- China's National Development and Reform Commission (NDRC) has ordered U.S. tech giant Meta to reverse its acquisition of artificial intelligence startup Manus, valued at over $2 billion.
- The move signifies Beijing's increased scrutiny of foreign investment in critical technology sectors, aiming to prevent U.S. firms from acquiring Chinese AI talent and intellectual property amidst ongoing tech competition.
- Manus's co-founders were reportedly barred from leaving China after being summoned by regulators, following the startup's relocation of operations to Singapore without official approval.
- This decision is a rare instance of China unwinding a completed corporate deal, underscoring heightened regulatory oversight in the U.S.-China tech rivalry.
- The NDRC's action serves as a warning to Chinese startups in strategic sectors against relocating operations overseas to bypass domestic regulations or access foreign capital, a practice dubbed 'Singapore washing'.
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