Chinese Ministry of Commerce Responds to Review of Meta's Acquisition of Manu(s): Enterprises Engaging in Outbound Investment Must Comply with Chinese Laws and Regulations

BlockBeats News, January 8th. According to Xinhua News Agency, the Chinese Ministry of Commerce held a regular press conference on the 8th. Ministry of Commerce spokesperson, Gao Feng, responded to questions regarding the review of Meta's acquisition of the artificial intelligence platform Manus, stating that the Chinese government has always supported enterprises in conducting cross-border business and international technology cooperation for mutual benefit in accordance with the law and regulations. It should be noted that enterprises engaging in activities such as outbound investment, technology export, data outflow, and cross-border mergers and acquisitions must comply with Chinese laws and regulations and go through the statutory procedures. The Ministry of Commerce, along with relevant departments, will conduct an assessment and investigation of this acquisition's compliance with relevant laws and regulations concerning export control, technology import and export, outbound investment, and other related matters.

Earlier, the Financial Times cited sources familiar with the matter, reporting that China is reviewing Meta's $2 billion acquisition of the artificial intelligence platform Manus to assess whether there are potential violations of export controls and to determine if transferring Manus's employees and technology to Singapore would require a Chinese export license. Although the review is still in its early stages and may not necessarily lead to a formal investigation, the license requirement could provide China with a way to influence the transaction, including, in extreme cases, attempting to compel the parties to abandon the deal.