business / news / / The Straits Times
China has sought for years to exert influence over business deals beyond its home turf.
China ordered Meta to unwind a $2 billion acquisition of AI start-up Manus, despite the deal's completion.
KEY POINTS
- This is the first public use of China's 15-year-old foreign investment review mechanism in a tech M&A case.
- Beijing's main leverage over Meta is controlling Manus executives' cross-border movement, not the US company itself.
- China has instructed other key AI start-ups to reject US capital unless explicitly approved by regulators.
- Transferring Manus' technology to Meta is already complete, making the unwinding order largely symbolic.
COMPANIES
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