"Beijing has given Meta and Manus a preliminary deadline of several weeks to reverse the transaction and fully restore Manus's Chinese assets to their original state."
"The NDRC's jurisdiction claim rests on the argument that Manus, despite its Singapore incorporation, retained sufficient connections to China, through its founders, its technical development origins, its data, or its institutional knowledge."
"The situation in terms of the broader precedent being set. China's decision to press for the unwinding of a completed deal involving a company that had legally relocated to Singapore is 'a step unlike anything it's tried before.'"
Meta is preparing to reverse its $2 billion acquisition of Manus after China's National Development and Reform Commission ordered the deal's cancellation. The NDRC has given a deadline for Meta and Manus to restore Manus's Chinese assets to their original state. This requirement is more demanding than a simple cancellation. The legal definition of 'Chinese assets' for a Singapore-incorporated company will be a focus for lawyers. China's actions set a significant precedent regarding foreign investment and jurisdiction over companies with ties to China.
Read at TNW | Meta
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