Tencent in talks to unwind Meta’s $2bn purchase of Manus

In short: Tencent is in talks to become the biggest shareholder in Manus as investors work to reverse Meta’s $2bn purchase after Beijing ordered the deal undone.

What happened

Tencent and other Manus backers are discussing a new transaction that would unwind Meta’s acquisition at the same $2bn valuation, according to the Financial Times. The group includes existing investors such as Tencent, ZhenFund, and HSG, plus Manus management. Some existing investors, including US venture firm Benchmark, are unlikely to take part.

If the deal goes ahead, Tencent is expected to buy the largest stake but still remain a minority shareholder. Manus would keep operating independently from Singapore, rather than being absorbed into Tencent.

China ordered Meta to reverse its purchase in April, citing breaches of investment rules. The FT reports that Manus founders, including Xiao Hong, have been restricted from leaving China after being summoned to a meeting in Beijing.

Meta bought Manus in December 2025, after the company moved its headquarters and core engineers to Singapore from China. The FT says Meta had integrated Manus into its own systems, including advertising, but has since separated operations and stopped data sharing, even though the financial unwinding is not yet complete.

Why it matters

This is another example of governments treating AI companies like strategic assets, closer to power grids than ordinary apps. For everyday users and businesses, it can shape which products are available in different countries, where teams are allowed to work, and who gets to own fast-growing AI tools such as “AI agents” (software helpers that can carry out tasks for you, like an assistant who follows instructions).

Source: Financial Times