Analysis-Blocking of Meta's AI startup buy raises risk for cross-border China tech deals [Yahoo! Finance Canada]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance Canada
startup Manus will heighten the risk for global investors looking to invest in advanced tech firms with ties to the country amid Beijing's expansion of jurisdictional reach to safeguard strategic assets. The National Development and Reform Commission (NDRC), in a rare case, ordered on Monday that the $2-billion-plus acquisition by Meta be unwound under Beijing's ?national security review mechanism of foreign investments that came into effect in 2021. The powerful state planner's move to block a China-founded and Singapore-headquartered company's takeover will discourage stake or asset transfers by homegrown companies to foreign investors without ?Beijing's approval, lawyers and analysts said. "Beijing effectively drew a bright red line that Chinese AI talent and technology are not for sale to American companies, full stop," said Han Shen Lin, Shanghai-based China country director at U.S. consultancy firm The Asia Group. It was not immediately clear how Meta would unwind the co
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