Manus Founder Prepares for Singapore Return as Meta Deal Unravels
According to the Financial Times citing informed sources, travel restrictions on Manus founder and CEO Xiao Hong are set to be lifted by regulators. Xiao has informed staff of his plans to return to Singapore shortly.
Regulatory Probe and Deal Reversal
In March, Xiao Hong and Manus co-founder Ji Yichao were required to remain in the country as authorities investigated whether Meta's acquisition of Manus breached regulations. By April, regulators had ordered Meta to unwind the approximately $2 billion deal. Manus this week formally confirmed it would resume independent operations.
Independence Plan Takes Shape, Tencent's Role Expands
A detailed plan for the separation is now largely finalized.
- Shareholder Restructuring: Existing shareholders, including Tencent and ZhenFund, will participate in a share repurchase. Tencent will also acquire a majority of Benchmark's stake.
- Tencent as Lead Investor: Upon completion, Tencent is expected to become the largest single shareholder in Manus, though its stake will remain below 50%, preventing a controlling interest.
- Continued Independence: Manus will not be integrated into Tencent and will maintain its independent operations based in Singapore. The final plan still requires regulatory approval.
The current framework indicates regulators focused on severing Meta's acquisition ties, not relocating Manus's business.