China blocks Meta's acquisition of AI startup Manus

In a significant move, China's state planning authority announced on Monday that Meta must abandon its $2 billion acquisition of Manus, an AI startup based in Singapore but with origins in China. The National Development and Reform Commission stated that the decision to block foreign investment in Manus aligns with existing laws and regulations. The commission's statement emphasized that all parties involved in the acquisition should withdraw from the transaction. This deal had already faced intense scrutiny from both Chinese and American regulators, especially as U.S. lawmakers have restricted American investments in Chinese AI firms. Simultaneously, the Chinese government is intensifying its efforts to prevent local AI entrepreneurs from relocating their businesses abroad.