China's National Development and Reform Commission decreed Monday that Meta must cancel its $2 billion acquisition of AI startup Manus and restore the startup's Chinese assets to their original state. Beijing has asked the two companies to unwind the deal within weeks and is considering unspecified penalties if they don't comply.
The acquisition was sealed four months prior to the decree. Manus, originally from China but legally based in Singapore, had already moved its employees into Meta offices in Singapore and integrated its executives into Meta's AI team. Investors including Tencent Holdings Ltd., ZhenFund, and HongShan had already received payouts.
Meta derived about 10% of its overall revenue from China-based advertisers in 2023; China revenues totaled $18.35 billion in 2024, according to the company's annual report. Meta maintains little significant presence in mainland China but faces potential penalties if it does not comply with the order.
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