Beijing has ordered the reversal of Manus’s sale to Meta and enabled a buyback led by Tencent, which will acquire the largest stake in the Chinese AI agent startup while remaining a minority holder. The original deal, completed in December 2025, valued Manus at $2 billion; Chinese authorities described the US acquisition as a “conspiratorial” effort to hollow out China’s technology base.
According to reports, Manus will continue to operate independently from Singapore and the company’s management intends to pursue a listing in Hong Kong.
Financials and operations
Manus currently generates about $500 million in annual recurring revenue (ARR). The December 2025 transaction with Meta was closed at a $2 billion valuation but has since been unwound by Chinese authorities. The repurchase by the Tencent-led consortium was agreed at that same valuation.
Restrictions on founders and governance
As part of the post-sale developments, Manus’s founders are reportedly barred from leaving China. Tencent will be the largest investor in the consortium but will hold a minority stake, which the parties say allows Manus to maintain operational independence.
Why this matters
The episode highlights how AI startups have become strategic assets in the broader geopolitical competition between China and the United States. Washington has placed its own limits on Chinese capital’s access to certain high-value US assets, while Beijing has asserted control to prevent a prized AI company from remaining in foreign hands.
The case illustrates a growing rule in the AI sector: as startups grow more valuable, states are increasingly likely to intervene to prevent foreign acquisitions that are perceived to threaten national strategic interests.
Next steps
Manus is preparing for a Hong Kong listing as part of its growth plan, while Tencent and the other consortium members finalize the ownership and governance arrangements. The travel restrictions on the founders and the political context of the transaction remain notable risk factors for the company’s future.
