China’s state planner on Monday called for Meta to unwind its $2 billion acquisition of Manus, a Singaporean AI startup with Chinese roots.
The decision to prohibit foreign investment in Manus was made in accordance with laws and regulations, the National Development and Reform Commission said in a brief statement. It added that it has asked the parties involved to withdraw the acquisition transaction.
The deal had attracted scrutiny from both China and Washington, as lawmakers in the U.S. have prohibited American investors from backing Chinese AI companies directly. Meanwhile, Beijing has increased efforts to discourage Chinese AI founders from moving business offshore.
— CNBC’s Anniek Bao and Dylan Butts contributed to this story.
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