China Blocks Meta's $2 Billion Acquisition of AI Startup Manus, Crushing 'Singapore-Washing' Strategy

China's National Development and Reform Commission blocks Meta's $2 billion acquisition of AI startup Manus, exposing the 'Singapore-washing' strategy used by Chinese tech founders to relocate offshore and evade scrutiny from both Beijing and Washington.

• China's National Development and Reform Commission blocks Meta's $2 billion acquisition of Manus, a Singapore-based AI startup with Chinese roots, ordering both parties to withdraw the transaction.
• The deal faces scrutiny from both Beijing and Washington, with China launching a probe in January over concerns related to export controls and technology regulations, while U.S. lawmakers restrict American investors from backing Chinese AI companies.
• The move sends shockwaves through China's tech community, alarming founders and venture capitalists who had been using the 'Singapore-washing' model to relocate companies offshore and sidestep regulatory pressure from both governments.