China Reviews $2 Billion Manus Sale To Meta As Founders Barred From Leaving Country (ft.com) 33
Chinese authorities have barred two Manus executives from leaving the country while investigating whether Meta's reported $2 billion acquisition of the Singapore-based AI startup violated foreign investment reporting rules. "Manus was founded in China but last year relocated its headquarters and core team to Singapore," notes the Financial Times. "Meta acquired it for $2 billion at the end of last year." The Financial Times reports: Manus's chief executive Xiao Hong and chief scientist Ji Yichao were summoned to a meeting in Beijing with the National Development and Reform Commission this month, according to three people with knowledge of the matter. They said Xiao and Ji were questioned on potential violations of foreign direct investment rules related to its onshore Chinese entities.
After the meeting, the Singapore-based executives were told they were not allowed to leave China because of a regulatory review, while they remain free to travel within the country, two of the people said. No formal investigation has been opened and no charges have been brought. Manus is actively seeking law firms and consultancies to help resolve the matter, said a person with knowledge of the move.
After the meeting, the Singapore-based executives were told they were not allowed to leave China because of a regulatory review, while they remain free to travel within the country, two of the people said. No formal investigation has been opened and no charges have been brought. Manus is actively seeking law firms and consultancies to help resolve the matter, said a person with knowledge of the move.
Re: (Score:2)
Precisely! Just b'cos the company was founded in China doesn't mean that it's still bound by Chinese laws once it leaves. Although I do sympathize w/ the Manus executives who have been held hostage by Beijing. Incidentally, are these 2 men Chinese or Singaporean citizens?
I know that Singapore tries to maintain good relations w/ most countries and not pick sides b/w the US and China, but I wonder whether they might intervene in this case? Although if they are Chinese citizens, they may be SOL
Re:Take the loss, Cathay. (Score:4)
An Irish corporation doing business in the US via a US-incorporated entity is subject to US law. The people within that parent corporation are very subject to US law if they step foot on US soil, and mostly subject to US law if they step foot on the soil of any country with an extradition treaty with the US.
Re: (Score:2)
Re: (Score:3)
It just looks like China wants to cancel the sale of a Singaporean company to an American company, and they're willing to kidnap its two top people in order to coerce them into doing so. It could blow up into a real international ordeal, as China appears to be trying to seize an American-owned, Singapore-based company worth billions.
China refuses to play by the same rules as everyone else
Re: (Score:2)
Re: (Score:2)
We were trying to use the democratizing effects of trade to undermine their totalitarian system, and it has not worked as planned. It may still, there are signs that China's economy is a collapsing house of cards, but I'll believe it when I see it.
Re: (Score:2)
It happened under Clinton, but the support for it then was bipartisan. At the time, though, either Zhao Xiyang or Hu Jin Tao was the leader, and at the time, China did look like on the economic front, it was willing to play by the rules. What they didn't consider was a reversion to Maoism, as is happening under Xi Jin Peng. Actually, after Tiananmen Square, China should have replaced the Soviet Union as our #1 adversary, particularly since the Soviet Union broke up 2 years later
Also, Hong Kong got tran
Re: (Score:2)
Re: (Score:2)
If that's the case, and Manus closed or divested its Chine
Re: (Score:2)
Couple of questions, though. Are the 2 men Beijing is detaining Chinese citizens, or other? If they are Chinese citizens, then Manus is SOL, and might as well look for a new CEO and chief scientist who aren't. If they are citizens of any other country, then that country should raise a big fuss. Although don't know if that country happens to be Taiwan
Other than that, the sooner they can get all their assets out of China, the better. As for Chinese law, Beijing believes, like Ofcom, that the entire wor
Make A Phone Call (Score:2)
Wonder if Meta has Case's number on quick-dial?
Manus (Score:3)
Manus is the action engine that goes beyond answers to execute tasks, automate workflows, and extend your human reach.
Once I read this corporate drivel I decided I don't care. When all these C-types are in the board room sitting around that mahogany table, do they actually speak this way between themselves or is this style of speech strictly for gullible investors and an intellectually lazy public?
Re: (Score:2)
Their marketing staff probably compose this drivel for the consumption of investors and the general public
Re: (Score:2)
When all these C-types are in the board room sitting around that mahogany table, do they actually speak this way between themselves
Yes.
