approval for the export of certain technologies.
The National Development and Reform Commission, a high-level ministry that oversees economic planning and plays a central role in setting China’s A.I. policy, said on Monday that it had decided to prohibit foreign investment in Manus, and instructed the parties involved to withdraw the acquisition.
It is not clear how such a transaction would be unwound. Meta has described the two teams as “deeply integrated.” Members of the Manus team have been working alongside Meta colleagues at the company’s office in Singapore, according to two people familiar with the operation who spoke on the condition of anonymity because they were not authorized to talk publicly.
In a statement, Meta said the transaction fully complied with law, adding “We anticipate an appropriate resolution to the inquiry.”
The Chinese government issued its decision just a few weeks before a planned meeting between President Trump and China’s leader, Xi Jinping.
The New York Times reported last month that officials from the Chinese agency had called in Meta and Manus executives to express concerns about the deal, and that Manus executives had been restricted from departing China, as part of an apparent effort to discourage Chinese A.I. executives from moving businesses offshore.
As companies in China and the United States race to develop cutting-edge artificial intelligence, the scrutiny could make it harder for other Chinese firms to attract funding from foreign investors. It could also signal to Chinese researchers not to follow the path Manus took, in which Chinese executives register companies outside China to sidestep regulations from both Washington and Beijing.
Manus is based in Singapore but was founded by Chinese engineers and had a Chinese parent company. The company was incorporated offshore and set up in China as a foreign-owned entity; it has affiliated offices in Beijing and Wuhan, China.
Many Chinese tech founders hope to attract Silicon Valley investors. But in recent years, they have increasingly found themselves needing to choose between targeting the Chinese market or moving their headquarters outside China to court foreign investors.
Jianggan Li, chief executive of Momentum Works, a consultancy in Singapore, said scrutiny like the Manus deal was facing “will make it increasingly hard for Chinese A.I. founders who started in China to sit on both sides or switch to the other side.”
“There are already a lot of uncertainties starting an A.I. start-up, and most founders are technologists but not politically savvy,” Mr. Li said.
Meta has been spending billions on A.I. researchers and data centers, and its acquisition of Manus formed a rare direct link between talent from both the United States and China.
In recent years, Chinese companies have made up a large share of Meta’s advertising revenue. Meta said on a call with analysts in 2024 that Chinese-based advertisers accounted for 10 percent of its revenue, almost double the amount two years earlier. China’s start-ups that offer games, short video apps and e-commerce have flooded Facebook and Instagram with ads as they look to establish a presence outside China.
Translation
中國下令撤銷Meta對人工智能新創公司的收購
該裁決的影響尚不明朗,但可能會對尋求與外國公司合作的中國科技創辦人發出寒蟬效應
中國政府週一表示,將要求Meta撤銷對新加坡人工智能公司Manus的收購。 Manus的創始人均為中國人。此舉可能會對其他中國企業家尋求與外國夥伴合作產生負面影響。
中國官員曾在1月表示,他們正在調查Meta去年12月對Manus的收購是否違反了中國的外商投資規定。他們也正在評估該交易是否違反了中國關於企業出口某些技術需獲得批准的規定。
國家發展和改革委員會是負責經濟規劃並在製定中國人工智能政策方面發揮核心作用的高級別部門,該委員會週一表示,已決定禁止外商投資Manus公司,並指示相關各方撤回收購。
目前尚不清楚這筆交易將如何解除。 Meta公司稱兩支團隊「深度融合」。據兩位知情人士透露,Manus團隊成員一直在Meta公司位於新加坡的辦公室與Meta的同事一起工作。這兩位知情人士因未獲授權公開談論此事而要求匿名。
Meta公司在一份聲明中表示,該交易完全符合法律規定,並補充說: “我們期待調查得到妥善解決。”
中國政府做出這項決定時,距離美國總統特朗普與中國國家主席習近平計劃會晤僅幾星期。
《紐約時報》上月報道稱,中國監管機構曾召見Meta和Manus的高層,表達對該交易的擔憂,並限制Manus高層離境,這顯然是為了阻止中國人工智能企業高管將業務轉移到海外。
隨著中美兩國公司競相開發尖端人工智能技術,這種審查可能使其他中國公司更難吸引外國投資者的資金。這也可能向中國研究人員發出警告,告誡他們不要效法Manus的做法 - 即中國高階主管在中國境外註冊公司,以避免華盛頓和北京的監管。
Manus總部位於新加坡,但由中國工程師創立,並有一家中國母公司。該公司在境外註冊成立,並在中國設立了外資企業;其在北京和武漢設有分支機構。
許多中國科技公司創辦人希望吸引矽谷投資者。但近年來,他們越來越需要在瞄準中國市場,或將總部遷至海外以吸引外國投資者之間做出選擇。
新加坡顧問公司 Momentum Works 的執行長Jianggan Li表示,像 Manus 收購案這樣受到的審查「將使在中國起步的人工智能創辦人越來越難以坐在兩邊,或者轉投他方」。
Li先生說: “創辦人工智能新創公司本身就存在諸多不確定性,而且大多數創始人都是技術專家,但不擅長政治。”
Meta 公司一直在人工智能研究人員和資料中心方面投入數十億美元,其對 Manus 的收購在美中兩國人才之間建立了一種罕見的直接聯繫。
近年來,中國公司在 Meta 的廣告收入中佔了很大份額。 Meta 在 2024 年與分析師的電話會議上表示,中國廣告商貢獻了 10% 的收入,幾乎是兩年之前的兩倍。中國的遊戲、短影片應用程式和電商新創公司紛紛在 Facebook 和 Instagram 上投放廣告,以期在中國以外地區拓展業務。
So, China has decided to prohibit foreign
investment in Manus. Meta describes its team has “deeply
integrated” with Manus. Many China’s start-ups are currently offering games, short video
apps and e-commerce that flood Facebook and Instagram with ads as they try to
establish a presence outside China. Apparent,
this decision to prohibit Meta’s
investment could chill other Chinese entrepreneurs from seeking tie-ups with
foreign partners.