According to a report by the Financial Times in the UK, Tencent is leading talks with Manus’s original investors about a buyback deal. It plans to buy back control of this AI agent company from Meta at a valuation of $2 billion (about 13.6 billion yuan). After the buyback is completed, Tencent is expected to become the largest single shareholder. Manus will continue to operate as an independent Singapore company, will not be consolidated into Tencent’s system, and aims to list its shares on the Hong Kong stock exchange (HKEX) in the future.
Manus’s rapid growth: ARR exceeds $100 million in 8 months
According to the report, Manus was founded in Singapore in March 2025 by Xiao Hong, Ji Yichao, and Zhang Tao, and is positioned as “the world’s first general-purpose AI agent.” It can autonomously execute complex tasks on the cloud, such as booking tickets, conducting research, and data processing. The company’s growth has been extremely fast: its ARR broke through $100 million in just eight months. By the end of 2025, Meta completed the acquisition for more than $2 billion, making it the third-largest deal in Meta’s acquisition history.
In April 2026, Chinese regulators, under the Foreign Investment Security Review Measures, required Meta to revoke the deal and restore the status quo ante. This is described as one of the rare cases in China where regulators required foreign investment to unwind an already completed acquisition on the grounds of national security.
Background on Chinese regulators revoking Meta’s acquisition of Manus
According to the report, in April 2026, Chinese regulators required Meta to revoke its acquisition deal for Manus under the Foreign Investment Security Review Measures, citing national security and key technologies. The move was described as “unprecedented,” requiring foreign investors to unwind an acquisition deal that had already been completed and restore the original situation.
The buyback deal is viewed as a “turnaround in unfavorable conditions,” bringing Manus’s control back into Chinese capital hands. After the buyback is fully completed, Tencent is expected to become the largest single shareholder without exercising control. Manus will maintain the legal structure of an independent Singapore company.
Tencent’s strategic intent: 2025 R&D of 85.75 billion yuan to fill the general-purpose AI agent gap
According to the report, Tencent’s 2025 R&D investment is as high as 85.75 billion yuan RMB. It also has strong computing power and foundational models, but there remains a gap in general-purpose agent products with cross-platform and autonomous execution capabilities. Manus’s technology architecture is known for its “engineering-driven” approach, and it can create strong synergy with Tencent’s existing WeChat and enterprise WeChat ecosystem. This is the core strategic motivation behind the buyback.
At present, Manus’s ARR has reached $400 million to $500 million, more than four times the roughly $100 million at the time of Meta’s acquisition. Based on this growth rate, the $2 billion buyback valuation would amount to a “discount deal” for the original shareholders. Manus still faces competition from open-source rivals such as OpenClaw, as well as uncertainty over whether it can sustain growth outside the Meta ecosystem.
Frequently Asked Questions
After Tencent’s buyback of Manus, how will the parties’ shareholdings and business relationship be arranged?
According to the report, Tencent is expected to become the largest single shareholder in Manus, but will not control it. Manus will continue to operate as an independent Singapore company and will not be consolidated into Tencent’s system. The company’s goal is to list on the Hong Kong stock exchange (HKEX) in the future. The specific shareholding percentages and corporate structure will be subject to the formal agreement.
Why did Chinese regulators require Meta to revoke its acquisition of Manus?
According to the report, in April 2026, Chinese regulators required Meta to revoke its acquisition deal completed by the end of 2025, citing national security and key technologies under the Foreign Investment Security Review Measures. This was described as an unprecedented requirement for foreign investors to unwind an acquisition that had already been completed. The specific regulatory basis will be subject to China’s official announcements.
How has Manus’s business grown, and what is its current ARR?
According to the report, Manus’s ARR has risen from about $100 million (at the end of 2025, when Meta acquired it) to the current $400 million to $500 million, representing more than fourfold growth. After Manus was initially founded in March 2025, it broke through $100 million in ARR in just eight months. Specific business figures will be subject to Manus’s official disclosures.