I too, for a long fucking time, held the belief that they must be just feeding us that shit. No- I'll grant them this: They eat their own shit.
Re: (Score:1)
Sir, that is a frightening, truly perverse thought. As corruptingly false or meaningless as Nazi or neo-liberal memes . No rational person could in-good-faith possibly believe them.
Re: (Score:2)
When all these C-types are in the board room sitting around that mahogany table, do they actually speak this way between themselves
Yes.
The ones I have been in don't talk anything like that. And I've been in many.
The different scopes involve different speaking terms, those with a military bent have one set of recurring terms. Technology based boards, another. Marketing yet another, along with fiduciary involved boards. Some of the groups I have been in have significant overlap.
Once you have been in a field, you end up getting used to the terms used, and they are logical.
"Manus is the action engine that goes beyond answers to execute
Re: (Score:2)
The ones I have been in don't talk anything like that. And I've been in many.
Not that many apparently.
They talk like that in the board room, they talk like that when it's 2 CEOs out for a drink (and you got drug along, since you're the Chief Engineer), and they talk that way when they're just shooting the shit.
Hanging out with groups of executives in Vegas during conventions leads me to want to fucking kill myself. It's not human conversation. It's weird cosplaying.
The different scopes involve different speaking terms, those with a military bent have one set of recurring terms. Technology based boards, another. Marketing yet another, along with fiduciary involved boards. Some of the groups I have been in have significant overlap.
Board of directors. You're crossing boards and groups, and it has confused you.
Once you have been in a field, you end up getting used to the terms used, and they are logical.
Bullshit.
"Manus is the action engine that goes beyond answers to execute tasks, automate workflows, and extend your human reach." Now that is bullshit. And if someone said that in a board I'm on,, I'd tell them it was bullshit.
And if you said that to the p
Re: (Score:2)
The ones I have been in don't talk anything like that. And I've been in many.
Not that many apparently.
Good to know.
They talk like that in the board room, they talk like that when it's 2 CEOs out for a drink (and you got drug along, since you're the Chief Engineer), and they talk that way when they're just shooting the shit.
Good to know
Hanging out with groups of executives in Vegas during conventions leads me to want to fucking kill myself. It's not human conversation. It's weird cosplaying.
Are you sure they avoid dropping to normal human speech because you are there? Seriously dude, you're a pill.
The different scopes involve different speaking terms, those with a military bent have one set of recurring terms. Technology based boards, another. Marketing yet another, along with fiduciary involved boards. Some of the groups I have been in have significant overlap.
Board of directors. You're crossing boards and groups, and it has confused you.
Exactly who do you think is on those boards? It's not the guys in the stockroom. A meeting might have some Adimirals/Generals, Industry CEOs Educational directors, oftentimes a smattering of Division heads. Presentations, might be from Division heads, Engineers, accountants.
But that's not the point of "Boards and groups". The point is that all groups have grouptalk. Engin
Re: (Score:2)
Oh so it's just another overvalued workflow automation tool? Wow. These must be just like trading cards to folks like Zuckleberg.
No problem (Score:2)
while they remain free to travel within the country,
Just take a boat to Taiwan.
Re: (Score:2)
While Beijing might consider Taiwan as a part of the People's Republic, they know that in fact, it isn't, so they would never allow somebody who they didn't want escaping from their jurisdiction to go to Hsinchu any more than they'd be okay w/ that person going to Santa Clara
Part of the problem of these totalitarian regimes not recognizing reality
"hop on over for a quick meeting" (Score:1)
Re: (Score:2)
No one is going to fall for that again, China.
I don't understand why these two fell for it.
Re: (Score:1)
They spent too much time believing the Orange Drivel machine about how America rules the World.
Re: (Score:3)
Re: (Score:2)
Re: (Score:3)
Re: (Score:2)
No one is going to fall for that again, China.
I don't understand why these two fell for it.
In the first place, were they Chinese citizens? If yes, it wasn't totally up to them, was it?
Re: (Score:2)
All the more reason to minimize business w/ them, and instead distribute it around to others - Japan, S Korea, Taiwan, Vietnam, Singapore, Thailand, India...... Assuming of course that it can't be done for the same costs in the US or Europe
Which is what Manus has done - moving to Singapore