China's block on Manus AI deal won't kill 'Singapore washing' [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance
Chinese talent and capital, but founders are just expected to find another workaround. Referred to as “Singapore washing”, Chinese founders have increasingly navigated around investment restrictions by re-domiciling in the city-state and using it as a launchpad to access Western capital and buyers. Manus AI launched its product in March 2025, raising capital from Tencent, ZhenFund and HongShan Capital (formerly Sequoia Capital China). A month later, it raised $75 million from Benchmark Capital, and by June, it had moved its headquarters to Singapore. Then, in December last year, just nine months out from its launch, it agreed to be bought by Meta. That deal has now been blocked by China's National Development and Reform Commission, China's top economic planning body. The NDRC cited foreign investment laws, ordering both parties to withdraw from the deal on the grounds that the technology developed by Manus while it was still operating in China falls under national security and
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