Singapore & China — National Development and Reform Commission

Singapore: Singapore served as Manus's incorporation base, but the deal's block shows that offshore incorporation does not shield companies from Chinese regulatory reach. This may affect Singapore's appeal as a neutral hub for Chinese tech startups.

China — National Development and Reform Commission: The NDRC blocked the acquisition and ordered its withdrawal, citing technology transfer concerns. This action underscores China's regulatory authority over cross-border tech deals involving Chinese-origin technology.

Singapore: Manus relocated its headquarters and key staff to Singapore in 2025, but this did not prevent China's regulators from asserting authority over the acquisition.

China — National Development and Reform Commission: The China — National Development and Reform Commission, a Chinese government agency, ordered the unwinding of the Meta Platforms-Manus deal, citing violations of foreign investment and technology export rules.

Singapore: Manus shifted employees and operations to Singapore in a practice known as 'Singapore-washing' before its acquisition by Meta, a practice now specifically banned by China's new rules.

China — National Development and Reform Commission: The China — National Development and Reform Commission issued the order to unwind the acquisition, highlighting China's regulatory power over cross-border tech deals.