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Manus's Chinese Backers Plan $2 Billion Buyback From Meta

June 18, 2026 at 14:17 EDT

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Funding & M&A
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Manus's early Chinese investors are reportedly planning to buy the AI startup back from Meta at roughly $2 billion — the same price Meta paid in December 2025. The backers involved include HSG (Sequoia China), ZhenFund and Tencent, and a completed buyback could deliver a sizable windfall to the Chinese investors. report

May 2026 · Manus / Butterfly Effect

Chinese Investors Move to Buy Manus Back From Meta — at the Same $2B

After regulators ordered Meta's December 2025 takeover reversed, early backers led by HSG, ZhenFund and Tencent are weighing a buyback at or above Meta's price — restructured as a China-based joint venture eyeing a Hong Kong IPO.

~$2B

Meta's Dec 2025 price — and the proposed buyback level

~$1B

External funding under review to pay Meta back

$100M+

ARR, ~8 months after launch

From $500M valuation to a $2B round-trip

Valuation milestones, same scale (US$ billions)

~$0.5B

Apr 2025
Benchmark round

~$2B

Dec 2025
Meta acquisition

≥$2B

2026
Proposed buyback

~4× in ~8 months — and a buyback at the same level could let early backers keep nearly all of their Meta proceeds while pursuing fresh returns via a domestic listing.

How the unwinding unfolds

DEC 2025

Meta buys Manus for $2B+ to embed agent tech in its apps

→

~APR 27, 2026

NDRC orders deal reversed on national-security grounds

→

2026 (EARLY-STAGE)

Early investors plan buyback; JV + Hong Kong IPO eyed

Hurdles that remain

Separating technology already integrated into Meta's products
Handling repayments to existing investors
Beijing's tightening oversight of Chinese-origin AI flowing abroad — a "Singapore washing" test case

A bellwether for how regulators reshape cross-border AI deals going forward.

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